India Off Highway Tire Market Research Report FY2025 - TechSci Research

FY2015 – FY2025 INDIA OFF HIGHWAY TIRE MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Scope of Report Product of Interest (POI): Off Highway Tire

India off highway tire market is anticipated to grow at impressive rate on account of rise in the number of infrastructure projects and rapid urbanization in the country. Moreover, mechanization of farming sector, proliferation in mining industry, and expanding OTR vehicle fleet are expected to give tremendous boost to OTR tire over the coming years. In terms of vehicle type, market can be segregated into mining, construction & industrial equipment, earth moving equipment and farm equipment.

Market Segmentation DEMAND CATEGORY

OFF HIGHWAY TIRE MARKET VEHICLE TYPE •

•

OEM

•

Replacement

Mining, Construction & Earth Moving Equipment

•

Farm Equipment

Review Period

FY2015 – FY2018

Industrial Equipment •

Year Range

REGION •

North

•

South

•

East

•

West

Base Year

FY2019 Estimated Year

FY2020 Forecast Period

FY2021 – FY2025

2

Ta b l e o f C o n t e n t s

Table of Contents S. No.

Contents

1.

Product Overview

2.

Research Methodology

3.

Analyst View

4.

Voice of Customer

5.

4.1.

Factors Influencing Purchase Decision

4.2.

Brand Satisfaction Level

4.3.

Challenges & Unmet Needs

India Off Highway Tire Market Outlook 5.1.

Market Size & Forecast 5.1.1.

5.2.

5.3.

6.

Page No.

By Value & Volume

Market Share & Forecast 5.2.1.

By Vehicle Type (Mining, Construction & Industrial Equipment, Earth Moving Equipment and Farm Equipment)

5.2.2.

By Demand Category (OEM Vs. Replacement)

5.2.3.

By Radial vs. Bias

5.2.4.

By Company

5.2.5.

By Region

Market Attractiveness Index

India Mining, Construction & Industrial Equipment Tire Market Outlook 6.1.

Market Size & Forecast 6.1.1.

6.2.

By Value & Volume

Market Share & Forecast

33

Ta b l e o f C o n t e n t s

Table of Contents S. No.

Contents

6.4.

7.

6.2.1.

By Demand Category (OEM Vs. Replacement)

6.2.2.

By Radial vs. Bias

Market Attractiveness Index

India Earth Moving Equipment Tire Market Outlook 7.1.

Market Size & Forecast 7.1.1.

7.2.

7.4.

8.

Market Share & Forecast 7.2.1.

By Demand Category (OEM Vs. Replacement)

7.2.2.

By Radial vs. Bias

Market Attractiveness Index

Market Size & Forecast 8.1.1.

8.2.

10.

By Value & Volume

India Farm Equipment Tire Market Outlook 8.1.

9.

Page No.

By Value & Volume

Market Share & Forecast 8.2.1.

By Demand Category (OEM Vs. Replacement)

8.2.2.

By Radial vs. Bias

Import-Export Analysis Market Dynamics 10.1.

Drivers

10.2.

Challenges

11.

Market Trends & Developments

12.

Policy & Regulatory Landscape

44

Table of Contents

Ta b l e o f C o n t e n t s

S. No.

Contents

13.

India Economic Profile

14.

Competitive Landscape

15.

Strategic Recommendations

16.

About Us & Disclaimer

Page No.

55

RESEARCH METHODOLOGY

Research Methodology

Market Profiling

In-depth secondary research was conducted to determine top players in the India off highway tire market, overall market size and segmental market size.

Formulating Questionnaire

In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.

Developing List of Respondents

Data Collection

Data Validation

Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

TechSci conducted interviews with industry experts and industry players for data collection and verification.

List of industry players and industry specialists was developed.

Primary Research

Data Collection

Data Filter & Analysis

Research & Intelligence

Actionable Insights

Business Solution

LinkedIn TechSci Internal Database

✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion

✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews

Primary Research ✓ ✓

Desk Research

Secondary Research ✓ ✓ ✓ ✓ ✓ ✓ ✓

Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.

