According to the Markets and Data Research report, “India Tyre Market Assessment, By Region, Opportunities and Forecast, FY2017-FY2031F”, India tyre market was estimated at USD 13.11 billion in FY2023 and is anticipated to reach USD 25.50 billion by FY2031, growing at a CAGR of 8.71% during the forecast period. India’s tyre market showcases robust growth, reflecting the green approach towards tyres and evolving government regulations.
Indian automotive sector is booming with increased per capita income widened automotive manufacturing and the addition of new technologies. The higher automotive sales have led to increased demand for components like tyres. Advanced tyre material, technology, and design have revolutionized the automotive sector. Furthermore, the increased demand for off-the-road (OTR), and rising demand from the construction and mining sector is projected to help the market thrive during the forecast period. The emphasis on developing road infrastructure is another significant driver. To improve connectivity, the Indian government has been spending a lot of money on creating new roads and highways, which has increased car sales and, in turn, raised the demand for tyres. The Indian market for luxury automobiles has benefited from improved road infrastructure.
The increased adoption of radial tyres in two-wheelers and passenger cars is fueling the market expansion. With new technologies, such as green tyre and self-healing tyre, the major companies are expected to extend their research and development spaces. India’s mining and construction industries have grown significantly. For heavy-duty vehicles utilized in construction projects, mining operations, and earthmoving equipment, OTR tyres are consumed heavily. In addition, the demand for tyres has been boosted by the agriculture industry, which depends significantly on tractors and other agricultural equipment. Mechanized farming methods and the requirement for greater productivity fuel the tyre market in India. In general, the demand for OTR tyres in India tyre market has been driven by the expansion of infrastructure, mining, and construction industries and the modernization of agriculture. In response, producers have increased the variety of OTR tyres, catering to the demand of these industries.
Spread through 82 pages, the “India Tyre Market” report includes an in-depth TOC, over 14 market data figures, the latest market developments, key drivers, and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.
Key Takeaways:
- Higher economic activities along with major infrastructure building projects demand for increased number of commercial vehicles including trucks, carriers, and loaders. These vehicles carry heavy weights and hence require durable tyres.
- The extended research and development along with increased per capita income is anticipated to garner the sales of new tyres.
- The development of advanced multi-lane highways and smooth roads have made road travel easy with end-users utilizing their vehicles more, leading to market development.
- Government initiatives, such as production-linked incentives, Make in India, and tax relaxations, are projected to expand the market.
India tyre market is segmented in the following categories:
By Vehicle Type: Passenger (Two-Wheeler, Three-Wheeler, Four-Wheeler), Commercial (Medium and Heavy Commercial Vehicle, Light Commercial Vehicle), Off the Road (Agriculture, Mining & Construction, Others)
By Tyre Type: Radial, Bias
By Rim Size: Upto 20 inches, More than 20 inches
By Demand Type: New Product (OEMs), Replacements
By Distribution Channel: Online, Offline (Original Equipment Manufacturers (OEMs), Distributors and Dealers, Retailers/Local Vendors, Repair and Maintenance, Others)
By Region: North, South, West and Central, East
The demand for off-the-road (OTR) tyres has been rising in India over the past few years, and there are several factors contributing to it. Firstly, the nation’s infrastructure has improved significantly with the construction of new roads, highways, and airports. The heavy equipment and vehicles required for these projects need OTR tyres to function efficiently in rough terrain.
India tyre market is anticipated to be led by Medium and Heavy Commercial Vehicles in the vehicle category. The expansion of e-commerce, infrastructure development, and rising industrial activities are driving the demand for logistics and transportation services. For long-distance driving and hauling huge loads, trucks and buses need tyres that are strong and long-lasting. The industry’s leading companies are concentrating on creating tyres specially made for medium and heavy commercial vehicles that have increased load-carrying capacity, better fuel economy, and increased traction.
Major companies operating in India’s Tyre Market include:
· MRF Ltd
· Apollo Tyres Limited
· CEAT Ltd
· JK Tyre & Industry Ltd
· Bridgestone India Private Limited
· Bal Krishna Industry Ltd
· Goodyear India Ltd
· TVS SriChakra Ltd
· Falken Tyre India Private Limited
· Birla Tyres Limited
The market players focus on expanding their manufacturing facilities for a strong supply chain. Some of the companies are experimenting with different materials and sustainable tyres. These tyres comprise recyclable and recycled tyres that work as another sustainable component of the vehicle. Furthermore, the companies strategize and take part in collaboration, mergers, and acquisitions.
For instance: In November 2023, Continental AG launched CrossContact H/T Tyre in India with a range of tyres catering to various rim sizes (From 15 to 18 inches). The tyre is manufactured in a way to provides durability and serves to driver’s requirements.
“India Tyre Market Assessment, 2016–2030F”, evaluates the future growth potential of the India tyre market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in India tyre market.
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