Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 1.1 Billion

CAGR (2024-2029)

5.52%

Fastest Growing Segment

Earth Moving Equipment

Largest Market

North


Market Overview

India Off Highway Vehicle Tire Market has valued at USD 1.1 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.52%. The Off-Highway Vehicle (OHV) tire market in India is experiencing a robust and sustained growth trajectory. This can be attributed to several factors that contribute to the expansion of the infrastructure and construction sectors in the country. As India emerges as one of the largest markets for construction equipment and vehicles, the OHV tire industry is well-positioned to capitalize on the significant opportunities presented in this region.

One of the key drivers of the OHV tire market in India is the Indian government's unwavering focus on infrastructural development. The government's investments in building and upgrading roads, bridges, and other critical infrastructure have created a strong demand for OHVs and, consequently, OHV tires. Additionally, the surge in mining activities across the country further augments the need for reliable and high-performance OHV tires.

Furthermore, the exponential growth of e-commerce in India has had a ripple effect on the OHV tire market. The increasing need for efficient logistics and transportation to support the booming e-commerce industry has led to a significant rise in the demand for commercial vehicles. As businesses strive to meet the growing demands of online shopping and reliable transportation, the need for robust and reliable OHV tires becomes even more pronounced.

In summary, the OHV tire market in India is flourishing due to various factors including infrastructure development, construction activities, mining operations, and the surge in e-commerce. These factors create a promising landscape for manufacturers and suppliers in the industry, who can tap into this growing market to meet the evolving needs of industries and consumers alike. With the continuous growth and development in these sectors, the OHV tire market in India is expected to witness further expansion in the coming years.     

Key Market Drivers

Growth in Construction and Infrastructure Development

The growth of the construction and infrastructure development sectors in India is a substantial driver for the Off-Highway Vehicle Tire Market. As the country continues to invest in new infrastructure projects, such as highways, bridges, and urban development, there is a rising demand for heavy equipment like earthmovers, excavators, and bulldozers. These machines require specialized off-highway tires designed to withstand the rigors of construction sites. The expansion of the construction sector contributes significantly to the demand for off-highway vehicle tires.

Expanding Agricultural Activities

Agriculture is a cornerstone of India's economy, and the sector is experiencing growth and modernization. The adoption of mechanized farming practices, including tractors, combine harvesters, and other agricultural machinery, is on the rise. To support these agricultural activities, specialized off-highway tires are essential. They are designed to provide traction in diverse field conditions and minimize soil compaction. The expansion of agriculture drives the need for off-highway vehicle tires tailored to the demands of farming operations.

Industrial and Mining Operations

India's industrial and mining sectors are key drivers of the Off-Highway Vehicle Tire Market. These sectors rely heavily on various types of off-highway vehicles, such as forklifts, industrial trucks, and mining equipment. Off-highway tires used in these applications must withstand challenging terrains and heavy loads. With increasing industrialization and mining activities, there is a growing demand for robust and durable off-highway tires to ensure smooth operations and safety in these sectors.

Rise in Off-Road Recreational Activities

The popularity of off-road recreational activities, including off-roading, ATV (all-terrain vehicle) riding, and dune bashing, is increasing in India. Enthusiasts often invest in specialized off-highway vehicles, which demand off-road tires designed for optimal performance in rugged terrains. This trend not only drives the demand for off-highway tires for recreational use but also creates an aftermarket for tire replacements and upgrades.

Government Infrastructure Projects

The Indian government's investments in infrastructure development play a vital role in driving the Off-Highway Vehicle Tire Market. Large-scale infrastructure projects, such as the construction of roads, bridges, and transportation networks, often involve the use of heavy machinery. The government's commitment to such projects generates consistent demand for off-highway tires, as these tires are critical for the efficient operation of construction equipment.

Increased Port and Material Handling Activities

India's expanding trade and commerce are accompanied by increased port and material handling activities. Off-highway vehicles like port handling equipment, container handlers, and material handling machines require specialized tires that can carry heavy loads and provide stability on port premises. With the growth of the logistics and maritime sectors, there is a corresponding surge in the demand for off-highway vehicle tires optimized for material handling and port operations.  

 

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Key Market Challenges

Infrastructure Limitations and Accessibility

One of the significant challenges in the India Off-Highway Vehicle Tire Market is the limited infrastructure and accessibility of remote areas. Many off-highway vehicles operate in rugged terrains, construction sites, or agricultural fields where infrastructure, including proper roads and transportation networks, may be lacking. This presents a logistical challenge for tire manufacturers and distributors to reach these areas with their products. Moreover, it affects the ability of end-users to access tire replacement and maintenance services promptly. Improving infrastructure and accessibility to remote locations is essential to overcome this challenge.

