India Rubber Crawler Market to Reach USD142 Million by 2028
Increasing shift toward crawler vehicles in construction &
mining, agriculture, and military to drive the rubber crawler market during the
forecast period.
According
to TechSci Research report, “India Rubber Crawler Market - By Region,
Competition, Forecast & Opportunities, 2018-2028”,
India rubber crawler
market was valued at USD100.51 million in 2022 and is forecast to grow at a CAGR
of 6.37% to reach USD142.14 million by 2028. Growing construction activities
leading to increased demand for OTR vehicle and high replacement rate of rubber
crawler is expected to drive the market through 2028.
During 2020-2021, construction equipment companies
across the country such as Joseph Cyril Bamford Excavators Ltd. (JCB),
Caterpillar Inc., Komatsu Ltd.., Hitachi, Ltd., Terex Corporation, etc. were
observed to cater to the growing demand for OTR vehicles across the nations.
The country has witnessed significant growth in the construction sector during
2018-2022. Rapid increase in the use of construction equipment is directly
adding up to the overall OTR vehicle production including rubber crawler
production, which in turn is driving demand for OEM OTR rubber crawler in
India.
On account of rapid economic growth, large-scale
infrastructure developments are taking place across the country. The factor has
led to advancements in various sectors such as road & railways network,
power supply, housing infrastructure, and industrial sector. Under the budget
allocation of FY2022-23, the Indian government assigned USD19.91 billion for
the expansion of national highways around the country, mainly focusing on the
rural connectivity. All such efforts made by the government of the country is
to improve and enhance the infrastructure, industrial and construction sectors,
which are likely to fuel the demand for OTR vehicles, and consequently drive India
rubber crawler market during the forecast period.
Browse over 41 market data Figures and 5 market data
Tables spread through 119 Pages and an
in-depth TOC on "India Rubber Crawler Market"
The India rubber crawler market is
segmented based on equipment type, material, demand category. On the basis of equipment
type, the market is segmented into bulldozers, excavators, multi terrain
loaders, track loaders, backhoe loaders, skid steer loaders, military vehicles,
and others. The
excavator segment has various applications in multiple industries such as
mining, construction etc. owing to their ability of multiple utilization such
as lifting heavy objects, digging etc. Owing to the colossal growth in
construction and mining industry, excavators accounted for the dominating
market share of 67.60% in 2022 in the India rubber crawler market. Excavators are
expected to maintain its dominance and reach sales of 104.02 thousand units by
2028F from 82.87 thousand units in 2020, exhibiting a CAGR of 4.91% during the
forecast period.
Major operating companies operating in India
rubber crawler market are:
- Greenfield Agro Impex
- USCO SpA
- Bridgestone Engineered Products of Asia Sdn Bhd.
- Ace Ventura Tyres and Tracks
- Trident International Pvt. Ltd.
- TVH India Pvt. Ltd.
- Camso Inc.
- VMT International
- SD Technologies Pvt. Ltd.
- Balkrishna Industries Limited (BKT)
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“With a market share of more than 52.86%
respectively, in volume terms, in 2022, the construction & mining segment
led the growth of country’s rubber crawler market. Increase in the usage of
construction and mining vehicles across the country coupled with the presence
of several off-the-road vehicle manufacturers are generating demand for
construction and mining rubber crawler across the country. As the production of
off-the-road vehicles in India is much higher than the domestic sales, most of
the demand for construction and mining rubber crawlers is being generated by
the OEM sector.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India
Rubber Crawler Market By Equipment Type (Bulldozers, Excavators, Multi Terrain
Loaders, Track Loaders, Backhoe Loaders, Skid Steer Loaders, Military Vehicles,
Others), By Material (Natural Rubber, Synthetic Rubber), By Demand Category
(OEM, Aftermarket), By Aftermarket (Genuine Products, Duplicated Products), By
End Use (Construction & Mining, Agriculture, Military), By Region,
Competition, Forecast & Opportunities, 2018-2028”, has evaluated the future
growth potential of India rubber crawler and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the India rubber crawler market.
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