INDIA OFF HIGHWAY TIRE MARKET FORECAST & OPPORTUNITIES FY 2025

1. FY2015 – FY2025 INDIA OFF HIGHWAY TIRE MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

2. Scope of Report Product of Interest (POI): Off Highway Tire India off highway tire market is anticipated to grow at impressive rate on account of rise in the number of infrastructure projects and rapid urbanization in the country. Moreover, mechanization of farming sector, proliferation in mining industry, and expanding OTR vehicle fleet are expected to give tremendous boost to OTR tire over the coming years. In terms of vehicle type, market can be segregated into mining, construction & industrial equipment, earth moving equipment and farm equipment. Market Segmentation Review Period FY2015 – FY2018 Base Year FY2019 Estimated Year FY2020 Forecast Period FY2021 – FY2025 DEMAND CATEGORY Year Range OFF HIGHWAY TIRE MARKET • OEM • Replacement VEHICLE TYPE • Mining, Construction & Industrial Equipment • Earth Moving Equipment • Farm Equipment REGION • North • South • East • West

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6. RESEARCH METHODOLOGY

7. Research Methodology Market Profiling Data Analysis Data Collection Data Validation Developing List of Respondents Formulating Questionnaire In-depth secondary research was conducted to determine top players in the India off highway tire market, overall market size and segmental market size. The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India off highway tire market. Data obtained as a result of primary and secondary research was validated through rigorous triangulation. TechSci conducted interviews with industry experts and industry players for data collection and verification. In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide. List of industry players and industry specialists was developed. Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection Primary Research Desk Research Company Analysis • Recent Developments • Market Changing Aspects/Dynamics • Government Policies • Conclusion • Market Participants • Key Strengths • Identifying Key Opinion Leaders • Questionnaire Design • In-depth Interviews Primary Research Secondary Research Paid Sources • LinkedIn • TechSci Internal Database • Company Websites • Company Annual Reports • White Paper Study • Financial Reports • Investor Presentations • Regulatory Body • Associations, etc. • Factiva • Hoovers

8. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India off highway tire market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as agricultural growth, rise in number of infrastructure projects and rapid urbanization. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India off highway tire market. Methodology Followed for Calculation of Market Size: • Market Size By Value and Volume: Market size, in terms of value and volume, for the year FY2019 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as off highway tire manufacturer & supplier companies, channel partners, market influencers & end users, industry experts, and other industry participants. • The team interviewed more than 15 – 20 off highway tire manufacturer & supplier companies, 45 – 50 channel partners, and 15 – 20 industry experts and other value chain stakeholders in India off highway tire market to obtain the overall market size for FY2015-FY2019, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2015-FY2019.

9. Research Methodology • Respondents were asked about the current and future market growth rates, market shares by vehicle type, by demand category, by radial vs. bias, by company, and by each region. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. Methodology Followed for Calculation of Market Shares: Market shares by vehicle type, by demand category, by radial vs. bias, by company and by each region were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of India off highway tire market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India off highway tire market, TechSci Research used various forecast techniques such as: Moving Average Time Series Analysis Regression Analysis Econometric and Judgmental Analysis

10. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market number.

11. INDUSTRY BRIEFF According to TechSci Research report, “India Off Highway Vehicle Tire Market By Vehicle Type, By Demand Category, By Radial vs Bias, By Region, Competition, Forecast & Opportunities, 2025”, off highway vehicle tire market in India is projected to exhibit a CAGR of 15% during 2020 - 2025, on account of rising number of infrastructure development projects such as port development, smart city projects, etc. Moreover, gradual advancements of mechanization in agricultural sector, expanding off highway vehicle fleet size and consistently increasing off highway vehicle tire prices are also expected to positively influence the market in the coming years. In 2019, India off highway vehicle tire market was dominated by farm equipment tire segment, followed by earth moving equipment and Mining, Construction & Industrial Equipment tire segments. Farm equipment holds the largest share in the market owing to consistent growth in usage of tractors for agricultural purposes. Few of the prominent off highway vehicle tire manufacturing companies in India include Goodyear, CEAT, MRF, JK Tyres, Apollo Tyre, among others. In 2019, northern region accounted for the largest market share in India off highway vehicle tire market, followed by southern, eastern & western regions. “Due to huge and rising investments in several infrastructure projects announced by government of India like, USD 120 billion investment for road widening projects by 2020, USD 60 billion for port development by 2020, and USD 32 billion for 100 smart cities and 500 AMRUT cities within next five years, the sales of earth moving equipment and heavy machineries is expected to increase in the coming years. This coupled with increasing mining activities and growing adoption of tractors in agriculture sector is expected to continue boosting sales of off highway tires in India over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

12. SAMPLE DATA - SNAPSHOT India Off Highway Tire Market Size, By Volume, FY2019 & FY2025F (Million Units) India Off Highway Tire Market, By Share, By Company, By Volume, FY2019 XX Million Units FY2025F XX% CAGR XX Million Units FY2019 India Mining, Construction & Industrial Equipment Tire Market Size, By Value (USD Million) & By Volume (Million Units), FY2015–FY2025F CAGR By Value & Volume CAGR By Value & Volume XX% YY% India Mining, Construction & Industrial Equipment Tire Market Share, By Radial vs. Bias, By Volume, FY2015–FY2025F

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14. About Us & Disclaimer TechSci Research is a India market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and India industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Partial List of Clients Related Reports Global Off Highway Tire Market, 2024 India Advanced Tire Market, 2024 Global Anti-Lock Braking System Market, 2024 TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.