IMARC Group’s report titled “India Off-the-Road Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. offers a comprehensive analysis of the industry, which comprises insights on the India off-the-road tire market growth. The market size reached 10.5 Million Units in 2022. Looking forward, IMARC Group expects the market to reach 16.0 Million Units by 2028, exhibiting a growth rate (CAGR) of 8.1% during 2023-2028.
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Factors Affecting the Growth of the India Off-The-Road Tire Industry:
- Rising Demand for All-terrain Vehicles (ATVs) and Sports Utility Vehicles (SUVs):
The growing popularity of all-terrain vehicles (ATVs) and sports utility vehicles (SUVs) is offering a favorable market outlook in India. The increasing recreational use of ATVs, along with their application in sectors like defense, tourism, and agriculture, is driving the demand for robust, high-performance off-the-road (OTR) tires. These tires are specifically created to handle rough and uneven terrains, offering stability and safety. Additionally, rising preferences for SUVs among the masses due to their versatility and suitability for varied road conditions is catalyzing the demand for SUV-specific OTR tires. Tire manufacturers are responding to this trend by expanding their product portfolios to include tires that cater to the unique needs of ATVs and SUVs.
- Advancements in Tire Technology:
Technological advancements in tire manufacturing represent one of the major factors strengthening the market growth in the country. Tire companies are investing in research and development (R&D) to produce tires that offer better durability, efficiency, and adaptability to various off-road conditions. Innovations, such as airless tires, intelligent tire systems, and environment-friendly materials, are becoming more prevalent. These improvements cater to the growing demand for tires that can reduce operational costs, enhance safety, and increase productivity in off-road applications. Additionally, the adoption of radial tires over bias tires is a significant trend. Radial tires offer advantages like reduced fuel utilization, better heat dissipation, and longer life, making them more appealing for heavy-duty applications in construction, mining, and agriculture.
- Increase in Foreign Direct Investment (FDI) and Joint Ventures:
The increasing foreign direct investment (FDI) and the establishment of joint ventures are bolstering the market growth in the country. International tire manufacturers are entering the local market, either independently or through partnerships with local companies, bringing advanced technologies and expertise. This influx of FDI not only enhances the domestic tire manufacturing capacity but also introduces new tire technologies and standards. These collaborations are leading to the development of tires specifically tailored for the Indian terrain and climate conditions, thereby enhancing the overall quality and variety available in the market. The supportive government policies for foreign investments in the manufacturing sector further incentivize international players, contributing to the diversification of the OTR tire industry.
Leading Companies Operating in the India Off-the-Road Tire Industry:
- Apollo Tyres Limited
- Balkrishna Industries Limited
- Bridgestone Corporation
- CEAT Limited
- Continental AG
- JK Tyre & Industries Limited
- MRF Limited
- The Goodyear Tyre & Rubber Company
- The Yokohama Rubber Co. Ltd.
India Off-The-Road Tire Market Report Segmentation:
By Vehicle Type:
- Mining Vehicles
- Construction & Industrial Vehicles
- Agricultural Vehicles
Based on the vehicle type, the market has been segregated into mining vehicles, construction and industrial vehicles, agricultural vehicles, and others.
By Tire Type:
- Radial Tire
- Bias Tire
On the basis of the tire type, the market has been bifurcated into radial tire and bias tire.
By End Use:
Based on the end use, the market has been classified into OEM and replacement.
By Distribution Channel:
On the basis of the distribution channel, the market has been divided into online and offline.
By Rim Size:
- Below 24 inches
- 24-30 inches
- 31-35 inches
- 36-39 inches
- 40-50 inches
- 51-55 inches
- Above 56 inches
Based on the rim size, the market has been categorized into below 24 inches, 24-30 inches, 31-35 inches, 36-39 inches, 40-50 inches, 51-55 inches, and above 56 inches.
- North India
- South India
- East India
- West & Central India
Region-wise, the market has been segmented into North India, South India, East India, and West and Central India.
India Off-The-Road Tire Market Trends:
The growing integration of advanced technologies in OTR tires is positively influencing the market in the country. Manufacturers are embedding sensors and smart technologies in tires to provide real-time data on tire health, pressure, temperature, and tread wear. This innovation enhances safety and efficiency, which is particularly crucial in demanding OTR applications like mining and construction. These smart tires enable predictive maintenance, reducing downtime and extending tire life, thus offering significant cost savings. This trend of intelligent tire systems reflects the broader movement towards digitalization and automation in industrial operations, resonating with the rapidly advancing technological landscape of the country.
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