Demand for off highway vehicle tires in India is expected to rise owing to increasing use of agricultural machineries to support the rising crop demand and growing use of off highway vehicles like, earth movers, construction and mining equipment.
According to TechSci Research report, “India Off Highway Vehicle Tire Market By Vehicle Type, By Demand Category, By Radial vs Bias, By Region, Competition, Forecast & Opportunities, 2025”, off highway vehicle tire market in India is projected to exhibit a CAGR of 15% during 2020 – 2025, on account of rising number of infrastructure development projects such as port development, smart city projects, etc. Moreover, gradual advancements of mechanization in agricultural sector, expanding off highway vehicle fleet size and consistently increasing off highway vehicle tire prices are also expected to positively influence the market in the coming years.
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In 2019, India off highway vehicle tire market was dominated by farm equipment tire segment, followed by earth moving equipment and Mining, Construction & Industrial Equipment tire segments. Farm equipment holds the largest share in the market owing to consistent growth in usage of tractors for agricultural purposes. Few of the prominent off highway vehicle tire manufacturing companies in India include Goodyear, CEAT, MRF, JK Tyres, Apollo Tyre, among others. In 2019, northern region accounted for the largest market share in India off highway vehicle tire market, followed by southern, eastern & western regions.
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“Due to huge and rising investments in several infrastructure projects announced by government of India like, USD 120 billion investment for road widening projects by 2020, USD 60 billion for port development by 2020, and USD 32 billion for 100 smart cities and 500 AMRUT cities within next five years, the sales of earth moving equipment and heavy machineries is expected to increase in the coming years. This coupled with increasing mining activities and growing adoption of tractors in agriculture sector is expected to continue boosting sales of off highway tires in India over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Off Highway Vehicle Tire Market By Vehicle Type, By Demand Category, By Radial vs Bias, By Region, Competition, Forecast & Opportunities, 2025” has analyzed the potential of India off highway vehicle tire market, and provides information and statistics on market structure, imports and trends. The report intends in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India off highway vehicle tire market.
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