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"
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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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