India Off Highway Vehicle Tire Sales to Register CAGR of 15% through 2025
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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Off Highway Vehicle Tire Market"
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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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