Data Analysis

The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India off highway tire market.

Company Analysis ✓ Market Participants ✓ Key Strengths

Paid Sources

✓ ✓

Factiva Hoovers

7

Research Methodology Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of India off highway tire market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as agricultural growth, rise in number of infrastructure projects and rapid urbanization. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India off highway tire market.

Methodology Followed for Calculation of Market Size:

•

Market Size By Value and Volume: Market size, in terms of value and volume, for the year FY2019 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as off highway tire manufacturer & supplier companies, channel partners, market influencers & end users, industry experts, and other industry participants.

•

The team interviewed more than 15 – 20 off highway tire manufacturer & supplier companies, 45 – 50 channel partners, and 15 – 20 industry experts and other value chain stakeholders in India off highway tire market to obtain the overall market size for FY2015-FY2019, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2015-FY2019.

8

Research Methodology •

Respondents were asked about the current and future market growth rates, market shares by vehicle type, by demand category, by radial vs. bias, by company, and by each region. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares: Market shares by vehicle type, by demand category, by radial vs. bias, by company and by each region were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of India off highway tire market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting: •

TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.

•

Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India off highway tire market, TechSci Research used various forecast techniques such as: ✓

Moving Average

✓

Time Series Analysis

✓

Regression Analysis

✓

Econometric and Judgmental Analysis

9

Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market number.

Partial List of Companies Interviewed

Key Secondary Sources

▪ Bridgestone Corporation

▪ Society of Indian Automobile Manufacturers

▪ The Goodyear Tire & Rubber Company

▪ Tire Association of India

▪ The Yokohama Rubber Co., Ltd.

▪ World Bank

▪ Continental India Private Limited

▪ TechSci Research Proprietary Database &

▪ Balkrishna Industries Limited

Knowledge Repository

▪ Toyo Tire & Rubber Company

▪ Company Annual Reports

▪ Apollo Tire Ltd.

▪ Industry Magazines

▪ Michelin

▪ Industry Reports ▪ News Dailies ▪ Credible Paid Databases

10

INDUSTRY BRIEFF 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.

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.

“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.

11

SAMPLE DATA - SNAPSHOT India Off Highway Tire Market Size, By Volume, FY2019 &

India Off Highway Tire Market, By Share, By Company, By Volume, FY2019

FY2025F (Million Units)

XX Million Units

Company A

FY2025F

Company B

XX% CAGR

XX Million Units

Company C Company D Others

FY2019

India Mining, Construction & Industrial Equipment Tire Market Size, By Value (USD Million) & By Volume (Million Units), FY2015–FY2025F

5.00 10.00 FY2015

6.00 20.00

8.00

7.00 30.00

9.00 50.00

40.00

CAGR By Value & Volume

12.00

11.00

10.00

80.00

70.00

60.00

90.00

110.00

100.00

YY%

By Volume (Million Units)

15.00

14.00

CAGR By Value & Volume

FY2019 FY2020E

By Value (USD Million)

XX%

13.00

FY2025F

India Mining, Construction & Industrial Equipment Tire Market Share, By Radial vs. Bias, By Volume, FY2015–FY2025F

Radial

50%

50%

50%

50%

50%

50%

50%

50%

50%

50%

50%

Bias

50%

50%

50%

50%

50%

50%

50%

50%

50%

50%

50%

FY2015 FY2016 FY2017 FY2018 FY2019 FY2020E FY2021F FY2022F FY2023F FY2024F FY2025F 12

REPORT ORDERING

Report Name: INDIA OFF HIGHWAY TIRE MARKET FORECAST & OPPORTUNITIES FY2015 – FY2025

Report Price License Type

Price

Electronic Access - Single User License

$2950

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$3750

Custom Research License

$7500

To View Sample OR Purchase Report

13

About Us & Disclaimer

TechSci Research is a India market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business

models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and India industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.

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Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.

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