Global ATV-UTV Tire Market Grows Steadily at a CAGR of 7.31%

Introduction

ATV-UTV tires are designed with particular engineering considerations to provide optimal and efficient performance in distinct situations, including hilly terrains and military applications. The tires of all-terrain vehicles (ATVs) and utility terrain vehicles (UTVs) are securely attached around the circumference of the wheel's rim to effectively transfer the vehicle's weight from the axle to the ground's surface. The tires are composed of high-performance rubber compounds that consist of several components, such as treads, joint-less cap piles, beads, and extra materials, including synthetic rubber, carbon black, and fabric. These components are essential in enabling the effective functioning of automobiles.

Market Dynamics

Rising Trend of Adventure Sports and Recreational Activities Drives the Global Market

ATV and UTV routes, and the associated recreational opportunities, are a major draw for vacationers. In an effort to draw and keep tourists, many tourism boards are constructing tracks for all-terrain vehicles (ATVs) and utility-terrain vehicles (UTVs). Box Car Hill Campground, located just outside Coos Bay, is the site of one such event, the UTV takeover. The fact that anyone with the skills to operate UTVs can take part in the race has contributed significantly to its meteoric rise in popularity. As a result, the growing popularity of these extreme sports is helping to fuel the expansion of the ATV/UTV tire industry.

Projected Rise in the Automobile Sector Creates Tremendous Opportunities

The process of globalization is leading to a rapid restructuring of the global automobile industry. Consequently, there is a significant increase in the demand for automobiles across different market sectors in every country. Therefore, a global expansion of the automotive sector can be observed. For instance, it is anticipated that the automobile sector in Pakistan will gradually embrace the utilization of electric vehicles to uphold environmental sustainability and safety standards while also aligning with prevailing global patterns. This specific factor acts as a stimulant for the growth of the ATV-UTV tire industry.

Regional Analysis

North America is the most significant global ATV-UTV tire market shareholder and is estimated to exhibit a CAGR of 6.21% during the forecast period. The market in this particular region has undergone growth as a result of the launch of a diverse range of ATV-UTV tires by multiple producers, including Carlisle. Moreover, a wide array of companies operating within the Canadian market have introduced unique tire types that are specifically tailored for all-terrain vehicles and utility terrain vehicles in the local region. This trend can be explained by the rising acceptance of extreme sports among the general public.

Key Highlights

• The global ATV-UTV tire market was worth USD 510.12 million in 2022. It is projected to reach USD 962.23 million by 2031, growing at a CAGR of 7.31% during the forecast period (2023-2031). 
• By type, the global ATV-UTV tire market is categorized into racing tires, sand tires, mud tires, and all-terrain tires. The all-terrain tires segment dominates the global market and is estimated to register a CAGR of 7.71% during the forecast period.
• By application, the global ATV-UTV tire market is categorized into all-terrain vehicles (ATV) and utility terrain vehicles (UTV). The utility terrain vehicle (UTV) segment owns the highest market share and is predicted to exhibit a CAGR of 6.61% during the forecast period.
• By industry vertical, the global ATV-UTV tire market is categorized into agriculture, military, mountaineering, and others. The mountaineering segment dominates the global market and is predicted to exhibit a CAGR of 5.8% during the forecast period.
• North America is the most significant global ATV-UTV tire market shareholder and is estimated to exhibit a CAGR of 6.21% during the forecast period.

Competitive Players

Competitive Players 

Key players operating in the global ATV-UTV tire market are Bridgestone, Carlisle, Duro Tire, Goodyear, KENDA Tire, Maxxis, Michelin, Sedona Tire and Wheel, Titan International Inc., and Toyo Tire.

Recent Developments

Market News

• In June 2023, SimpleTire, a prominent online tire retailer headquartered in Philadelphia and affiliated with the Dealer Tire Family of Companies, collaborated with Sonsio Vehicle Protection, a renowned vehicle protection provider based in Arvada, Colorado. This partnership aims to introduce a novel initiative that seeks to improve the tire replacement process for numerous ATV/UTV drivers across the United States.

Segmentation

Global ATV-UTV Tire Market: Segmentation

By Type

• Racing Tires
• Sand Tires
• Mud Tires
• All Terrain Tires

By Applications

• All Terrain Vehicle (ATV)
• Utility Terrain Vehicle (UTV)

By Industry Vertical

• Agriculture
• Military
• Mountaineering
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA