Report Overview

India Off the Road (OTR) Tire Market - Industry Trends & Forecast Report 2028

India Off the Road (OTR) Tire Market was worth 10.81 million units in 2021 and the volume sales are further projected to reach 19.17 million units by the year 2028, exhibiting a CAGR of 8.5% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to India’s position as one of the world's top production and consumption hubs for OTR tires, especially in the mining and agriculture industries. Also, the Indian heavy-duty tire market is currently very competitive and mostly served by major manufacturers. Additionally, the technological advancements that the Indian business accepted have undergone a noticeable transformation. Furthermore, a sizable portion of the nation's sales of heavy-duty tires is in the construction and mining industries. Due to a higher rate of tractor penetration in Indian rural areas, agriculture is the largest market for OTR tires. Over the next few years, the construction machinery tire market in India is anticipated to drive owing to the rising demand for construction equipment in the areas of concrete mixing, material handling, and earthmoving.

Off the Road Tire - Overview

Off-road tires (Off the road tires) are a type of vehicle tires with deep tread that provides better traction on unpaved surfaces such as loose dirt, mud, sand, or gravel. They lack studs in comparison to ice or snow tires but have deeper and wider grooves to help the tread sink into mud or gravel surfaces. Knobbies are off-road cycle tires that can be found on motocross and enduro motorcycles, ATVs, and mountain bikes. Tires for single-track vehicles and ATVs have a curved profile so that some tread only makes contact with the ground when turning.

India Off the Road Tire Market Forecast and Trends

Growth Drivers

Expanding Indian Automotive Industry

Improved Infrastructure and Increased Construction and Mining Activity

Because of the impact of globalization, most emerging countries around the world including India have seen significant growth in infrastructure development. Infrastructure includes expanding transportation networks, significant investments in roads, bridges, and tunnels for easier commuting, an improved supply chain network for better trade, expanding manufacturing industries, and building construction. With increased labor costs, the need for higher productivity, and making the best use of resources, the demand for advanced machines is expected to drive the demand for construction and mining equipment. Additionally, private and public infrastructure investments are likely to increase, resulting in increased demand for construction and mining equipment. This has a positive impact on demand for OTR tires.

Development of Critical Infrastructure Support Transportation

Growing urbanization in Asia's emerging markets, such as India, will almost certainly necessitate the development of critical infrastructure to support rising transportation, power, and water demands. Government initiatives such as the development of Smart Cities in India, as well as the emergence of megacities, are expected to boost regional infrastructure development. The development of the Asian Infrastructure Investment Bank (AIIB), which provides funding to construction and mining companies for capital goods investments and other inventories, is also driving the growth of the Indian OTR Tire Market.

Increasing Technological Revolution

There is probably more public and private investment in infrastructure, which is predicted to enhance the need for mining and construction machinery. The OTR tire industry is poised to expand more than ever because of a significant technological revolution occurring across India as well as throughout the world and growing worldwide development. Innovation that offers the best support to the industrial world and diversified products are two of the sector's largest strides. The need for construction, farming, and mining equipment is expected to increase significantly over the next ten years, further boosting the market for India OTR tires. Because of its recent advancements in tire modernization and industry leadership, India is likewise poised to play a significant role in the OTR space. The adoption of low aspect ratio tires, sophisticated tire monitoring systems, and the increased demand for radial tires that offer greater flexibility and stability are some future developments that are likely to fuel this expansion.

Restraints

Expensive Research and Development Activities

OTR tires are used in a variety of commercial off-road vehicles for usage in mining, agricultural, construction, and other industries. These tires are designed and manufactured to function under difficult circumstances, including heavy loads, abrasive surfaces, a variety of weather conditions, and poor traction. The materials used, tread designs, and several other aspects of the OTR tire vary depending on the kind of vehicle and the needs. Moreover, tires are produced taking into account all needs and standards as part of the design, production, and testing processes for OTR tires. Large, specialized press machines are used in the production of OTR tires and are where processes like vulcanization and curing are carried out. Both the cost of the press machines used in the production of OTR tires and the cost of the raw materials are expensive. This results in hampering the growth of the market.

Impact of COVID-19 on India Off the Road (OTR) Market

The India OTR Tire industry and supply chain have been severely impacted by the COVID-19 outbreak. Construction and mining equipment sales fell in the first quarter of 2020. However, sales are expected to rebound in the second half of 2020. Additionally, there has been a significant increase in demand for off-highway equipment due to increased mechanization. However, due to the spread of COVID-19, which caused supply chain disruptions in 2020, cross-border trade was severely harmed. Demand for off-highway vehicles increased in 2021 and is expected to rise further due to increased investments in infrastructure development, and increased metal demand leading to growth in the mining industry, farm mechanization, and industrial automation. In the coming years, the growing demand for off-highway vehicles is expected to drive the demand for OTR tires for this equipment.

India Off the Road (OTR) Tire Market - By Tire Type

Based on the tire type, India Off the Road (OTR) Tire Market is segmented into Radial, Bias, and Solid. Among these, Bias tires account to hold the largest market share owing to their high demand across the country. Moreover,  a small percentage of radial tires drive the India OTR tire market. The market is witnessing an increase in the use of radial tires in the construction/mining sector, and several players, which supply extensively to international markets, should increase their focus to cater to the domestic market as well. All these factors propel the growth of India Off the Road (OTR) Tire Market during a forecast period (2022-2028).

India Off the Road (OTR) Tire Market – By Application

Based on application, India Off the Road (OTR) Tire Market is segmented into Construction & Mining, Agriculture, Industrial, and Others. Among these, mining and construction account for more than half of all OTR tire sales in India. Moreover, the agriculture segment is expected to dominate the market during the forecast period (2022-2028). This is because agriculture is the most important market for OTR tires, owing to increased tractor penetration in India's rural areas. All these factors boost the growth of India Off the Road (OTR) Tire Market during the forecast period (2022-2028).

India Off the Road (OTR) Tire Market - By Rim Size

Based on rim size, India Off the Road (OTR) Tire Market is segmented into <25, 29-41’’, and 51-63’’. The <25 rim size segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). This is primarily due to the use of small to medium-sized tractors in agriculture and construction equipment in the construction and mining sectors. All these factors boost the growth of India Off the Road (OTR) Tire Market during the forecast period (2022-2028).

Competitive Landscape

The leading market players in India Off the Road (OTR) Tire Market are MRF Limited, Apollo Tyres, Bridgestone Company, CEAT Tyres, Goodyear Tire & Rubber Company, TVS Eurogrip, Jk Tyre & Industries, Ralco Tyres, Continental Tyres, Michelin, other prominent players.

India Off the Road (OTR) Tire Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Scope of the Report

By Tire Type

• Radial
• Bias
• Solid

By Application

• Construction & Mining
• Agriculture
• Industrial
• Others

By Rim Size

• <25"
• 29-41’’
• 51-63’’

By Sales Channel

• OEM
• Aftermarket

1. Research Framework
   1. Research Objective
   2.  Packaging Tire Type Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. India Off the Road (OTR) Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. India Off the Road (OTR) Tire Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
      2. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Tire Type
         1. Radial
         2. Bias
         3. Solid
      2. By Application
         1. Construction & Mining
         2. Agriculture
         3. Industrial
         4. Others
      3. By Rim Size
         1. <25
         2. 29-41’’
         3. 51-63’’
      4. By Sales Channel
         1. OEM
         2. Aftermarket
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership, etc.)
7. Impact of COVID-19 on India Off the Road (OTR) Tire Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
   1.  MRF Limited
   2. Apollo Tyres
   3.  Bridgestone Company
   4.  CEAT Tyres
   5.  Goodyear Tire & Rubber Company
   6.  TVS Eurogrip
   7.  Jk Tyre & Industries
   8.  Ralco Tyres
   9.  Continental Tyres
   10. Michelin
   11. Other Prominent Players
9. Key Strategic Recommendations

NOTE: Financial in information in case of non-listed companies will be provided as per availability

The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        India Off the Road (OTR) Tire Segmentation

Figure 2        India Off the Road (OTR) Tire Market Value Chain Analysis

Figure 3        Porter’s Five Forces Analysis

Figure 4        India Off the Road (OTR) Tire Market Size, By Value (USD Million), 2018-2028

Figure 5        India Off the Road (OTR) Tire Market Size, By Volume (Million Units), 2018-2028

Figure 6        India Off the Road (OTR) Tire Market Share, By Tire Type, By Value, 2018-2028

Figure 7        India Off the Road (OTR) Tire Market Share, By Tire Type, By Volume, 2018-2028

Figure 8        India Off the Road (OTR) Tire Market Share, By Application, By Value, 2018-2028

Figure 9        India Off the Road (OTR) Tire Market Share, By Application, By Volume, 2018-2028

Figure 10       India Off the Road (OTR) Tire Market Share, By Rim Size, By Value, 2018-2028

Figure 11       India Off the Road (OTR) Tire Market Share, By Rim Size, By Volume, 2018-2028

Figure 12       India Off the Road (OTR) Tire Market Share, By Sales Channel, By Value, 2018-2028

Figure 13       India Off the Road (OTR) Tire Market Share, By Sales Channel, By Volume, 2018-2028

Figure 14       Company Market Share Analysis, 2021

List of Tables

Table 1         India Off the Road (OTR) Tire Market Size, By Tire Type, By Value, 2018-2028

Table 2         India Off the Road (OTR) Tire Market Size, By Tire Type, By Volume, 2018-2028

Table 3         India Off the Road (OTR) Tire Market Size, By Application, By Value, 2018-2028

Table 4         India Off the Road (OTR) Tire Market Size, By Application, By Volume, 2018-2028

Table 5         India Off the Road (OTR) Tire Market Size, By Rim Size, By Value, 2018-2028

Table 6         India Off the Road (OTR) Tire Market Size, By Rim Size, By Volume, 2018-2028

Table 7         India Off the Road (OTR) Tire Market Size, By Sales Channel, By Value, 2018-2028

Table 8         India Off the Road (OTR) Tire Market Size, By Sales Channel, By Volume, 2018-2028

Table 9         MRF Limited Company Overview

Table 10        MRF Limited Financial Overview

Table 11        Apollo Tyres Company Overview

Table 12        Apollo Tyres Financial Overview

Table 13        Bridgestone Company Overview

Table 14        Bridgestone Company Financial Overview

Table 15        CEAT Tyres Company Overview

Table 16        CEAT Tyres Financial Overview

Table 17        Goodyear Tire & Rubber Company Overview

Table 18        Goodyear Tire & Rubber Company Financial Overview

Table 19        TVS Eurogrip Company Overview

Table 20        TVS Eurogrip Financial Overview

Table 21        Jk Tyre & Industries Company Overview

Table 22        Jk Tyre & Industries Financial Overview

Table 23        Ralco Tyres Company Overview

Table 24        Ralco Tyres Financial Overview

Table 25        Continental Tyres Company Overview

Table 26        Continental Tyres Financial Overview

Table 27        Michelin Company Overview

Table 28        Michelin Financial Overview