Global Mud Terrain Tires Market: Introduction
Mud terrain tires typically have an aggressive tread pattern and deep lugs with self-cleaning bars in order to eject mud and other material. Mud terrain tires are rubber compound specially designed and manufactured to suit off-road, rough and mud terrains. Sports, high-performance ATVs, and utility ATVs are mainly equipped with mud terrain tires. Besides, demand for ATVs or off-road vehicle grows and subsequently, stimulates the demand for mud terrain tires. Moreover, among the product type of mud terrain tires, radial construction tires dominate the light-truck tire market. Additionally, the mud terrain tire market has prominent players at a global level serving the customers across the globe and domestic players to cater the demand for mud terrain tires. Subsequently, this has led to intense competition amongst the players. Raw material cost and availability play a vital role for the OEM to setup manufacturing facilities in any of the region. China and South East Asia are the chief hubs for the production of rubber, which is used to manufacture mud terrain tires. Many of the manufacturing facilities are operating in this region and expected to enhance current capabilities in the coming years.
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Global Mud Terrain Tires Market: Market Dynamics
One of the chief utilization of mud terrain tires is identified in off-road vehicles. The global off-road commercial vehicle industry is expected to experience a transition in the customer environment owing to fast-changing regulations, shifting demands of fleet owners and rising industrial activity. Moderate growth after a downturn in last few years, increase in recreational activities is expected to flourish the global mud terrain tires market in the coming years. A large number of off-road events organized in many countries attribute in elevated sales of mud terrain tires. Substantial spending by the regional governments to enhance the fleet of military vehicles is likely to strengthen the demand growth of mud terrain tires. Global grains and food products demand is anticipated to drive the utilization of economical and environment-friendly agricultural equipment & vehicles. Consequently, robust growth in the production of agriculture equipment and farm tractors are foreseen to trigger the pace of mud terrain tire market.
Original equipment manufacturers emphasize on developing technologies that can counter and withstand tough terrains. Treads patterns are designed by selecting superior rubber that provides a competitive edge to the players of mud terrain tire market. Dominance shown by the local player to the global players in the regional mud terrain tires market decelerate the market growth of prominent players. Cheaper rate offered by them significantly reduces the market share of the global players. However, acquisitions and strategic partnerships made by prominent players with domestic players can counter this trend.
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Global Mud Terrain Tires Market: Market Segmentation
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Global Mud Terrain Tires Market: Regional Outlook
The global sales of construction equipment and vehicles are estimated to reach a significant value in the coming years aided primarily by sales in developing countries such as China, Brazil, and India. Amongst Western European countries Germany, Spain, France and the Czech Republic are projected to create high dollar value owing to strong sales and robust manufacturing facilities owned by prominent companies. The strengthened efforts by the Chinese government to promote economic reforms through bumper agricultural harvest has aided the sales of farm tractors and thus, the consumption of mud terrain tires is expected to witness unprecedented growth. Amongst Eastern European countries, heavy spending by the Russian government in military vehicles bolsters the pace of mud terrain tires market. The Middle East is foreseen to witness hefty growth sales of mud terrain tires in military vehicles as compared to other segments. North America is expected to hold the majority of market share owing to several off-road events and a large number of recreational activities.
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Global Mud Terrain Tires Market: Key Participants
Example of some of the market participants in the global Mud Terrain Tires market discerned across the value chain include
- Continental AG
- The Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries, Ltd. (Falken Tire Corporation)
- Bridgestone Corporation
- Pirelli Tyre S.p.A.
- The Yokohama Rubber Company Limited
- Goodrich Tyres
- Atturo Tire Corporation
- NITTO TIRE U.S.A. INC.
- Cooper Tire & Rubber Company
- Mickey Thompson Performance Tires & Wheels
- Lexani Wheels
- Federal Corp.