DUBLIN--(BUSINESS WIRE)--The "India Rubber Crawler Market By Equipment Type, By Material, By Demand Category, By Aftermarket, By End Use, By Region, Competition, Forecast & Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
India rubber crawler market is expected to grow from USD100.51 million in 2022 to USD142.14 million by 2028, registering a CAGR of 6.37% by 2028.
- Greenfield Agro Impex
- USCO SpA
- Bridgestone Engineered Products of Asia Sdn Bhd
- Ace Ventura Tyres and Track
- Trident International Pvt. Ltd.
- TVH India Pvt. Ltd.
- Camso Inc.
- VMT International
- SD Technologies Pvt. Ltd.
- Balkrishna Industries Limited (BKT)
India is heading toward rapid development in infrastructure activities, high production in agriculture and technological advancement in military vehicles through various government initiatives which involves increasing use of crawler vehicles for higher productivity and better control of vehicle on uneven surfaces resulting in increasing demand for rubber crawler across all regions and consequently drive the India rubber crawler market in the upcoming years.
India rubber crawler market is divided into eight segments based on equipment type such as bulldozers, excavators, multi terrain loaders, track loaders, backhoe loaders, skid steer loaders, military vehicles, and others.
Excavator segment dominates in terms of market share and is leading the segment as it is widely used in construction & mining, agriculture, and military leading to a higher number of crawler vehicle sales in 2022. Military vehicles capture the second largest share in the equipment type segment. Aftermarket dominates the demand category segment as the fleet size of crawler vehicles in all vehicle types is expected to increase throughout forecasted period.
Furthermore, aftermarket is divided into duplicate and genuine products. India rubber crawler market is further classified by end use into construction & mining, agriculture, and military. Bridgestone, with its strong brand reputation dominates in supplying rubber crawlers to OEM's (Original Equipment Manufacturers).
Due to outbreak of COVID-19, there was disruption in supply chain and sudden halt in production of OEM equipment, which resulted in drop in sales of rubber crawlers in 2021. However, in 2022 demand for rubber crawler has shown recovery in sales volume.
Development Of Agrarian Economy
From government statistics, the agriculture sector in India contributes about 17% of India's GDP. The agriculture sector is expanding globally because of ongoing modernization and use of heavy equipment and vehicles in farming industry to increase productivity.
Various types of vehicles including crawler vehicles are being introduced in agriculture which aids in overcoming the challenges accounting for higher productivity. The country's need for rubber crawlers is being significantly fueled by the growing use of agricultural equipment vehicles. The companies are improving lifespan of rubber crawlers while being cost effective as well.
Flourishing Infrastructure Sector
The country is heading toward large-scale infrastructure development in all parts of India including the industrial sector, power supply, housing infrastructure, rail-road network and also, building strong military vehicles.
The government has allocated USD20 billion under the budget for the construction of new national highways around the nation, mostly to improve rural connectivity for 2023. Subsequently, due to added advantage of rubber crawler over wheeled tires, there is a shift toward crawler vehicles, especially crawler excavators, in all industries. As a result, demand for rubber crawlers is estimated to grow during the forecast period.
Growing Demand for Rubber Crawlers from OEM's
Construction & mining equipment manufacturers in India has high demand across the country. As a result, the rubber crawler market is seeing a surge in demand for OEM vehicles in the Indian market. Original Equipment Manufacturers (OEM's) are stepping up manufacturing to keep up with demand. Additionally, it raises the aftermarket demand for rubber crawlers, which is leading the demand category segment.
India Rubber Crawler Market, By Equipment Type:
- Skid Steer Loaders
- Military Vehicles
- Backhoe Loaders
- Track Loaders
- Multi Terrain Loaders
India Rubber Crawler Market, By Material:
- Natural Rubber
- Synthetic Rubber
India Rubber Crawler Market, By Demand Category:
- Duplicated Products
- Genuine Products
India Rubber Crawler Market, By End Use:
- Construction & Mining
India Rubber Crawler Market, By Region:
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