ATV tires cannot be replaced by other types of tires, because there are no substitutes for ATV tires. They have unique tread designs, grooves, tread depths, which make them stand apart from other tires. Owing to advantages of tire design and manufacturing technology are further raising ATV tire manufacturing costs, and thereby driving the market. ’ s analysts have predicted that the all-terrain vehicle (ATV) tires market will register a CAGR of nearly (1%) by 2023.
Growing demand for ATV tires in APAC
APAC is the fastest growing automotive market globally, let by economic powerhouses such as China, India, Indonesia, Malaysia, and Thailand. It promises strong potential for the growth of ATV tire market. This positive outlook is encouraging prominent ATV manufacturers to enter emerging markets in APAC to leverage growth opportunities.
Challenges in ATV tire manufacturing process
Challenges related to tire manufacturing process includes automation, design, cost optimization, and safety which will act as market inhibitors. Safety factors will hinder the growth of the market. These vehicles are exposed to rough terrain and adverse environmental conditions for which safety requirements and quality of the tires must be maintained.
For the detailed list of factors that will drive and challenge the growth of the all-terrain vehicle (ATV) tires market during the 2019-2023, view our report.
The market appears to be concentrated and with the presence of few companies. Factors such as the growing demand for ATV tires in APAC will provide considerable growth opportunities to all-terrain vehicle (ATV) tires manufactures. High Lifter Products Inc., Maxxis International, STI Powersports, THE CARLSTAR GROUP LLC., and Titan International Inc. are some of the major companies covered in this report.