Over the recent years, India has emerged as one of the leading manufacturing and consumption hubs for off highway vehicle tire, primarily in the agriculture and mining segments. The growth of off highway vehicle tires is backed up by rising spending in construction and mining sectors. Major demand driving vehicle categories include tractors and earth moving equipment such as loaders, excavators, etc. Adoption rate of tractors in agriculture sector has been increasing to support the rising crop demand on account of increasing population in India. Growing use of earth movers for infrastructure development projects across the country is expected to boost demand for off highway vehicle tires during the forecast period.
India off highway vehicle tire market is projected to grow at 15% during 2020 – 2025. The country’s off highway vehicle tire market can be classified based on vehicle type, demand category, and radial vs bias. Based on the vehicle type, the market can be bifurcated into farm equipment tire, earth moving equipment tire, and mining, construction and industrial vehicle tire. Farm equipment holds the largest share in the off highway vehicle tire market owing to increasing tractor penetration in India’s rural regions.
Major players operating in the India off highway vehicle off highway vehicle tire market include Goodyear, CEAT, MRF, JK Tyre, Apollo Tyres, among others.
Years considered for this report:
Historical Period: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
- To assess the demand-supply scenario of off highway vehicle tire, which covers production, demand and supply of automotive off highway vehicle tire in India.
- To analyze and forecast the market size of India off highway tire market.
- To classify and forecast India off highway vehicle tire market based on vehicle type, demand category, radial vs bias, and regional distribution.
- To identify drivers and challenges for India off highway vehicle tire market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India off highway vehicle tire market.
- To conduct the pricing analysis for off highway vehicle tires in India.
- To identify and analyze the profile of leading players involved in the manufacturing of off highway vehicle tires in India.
To perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of off highway vehicle tire players operating in India. Subsequently, TechSci Research conducted primary research surveys, which include primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed product offerings and regional presence of all major off highway vehicle tire suppliers across the globe.
TechSci Research calculated the market size for India off highway vehicle tire by using a bottom-up technique, wherein manufacturers’ volume sales data was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Multiple secondary sources such as directories, company websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Off highway vehicle tire manufacturers, suppliers, distributors and other stakeholders
- Associations, organizations, forums and alliances related to off highway vehicle tire
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as off highway vehicle tire manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
In this report, India off highway vehicle tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Vehicle Type:
o Farm Equipment
o Earth Moving Equipment
o Mining, Construction & Industrial Equipment
- Market, By Demand Category:
- Market, By Radial vs Bias:
- Market, by Region:
Company Profiles: Detailed analysis of the major companies present in India off highway vehicle tire market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.