Quality and Durability Expectations

Off-highway tires are subjected to extreme conditions and heavy loads, requiring exceptional durability and quality. However, ensuring consistent quality and durability in off-highway tires can be challenging. The market faces issues related to the availability of reliable tire manufacturing technologies and materials that can withstand the harsh environments where these tires are used. Meeting the expectations of quality and longevity while keeping costs competitive is a persistent challenge for manufacturers.

Import Dependence

India relies heavily on imports for many specialized off-highway tires, particularly for large and technologically advanced equipment. This import dependence can be a challenge due to currency fluctuations, trade restrictions, and the availability of products when needed. It affects the pricing and supply chain of off-highway tires and can lead to increased costs and uncertainties for both manufacturers and end-users. Reducing import dependence and promoting domestic production can be a solution to mitigate this challenge.

Price Sensitivity

The Off-Highway Vehicle Tire Market in India is price-sensitive, particularly in sectors like agriculture and construction, where margins are thin. The challenge lies in offering high-quality off-highway tires at affordable prices. Price sensitivity can lead to price wars and compromises on quality, which may affect safety and overall performance. Finding a balance between affordability and quality is essential for manufacturers and distributors to meet market demand without compromising safety and longevity.

Rapid Technological Advancements

The rapid evolution of technology in the tire industry presents both opportunities and challenges. On one hand, technological advancements can lead to improved tire performance, longevity, and fuel efficiency. On the other hand, staying up-to-date with these advancements and incorporating them into tire manufacturing processes can be a challenge for manufacturers, especially smaller and less technologically advanced producers. Keeping pace with evolving technology while ensuring cost-effectiveness is a continuous challenge in the off-highway tire market.

Environmental and Regulatory Compliance

Increasingly stringent environmental regulations and safety standards are a challenge in the Off-Highway Vehicle Tire Market. Compliance with these regulations requires continuous research and development to produce tires that meet evolving standards. Environmental concerns also call for the development of more sustainable tire manufacturing processes and materials. Ensuring compliance with environmental and safety regulations while maintaining competitiveness is a persistent challenge for manufacturers in the industry.

Key Market Trends

Shift Towards Radial Tires

A prominent trend in the India Off-Highway Vehicle Tire Market is the increasing adoption of radial tires over bias-ply tires. Radial tires offer several advantages, including a wider footprint, better traction, improved fuel efficiency, and enhanced load-carrying capacity. These benefits are particularly crucial for off-highway vehicles used in construction, mining, and agriculture. As customers become more aware of the performance benefits, there is a growing preference for radial tires. Manufacturers are investing in the production of radial off-highway tires to cater to this shifting market demand.

Customization and Specialization

Off-highway vehicles operate in diverse environments, from muddy construction sites to rocky mining areas and soft agricultural fields. To optimize performance and durability, there is a trend towards customization and specialization of off-highway tires. Manufacturers are offering a wide range of tire options tailored to specific applications. These specialized tires are designed with features such as reinforced sidewalls, deeper treads, and self-cleaning properties to meet the unique requirements of different off-highway vehicles. This trend reflects the market's commitment to improving efficiency and reducing operational costs in various sectors.

Green Tire Technology

Environmental sustainability is a growing concern in the tire industry, and it is impacting the Off-Highway Vehicle Tire Market as well. Manufacturers are increasingly focusing on developing "green" tire technologies. Green tires are designed to reduce rolling resistance, which enhances fuel efficiency and reduces carbon emissions. This trend aligns with the global push for sustainable practices and lower environmental impact. The adoption of green tire technology in off-highway vehicles reflects a commitment to environmental responsibility while achieving cost savings.

Digitalization and IoT Integration

The integration of digitalization and Internet of Things (IoT) technology is a transformative trend in the Off-Highway Vehicle Tire Market. Fleet operators and vehicle owners are adopting IoT solutions to monitor tire health, track usage patterns, and predict maintenance needs. Sensors and telemetry systems are being used to gather real-time data on tire pressure, temperature, and wear. This data helps in proactively identifying issues and optimizing tire performance. The adoption of digitalization and IoT solutions enhances safety, reduces downtime, and maximizes the lifespan of off-highway tires.

