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India Rubber Crawler Market Report to 2028: Featuring Trident International, TVH India, Camso and VMT International Among Others

India Rubber Crawler Market Report to 2028: Featuring Trident International, TVH India, Camso and VMT International Among Others
PR Newswire
DUBLIN, Jan. 24, 2023

DUBLIN, Jan. 24, 2023 /PRNewswire/ — The “India Rubber Crawler Market By Equipment T…

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India Rubber Crawler Market Report to 2028: Featuring Trident International, TVH India, Camso and VMT International Among Others

PR Newswire

DUBLIN, Jan. 24, 2023 /PRNewswire/ -- 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.

Companies Mentioned

  • 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 vehicles sales in 2022. Military vehicles capture second largest share in 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 crawler 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 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.

Market Segmentation

India Rubber Crawler Market, By Equipment Type:

  • Excavators
  • Skid Steer Loaders
  • Military Vehicles
  • Bulldozers
  • Backhoe Loaders
  • Track Loaders
  • Multi Terrain Loaders
  • Others

India Rubber Crawler Market, By Material:

  • Natural Rubber
  • Synthetic Rubber

India Rubber Crawler Market, By Demand Category:

  • Aftermarket
  • Duplicated Products
  • Genuine Products
  • OEM

India Rubber Crawler Market, By End Use:

  • Construction & Mining
  • Military
  • Agriculture

India Rubber Crawler Market, By Region:

  • North
  • West
  • South
  • East

For more information about this report visit https://www.researchandmarkets.com/r/trhht5

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Research and Markets
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One city held a mass passport-getting event

A New Orleans congressman organized a way for people to apply for their passports en masse.

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While the number of Americans who do not have a passport has dropped steadily from more than 80% in 1990 to just over 50% now, a lack of knowledge around passport requirements still keeps a significant portion of the population away from international travel.

Over the four years that passed since the start of covid-19, passport offices have also been dealing with significant backlog due to the high numbers of people who were looking to get a passport post-pandemic. 

Related: Here is why it is (still) taking forever to get a passport

To deal with these concurrent issues, the U.S. State Department recently held a mass passport-getting event in the city of New Orleans. Called the "Passport Acceptance Event," the gathering was held at a local auditorium and invited residents of Louisiana’s 2nd Congressional District to complete a passport application on-site with the help of staff and government workers.

A passport case shows the seal featured on American passports.

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'Come apply for your passport, no appointment is required'

"Hey #LA02," Rep. Troy A. Carter Sr. (D-LA), whose office co-hosted the event alongside the city of New Orleans, wrote to his followers on Instagram  (META) . "My office is providing passport services at our #PassportAcceptance event. Come apply for your passport, no appointment is required."

More Travel:

The event was held on March 14 from 10 a.m. to 1 p.m. While it was designed for those who are already eligible for U.S. citizenship rather than as a way to help non-citizens with immigration questions, it helped those completing the application for the first time fill out forms and make sure they have the photographs and identity documents they need. The passport offices in New Orleans where one would normally have to bring already-completed forms have also been dealing with lines and would require one to book spots weeks in advance.

These are the countries with the highest-ranking passports in 2024

According to Carter Sr.'s communications team, those who submitted their passport application at the event also received expedited processing of two to three weeks (according to the State Department's website, times for regular processing are currently six to eight weeks).

While Carter Sr.'s office has not released the numbers of people who applied for a passport on March 14, photos from the event show that many took advantage of the opportunity to apply for a passport in a group setting and get expedited processing.

Every couple of months, a new ranking agency puts together a list of the most and least powerful passports in the world based on factors such as visa-free travel and opportunities for cross-border business.

In January, global citizenship and financial advisory firm Arton Capital identified United Arab Emirates as having the most powerful passport in 2024. While the United States topped the list of one such ranking in 2014, worsening relations with a number of countries as well as stricter immigration rules even as other countries have taken strides to create opportunities for investors and digital nomads caused the American passport to slip in recent years.

A UAE passport grants holders visa-free or visa-on-arrival access to 180 of the world’s 198 countries (this calculation includes disputed territories such as Kosovo and Western Sahara) while Americans currently have the same access to 151 countries.

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Fast-food chain closes restaurants after Chapter 11 bankruptcy

Several major fast-food chains recently have struggled to keep restaurants open.

