Off-Highway Wheels Market Size (2024 - 2029)

The off-highway wheel market is projected to experience significant expansion over the forecast period, driven by advancements in wheel technology and increased infrastructure investments. The demand for durable and efficient wheels in sectors such as agriculture, construction, and mining is a key factor contributing to this growth. Technological innovations, particularly in developing lightweight and fuel-efficient wheels, are enhancing performance and payload capacities, which are crucial for off-highway applications. Additionally, large-scale infrastructure projects, like the Belt and Road Initiative and various national highway development programs, are expected to substantially boost the market's scale and scope.

Home Market Analysis Automotive Research Auto Parts Research Automotive Exterior Products Research Automotive Drivetrain Research Automotive Tires Research Off-highway Equipment Tires Research Off-highway Wheels Market Market Size

Market Size of Off-Highway Wheels Industry

Off-Highway Wheels Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 1.79 Billion
Market Size (2029) USD 2.40 Billion
CAGR (2024 - 2029) 6.04 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Off-Highway Wheels Market Major Players

*Disclaimer: Major Players sorted in no particular order

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).

By Product Type
Alloy Wheels
Steel Wheels
By Application Type
Agriculture
Construction (Earth-moving Machinery)
Material Handling (Mobile Cranes and Forklift Trucks)
Mining (Mobile Mining Equipment)
By Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East and Africa
Need A Different Region Or Segment?
Customize Now

Off-Highway Wheels Market Size Summary

The off-highway wheels market is poised for significant expansion, driven by technological advancements and increasing infrastructure investments. The sector is witnessing a surge in demand for durable and efficient wheels, particularly in agriculture, construction, and mining. Innovations in wheel technology, such as the development of lightweight and fuel-efficient wheels, are enhancing performance and payload capacities, which are crucial for off-highway applications. Global infrastructure projects, including China's Belt and Road Initiative and India's Bharatmala Pariyojana, are major contributors to market growth, as they necessitate robust off-highway vehicles equipped with advanced wheels. These projects, along with others like the Neom City Project in Saudi Arabia, are expected to sustain the demand for off-highway wheels as countries continue to invest in infrastructure development.

The Asia-Pacific region leads the off-highway wheels market, fueled by substantial investments in infrastructure and a booming agricultural sector. Countries like China and India are experiencing significant growth in construction and agricultural machinery, driving the demand for off-highway wheels. The region's focus on enhancing industrial and service sector infrastructure, coupled with the rise in tractor sales in India, underscores the growing need for advanced wheel technologies. Key players in the market, such as Titan International Inc., Maxion Wheels, and Yokohama, are actively pursuing strategic acquisitions and partnerships to strengthen their market presence and expand their product offerings. These efforts are aimed at meeting the evolving needs of customers across various applications, ensuring continued growth in the off-highway wheels market.

Explore More

Off-Highway Wheels Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 2.1 By Product Type

      1. 2.1.1 Alloy Wheels

      2. 2.1.2 Steel Wheels

    2. 2.2 By Application Type

      1. 2.2.1 Agriculture

      2. 2.2.2 Construction (Earth-moving Machinery)

      3. 2.2.3 Material Handling (Mobile Cranes and Forklift Trucks)

      4. 2.2.4 Mining (Mobile Mining Equipment)

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle East and Africa

Off-Highway Wheels Market Size FAQs

The Off-Highway Wheels Market size is expected to reach USD 1.79 billion in 2024 and grow at a CAGR of 6.04% to reach USD 2.40 billion by 2029.

In 2024, the Off-Highway Wheels Market size is expected to reach USD 1.79 billion.

Off-highway Wheels Market Report Snapshots

Off-Highway Wheels Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)