Aftermarket Growth

The aftermarket for off-highway vehicle tires is experiencing significant growth. As the use of off-highway vehicles expands in sectors such as construction, mining, and agriculture, there is a corresponding increase in the need for tire replacement and maintenance. This trend presents opportunities for tire dealers, retailers, and service providers. The aftermarket offers a range of services, including tire repair, retreading, and maintenance solutions to extend the lifespan of off-highway tires. It also promotes competition and innovation, as service providers strive to offer efficient and cost-effective solutions to cater to the growing demand.

Safety and Ergonomics

Safety and ergonomics are emerging as essential considerations in the Off-Highway Vehicle Tire Market. Manufacturers are incorporating safety features such as improved puncture resistance, better traction, and stronger sidewalls to minimize accidents and downtime. Additionally, the ergonomics of off-highway tires are being enhanced to reduce operator fatigue and improve comfort during extended work hours. This trend reflects a growing emphasis on safety and well-being in various sectors, as well as a commitment to maximizing operational efficiency.    

Segmental Insights

Vehicle Type Insights

The Indian Off Highway Vehicle (OHV) tire market is a highly diversified market, catering to a wide range of vehicles including construction and mining equipment, agricultural tractors, and industrial trucks. In the agricultural sector, the demand for OHV tires is particularly influenced, given that India is predominantly an agrarian economy with a significant focus on farming and agriculture. The tire market for construction and mining equipment is expected to witness substantial growth due to the increasing number of infrastructural and mining projects in the country. This growth is driven by the government's emphasis on infrastructure development and the need for efficient machinery in these sectors.

Furthermore, the industrial sector also plays a crucial role in shaping the dynamics of the Indian OHV tire market. Industrial trucks, which are extensively used in factories and warehouses for material handling and transportation, drive the demand for OHV tires in this sector. The increasing manufacturing and distribution activities across various industry verticals further fuel the demand for OHV tires. As industries continue to expand and evolve, the need for reliable and durable OHV tires becomes even more essential.

Considering the diverse range of vehicles and the specific requirements of each sector, the Indian OHV tire market thrives on innovation and customization. Tire manufacturers are constantly developing new tire technologies and designs to meet the unique demands of different vehicles and industries. This emphasis on innovation and customization ensures that the Indian OHV tire market remains competitive and responsive to the evolving needs of the market.

In conclusion, the Indian OHV tire market is a dynamic and multifaceted industry that caters to a wide range of vehicles and sectors. The agricultural, construction, mining, and industrial sectors all contribute to the growth and demand for OHV tires in India. With a focus on innovation and customization, tire manufacturers are poised to meet the evolving needs of this diverse market and drive its continued growth.    

Tire Type Insights

The Indian Off-Highway Vehicle (OHV) tire market has experienced a remarkable growth trajectory in recent years, driven by a combination of factors. One of the key drivers is the rapid expansion of infrastructure development projects across the country. As India continues to invest in building its roads, highways, and other transportation networks, the demand for off-highway vehicles has soared. These vehicles play a crucial role in construction, mining, and other industries that require heavy-duty equipment to operate in challenging terrains.

Another factor contributing to the growth of the OHV tire market is the modernization of the agricultural sector in India. With advancements in farming technologies and practices, farmers are increasingly relying on off-highway vehicles for various agricultural activities. These vehicles enable them to efficiently carry out tasks such as plowing, tilling, and harvesting, thereby improving productivity and reducing manual labor.

To cater to the diverse requirements of these industries, the market has responded with a wide range of tire types specifically designed for off-highway vehicles. Specialized agriculture tires are engineered to provide optimal traction and minimize soil compaction, ensuring maximum crop yield. Industrial tires are designed to withstand the heavy loads and rigorous demands of industrial applications, while construction tires are built to endure the harsh operating conditions of construction sites.

In addition to their durability and load-carrying capacity, these tires are also known for their exceptional performance in challenging environments. Whether it's navigating through muddy fields, rocky terrains, or rough construction sites, these tires excel in providing superior traction and stability. As a result, they have become increasingly sought-after in the market, further fueling their demand.

As the OHV tire market in India continues to flourish, it presents significant opportunities for both manufacturers and consumers. Manufacturers have the chance to innovate and develop new tire technologies to meet the evolving needs of various industries. At the same time, consumers can benefit from a wide selection of high-quality tires that enhance the performance and longevity of their off-highway vehicles.

With the ongoing growth and advancements in the Indian OHV tire market, it is poised to play a vital role in supporting the country's infrastructure development and agricultural modernization efforts. As the demand for off-highway vehicles continues to rise, the market is expected to witness further expansion, opening up new avenues for business growth and economic development.  