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Competition in the fast-food space has been brutal as operators deal with inflation, consumers who are worried about the economy and their jobs and, in recent months, the falling cost of eating at home. 

Add in that many fast-food chains took on more debt during the covid pandemic and that labor costs are rising, and you have a perfect storm of problems. 

It's a situation where Restaurant Brands International (QSR) has suffered as much as any company.  

Related: Wendy's menu drops a fan favorite item, adds something new

Three major Burger King franchise operators filed for bankruptcy in 2023, and the chain saw hundreds of stores close. It also saw multiple Popeyes franchisees move into bankruptcy, with dozens of locations closing.

RBI also stepped in and purchased one of its key franchisees.

"Carrols is the largest Burger King franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the 12 months ended Sept. 30, 2023," RBI said in a news release. Carrols also owns and operates 60 Popeyes restaurants in six states." 

The multichain company made the move after two of its large franchisees, Premier Kings and Meridian, saw multiple locations not purchased when they reached auction after Chapter 11 bankruptcy filings. In that case, RBI bought select locations but allowed others to close.

Burger King lost hundreds of restaurants in 2023.

Image source: Chen Jianli/Xinhua via Getty

Another fast-food chain faces bankruptcy problems

Bojangles may not be as big a name as Burger King or Popeye's, but it's a popular chain with more than 800 restaurants in eight states.

"Bojangles is a Carolina-born restaurant chain specializing in craveable Southern chicken, biscuits and tea made fresh daily from real recipes, and with a friendly smile," the chain says on its website. "Founded in 1977 as a single location in Charlotte, our beloved brand continues to grow nationwide."

Like RBI, Bojangles uses a franchise model, which makes it dependent on the financial health of its operators. The company ultimately saw all its Maryland locations close due to the financial situation of one of its franchisees.

Unlike. RBI, Bojangles is not public — it was taken private by Durational Capital Management LP and Jordan Co. in 2018 — which means the company does not disclose its financial information to the public. 

That makes it hard to know whether overall softness for the brand contributed to the chain seeing its five Maryland locations after a Chapter 11 bankruptcy filing.

Bojangles has a messy bankruptcy situation

Even though the locations still appear on the Bojangles website, they have been shuttered since late 2023. The locations were operated by Salim Kakakhail and Yavir Akbar Durranni. The partners operated under a variety of LLCs, including ABS Network, according to local news channel WUSA9

The station reported that the owners face a state investigation over complaints of wage theft and fraudulent W2s. In November Durranni and ABS Network filed for bankruptcy in New Jersey, WUSA9 reported.

"Not only do former employees say these men owe them money, WUSA9 learned the former owners owe the state, too, and have over $69,000 in back property taxes."

Former employees also say that the restaurant would regularly purchase fried chicken from Popeyes and Safeway when it ran out in their stores, the station reported. 

Bojangles sent the station a comment on the situation.

"The franchisee is no longer in the Bojangles system," the company said. "However, it is important to note in your coverage that franchisees are independent business owners who are licensed to operate a brand but have autonomy over many aspects of their business, including hiring employees and payroll responsibilities."

Kakakhail and Durranni did not respond to multiple requests for comment from WUSA9.

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Industrial Production Increased 0.1% in February

From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 p…

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From the Fed: Industrial Production and Capacity Utilization
Industrial production edged up 0.1 percent in February after declining 0.5 percent in January. In February, the output of manufacturing rose 0.8 percent and the index for mining climbed 2.2 percent. Both gains partly reflected recoveries from weather-related declines in January. The index for utilities fell 7.5 percent in February because of warmer-than-typical temperatures. At 102.3 percent of its 2017 average, total industrial production in February was 0.2 percent below its year-earlier level. Capacity utilization for the industrial sector remained at 78.3 percent in February, a rate that is 1.3 percentage points below its long-run (1972–2023) average.
emphasis added
Click on graph for larger image.

This graph shows Capacity Utilization. This series is up from the record low set in April 2020, and above the level in February 2020 (pre-pandemic).

Capacity utilization at 78.3% is 1.3% below the average from 1972 to 2022.  This was below consensus expectations.

Note: y-axis doesn't start at zero to better show the change.


Industrial Production The second graph shows industrial production since 1967.

Industrial production increased to 102.3. This is above the pre-pandemic level.

Industrial production was above consensus expectations.

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