Off-Highway Wheels Market Size (2024 - 2029)

Off-Highway Wheels Market Analsyis

The Off-highway Wheels Market size is estimated at USD 1.79 billion in 2024, and is expected to reach USD 2.40 billion by 2029, growing at a CAGR of 6.04% during the forecast period (2024-2029).

The off-highway wheel market is experiencing robust growth driven by several key factors, including advancements in wheel technology, increased investment in infrastructure projects, and the growing demand for durable and efficient wheels in the agriculture, construction, and mining sectors. The report analyzes the primary drivers and recent developments influencing this market.

Technological innovations are significantly propelling the off-highway wheel market. Manufacturers are focusing on developing lightweight, durable wheels that offer enhanced performance and fuel efficiency. For example,

• Maxion Wheels, in November 2022, launched a new generation of lightweight steel truck wheels, which provide weight savings of up to 3 kg per wheel. These advancements not only improve fuel efficiency but also allow for increased payload capacities, which is crucial for off-highway applications​.

Furthermore, global infrastructure development is a major driver of the off-highway wheel market. Large-scale construction projects, particularly in developing economies, are increasing the demand for robust off-highway vehicles equipped with advanced wheels. Several mega projects around the world are significantly impacting the off-highway wheel market. For instance,

• The Belt and Road Initiative (BRI) by China, launched in 2013, aims to enhance global trade routes through extensive infrastructure development across Asia, Europe, and Africa, driving demand for construction and mining equipment. India’s Bharatmala Pariyojana, initiated in 2017, is a nationwide highway development project expected to be completed in phases by 2025, boosting the need for construction vehicles and equipment.
• Similarly, the Neom City Project in Saudi Arabia, announced in 2017 and expected to be completed by 2030, is an ambitious smart city initiative requiring vast quantities of construction machinery.

These large-scale infrastructure projects, such as the Belt and Road Initiative, Bharatmala Pariyojana, and Neom City, are set to drive substantial growth in the off-highway wheel market.

Off-Highway Wheels Industry Segmentation

An off-highway wheel is a specialized type of wheel designed for vehicles that operate primarily off paved roads. These wheels are engineered to withstand the demanding conditions encountered in various off-highway environments, including agriculture, construction, mining, and forestry. They are typically built to handle rough terrain, heavy loads, and challenging weather conditions, ensuring durability, stability, and performance in extreme operating conditions.

The off-highway wheels market is segmented by product type, application type, and geography. Based on the product type, the market is segmented into alloy wheels and steel wheels. Based on the application type, the market is segmented into agriculture, construction (earth-moving machinery), material handling (mobile cranes and forklift trucks), and mining (mobile mining equipment). Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

For each segment, the market size and forecast are provided based on the value (USD).