 

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Regional Insights

The Indian Off-Highway Vehicle (OHV) Tire Market is experiencing robust growth due to the expanding agriculture and construction sectors in the country. As the Indian economy expands, there is an increasing demand for infrastructure and food production, leading to a surge in the usage of off-highway vehicles such as tractors, construction machineries, and mining equipment. This surge is driven by the need to meet the growing demands of a rapidly developing nation.

Furthermore, government initiatives aimed at modernizing agriculture are also contributing to the surge in the OHV tire market in India. These initiatives include the promotion of mechanized farming practices and the adoption of advanced technologies to enhance productivity. As a result, farmers are increasingly relying on off-highway vehicles to improve efficiency and meet the rising demand for agricultural produce.

With the growing importance of the agriculture and construction sectors in India, the demand for reliable and durable OHV tires is on the rise. Market players are continuously innovating and introducing new tire technologies to cater to the specific needs of Indian farmers and construction companies. This includes the development of tires with enhanced traction, durability, and resistance to punctures, ensuring optimal performance in challenging terrains.

Overall, the Indian OHV tire market is poised for significant growth, driven by the expanding agriculture and construction sectors, government initiatives, and the continuous innovation in tire technologies. It presents a lucrative opportunity for both domestic and international tire manufacturers to tap into the vast potential offered by the Indian market.

Recent Developments

  • In June 2021, The Anyang Rarlong Machinery Co. Ltd developed energy-saving manufacturing technology for engineering wheel rims to improve the production efficiency as no defects caused by oxide scale, with an aim to achieve the purpose of energy-saving.
  • In October 2021, OTR International acquired Hoosier Wheel, the US-based manufacturer of standard and custom wheel assemblies for off-the-road applications, including lawn and garden, agriculture, and material handling.

Key Market Players

  • Apollo Tyres Limited
  • Balkrishna Industries Limited
  • Bridgestone Corporation
  • CEAT Limited
  • Continental AG
  • JK Tyre & Industries Limited
  • Michelin
  • MRF Limited

By Vehicle Type

By Demand Category

By Tire Type

By Region

  • Farm Equipment
  • Earth Moving Equipment
  • others
  • OEM
  • Replacement
  • Radial
  • Bias
  • North
  • East
  • West
  • South

 

Report Scope:

In this report, the India Off Highway Vehicle Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Off Highway Vehicle Tire Market, By Vehicle Type:   

o   Farm Equipment

o   Earth Moving Equipment

o   others

  • Off Highway Vehicle Tire Market, By Demand Category:    

o   OEM

o   Replacement

  • Off Highway Vehicle Tire Market, By Tire Type:      

o   Radial

o   Bias

  • Off Highway Vehicle Tire Market, By Region:   

o   North

o   East

o   West

o   South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Off Highway Vehicle Tire Market.

Available Customizations:

India Off Highway Vehicle Tire Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Off Highway Vehicle Tire Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on India Off Highway Vehicle Tire Market

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Brand Satisfaction

5.3.  Factors Affecting Purchase Decision

6.    India Off Highway Vehicle Tire Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Volume & Value

6.2.  Market Share & Forecast

6.2.1.    By Vehicle Type Market Share Analysis (Farm Equipment, Earth Moving Equipment, others)

6.2.2.    By Demand Category Market Share Analysis (OEM Vs Replacement)

6.2.3.    By Tire Type Market Share Analysis (Radial vs Bias)

6.2.4.    By Region Market Share Analysis    

6.2.4.1.        North Market Share Analysis

6.2.4.2.        East Market Share Analysis

6.2.4.3.        West Market Share Analysis

6.2.4.4.        South Market Share Analysis

6.2.5.    By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

6.3.  India Off Highway Vehicle Tire Market Mapping & Opportunity Assessment

6.3.1.    By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.    By Demand Category Market Mapping & Opportunity Assessment

