Govt’s $20bn budget for highways drive the growth for rubber crawlers
The Indian rubber crawler market is expected to grow at a CAGR of 6.37% to US$142.14 million by 2028 from US$100.51 million in 2022, according to a ResearchAndMarkets report.
There is a shift toward rubber crawler vehicles, especially crawler excavators, in all industries, a shift from wheeled tires, noted the report released on 20 Jan 2023.
The Government’s US$20 billion budget for the construction of new national highways around the nation, mostly to improve rural connectivity for 2023, is driving the demand.
The report highlighted India’s rapid development in infrastructure activities, high production in agriculture and technological advancement in military vehicles through various government initiatives. These 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.
Construction and 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.
Bridgestone, with its strong brand reputation, dominates in supplying rubber crawlers to OEM’s (Original Equipment Manufacturers).
The Indian 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.
The report featured: 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 and Balkrishna Industries Limited (BKT). fiinews.com
