ATV/UTV tires are re a compromise between the standard street tire and the more aggressive design of the Mud Terrain tire. ATV/UTV tires include radial tires and diagonal tires, among them, radial tires occupy the largest market share.
The ATV/UTV tires market was valued at USD 14342.14 Million in 2018 and is expected to witness a CAGR of 4.27% over the forecast period. Increasing efforts are being witnessed toward the development of advanced products.
The global tire market reached figures worth 3 Billion units in 2017, growing at a CAGR of around 4.5% during the last seven years. Tires are an important component of the automobile industry where the production and sales of vehicles directly affect the dynamics of the tire industry. Owing to a continuous growth over the past decade, both in terms of volume and revenue, the tire industry currently represents a multibillion-dollar industry. Driven by a rising population, urbanization, lifestyle changes and increase in disposable incomes, the purchasing capacity of consumers worldwide has increased significantly. This has propelled the demand of automobiles which in turn is driving the growth of the global tire market.
The key consumption markets locate at developed countries. The Asia takes the market share of 32%, followed by EU with 31%. Global consumption market has a quicker growing speed of CAGR 4.27%.
Key players in the global ATV/UTV tires market include:
Bridgestone
Michelin
Goodyear
Continental
Pirelli
Hankook
Yokohama
Maxxis
Dunlop
Cooper Tire