6.3.3.    By Tire Type Market Mapping & Opportunity Assessment

6.3.4.    By Region Market Mapping & Opportunity Assessment  

6.3.5.    North India Off Highway Vehicle Tire Market Outlook

6.3.5.1.        Market Size & Forecast

6.3.5.1.1.           By Volume & Value

6.3.5.2.        Market Share & Forecast

6.3.5.2.1.           By Vehicle Type Market Share Analysis

6.3.5.2.2.           By Demand Category Market Share Analysis

6.3.5.2.3.           By Tire Type Market Share Analysis

6.3.6.    East India Off Highway Vehicle Tire Market Outlook

6.3.6.1.        Market Size & Forecast

6.3.6.1.1.           By Volume & Value

6.3.6.2.        Market Share & Forecast

6.3.6.2.1.           By Vehicle Type Market Share Analysis

6.3.6.2.2.           By Demand Category Market Share Analysis

6.3.6.2.3.           By Tire Type Market Share Analysis   

6.3.7.    West India Off Highway Vehicle Tire Market Outlook  

6.3.7.1.        Market Size & Forecast

6.3.7.1.1.           By Volume & Value

6.3.7.2.        Market Share & Forecast

6.3.7.2.1.           By Vehicle Type Market Share Analysis

6.3.7.2.2.           By Demand Category Market Share Analysis

6.3.7.2.3.           By Tire Type Market Share Analysis

6.3.8.    South India Off Highway Vehicle Tire Market Outlook 

6.3.8.1.        Market Size & Forecast

6.3.8.1.1.           By Volume & Value

6.3.8.2.        Market Share & Forecast

6.3.8.2.1.           By Vehicle Type Market Share Analysis

6.3.8.2.2.           By Demand Category Market Share Analysis

6.3.8.2.3.           By Tire Type Market Share Analysis  

7.    SWOT Analysis

7.1.  Strength

7.2.  Weakness

7.3.  Opportunities

7.4.  Threats

8.    Market Dynamics

8.1.  Market Drivers

8.2.  Market Challenges

9.    Market Trends and Developments

10. Competitive Landscape

10.1.           Company Profiles (Up to 10 Major Companies)

10.1.1. Apollo Tyres Limited

10.1.1.1.     Company Details

10.1.1.2.     Key Product Offered

10.1.1.3.     Recent Developments

10.1.1.4.     Key Management Personnel

10.1.2. Balkrishna Industries Limited

10.1.2.1.     Company Details

10.1.2.2.     Key Product Offered

10.1.2.3.     Recent Developments

10.1.2.4.     Key Management Personnel

10.1.3. Bridgestone Corporation 

10.1.3.1.     Company Details

10.1.3.2.     Key Product Offered

10.1.3.3.     Recent Developments

10.1.3.4.     Key Management Personnel

10.1.4. CEAT Limited

10.1.4.1.     Company Details

10.1.4.2.     Key Product Offered

10.1.4.3.     Recent Developments

10.1.4.4.     Key Management Personnel

10.1.5. Continental AG  

10.1.5.1.     Company Details

10.1.5.2.     Key Product Offered

10.1.5.3.     Recent Developments

10.1.5.4.     Key Management Personnel

10.1.6. JK Tyre & Industries Limited   

10.1.6.1.     Company Details

10.1.6.2.     Key Product Offered

10.1.6.3.     Recent Developments

10.1.6.4.     Key Management Personnel

10.1.7. Michelin     

10.1.7.1.     Company Details

10.1.7.2.     Key Product Offered

10.1.7.3.     Recent Developments

10.1.7.4.     Key Management Personnel

10.1.8. MRF Limited        

10.1.8.1.     Company Details

10.1.8.2.     Key Product Offered

10.1.8.3.     Recent Developments

10.1.8.4.     Key Management Personnel

11. Strategic Recommendations

11.1.           Key Focus Areas

11.1.1. Target Countries

11.1.2. Target By Vehicle Type

11.1.3. Target By Demand Category

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the India Off Highway Vehicle Tire Market was estimated to be USD 1.1 Billion in 2023.

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In 2023, the dominant segment by vehicle type in the India Off Highway Vehicle Tire Market was Earth Moving Equipment. The segment saw a significant demand increase due to the rapid expansion of construction and mining activities throughout the country.

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The dominant region in the India Off Highway Vehicle Tire Market is Northern India. This region has a significant concentration of agriculture, construction, and mining industries, which predominantly use off-highway vehicles. Consequently, the demand for off-highway vehicle tires in this region is relatively higher compared to other regions.

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The major drivers for the India Off-Highway Vehicle Tire Market are the growth in construction and mining activities, which increase the demand for heavy equipment, and the expansion of agriculture, requiring specialized tires for tractors and farm equipment.

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Srishti Verma

Business Consultant
Press Release

Off Highway Vehicle Tire Market to Grow with a CAGR of 5.52% in India through to 2029

Nov, 2023

The major drivers for the India Off-Highway Vehicle Tire Market are the growth in construction and mining activities, which increase the demand for heavy equipment, and the expansion of agriculture,