Top 10 Companies Dominating the India Tyre Market

MRF Limited, Apollo Tyres Limited, CEAT Limited, JK Tyre & Industries Ltd, Balkrishna Industries Limited (BKT), TVS Srichakra Limited, The Goodyear Tyre & Rubber Company., Bridgestone Corporation, Continental Tyre Group Limited, and Metro Tyre Limited, among others, are the major players in India tyre market.

The India tyre market reached a volume of about 179.16 million units in 2023. The market is projected to grow at a CAGR of 6.68% in the forecast period of 2024-2032 to reach around 263.26 million units by 2032. As per the analysis by Expert Market Research, the market is expected to be driven by the increasing production of automobiles.

A tyre, crucial for vehicle efficiency and control, is a circular component filled with compressed air, utilised across diverse modes of transportation. Crafted from natural and synthetic rubber, steel wires, and other compounds, it effectively supports vehicle loads and minimises fuel consumption through reduced friction. With the ability to absorb impacts and enhance comfort, tyres ensure stability and flexibility, aided by radial ply cords separating sidewalls and treads. Their traction capabilities maintain essential contact between vehicles and surfaces, essential for safe and smooth travel.

Table: Automobile Production Trends in India (Number of Units Produced) 2017-2023

The increasing automotive production stands as a significant catalyst to the India tyre market growth. Notably, increased exports of vehicles including tractors, buses, and heavy trucks, coupled with governmental initiatives aimed at ramping up automotive manufacturing, further bolster market expansion.

Rising awareness of vehicle safety prompts a surge in demand for high-performance tyres tailored for Indian roads. Additionally, rapid urbanisation and the expanding middle class contribute to heightened vehicle ownership, further fuelling India tyre market share.

In June 2023, JK Tyre completed the initial phase of capacity expansion at its Banmore plant, investing Rs 312 crore to boost annual production by 31% to 51 lakh units. With a total investment of Rs 1,000 crore, the company embarked on a two-phase expansion to meet rising demand for passenger car radial tyres. Currently in the second phase, an additional investment of Rs 617 crore aims to further increase capacity by 31% by April 2024.

Top 10 Tyre Companies in India:

MRF Limited

MRF, India's leading tyre manufacturer, began as a humble rubber balloon unit in 1946 and has since grown into a USD 2.5 billion enterprise, ranking among the top 20 tyre makers globally. Diversifying into Speciality Coatings, Toys, and Sports Goods, MRF's passion for cricket birthed the renowned MRF Pace Foundation in 1987. With a wide range of tyres for various vehicles, including fighter aircraft, MRF utilises motorsport to develop and test their products. Their success extends to winning the FIA Asia Pacific Rally Championship nine times, showcasing their tyre innovation and performance prowess. Additionally, MRF's strong brand presence is underscored by their high rankings in industry surveys.

Apollo Tyres Limited

Apollo Tyres Ltd, established in 1972 in Gurgaon, India, has flourished into a global leader in tyre manufacturing. With seven modern facilities across Asia and Europe, exporting to over 100 countries, it boasts a diverse product portfolio under the renowned Apollo and Vredestein brands. The acquisition of Vredestein in 2009 expanded its footprint further. Employing over 19,000 individuals and servicing 7,200 dealers in India, Apollo Tyres continues to innovate and thrive in the competitive tyre industry.

CEAT Limited

Established in 1958 as RPG Enterprises' flagship, CEAT stands as a premier tyre manufacturer in India and abroad. Recognised for its innovation, it was the first globally to receive the "Lighthouse Designation" from the World Economic Forum and the Deming Grand Prize from JUSE. With headquarters in Mumbai and six cutting-edge manufacturing plants, CEAT drives sustainable development through R&D centres in Gujarat and Frankfurt. Exporting to 110+ countries, it serves diverse vehicle segments with a focus on safety and innovation, partnering with over 27 OEMs and boasting an extensive network of outlets.

JK Tyre & Industries Ltd

JK Tyre & Industries Ltd, a flagship of JK Organisation, ranks among India's premier tyre manufacturers and top 25 globally. With a legacy of four decades, it pioneers’ innovation, notably introducing radial technology in 1977 and leading the Truck Bus Radial segment. Notable achievements include the Limca Book of Records entry for the country's largest off-the-road tyre. Offering end-to-end solutions for various vehicle segments, JK Tyre emphasises innovation through its advanced R&D centres, including the Raghupati Singhania Centre of Excellence, solidifying its position in the global innovation landscape.

Balkrishna Industries Limited (BKT)

Based in Mumbai, India, Balkrishna Industries Limited (BKT) is a prominent player in the Off-Highway tyre market since its establishment in 1987. Specialising in agricultural, construction, and industrial vehicle segments, BKT has grown into a global leader with USD 1 billion in sales. With subsidiaries in Europe and North America, and distribution in 160 countries, BKT's state-of-the-art production sites and innovative technology serve over 7,000 employees worldwide. Trusted for over 30 years, BKT remains dedicated to delivering safe, high-performance tyres for challenging environments across the globe.

TVS Srichakra Limited

TVS Srichakra Limited, renowned for its TVS Eurogrip brand, is a top-tier manufacturer and exporter of Two, Three-Wheeler, and Off-Highway tyres in India. With advanced R&D capabilities and state-of-the-art technology, it produces industry-leading tyres globally. Founded in 1982 and headquartered in Madurai, TVS Srichakra operates manufacturing facilities in Tamil Nadu and Uttarakhand, boasting a monthly production capacity exceeding 3 million tyres. Its products, tested in diverse road conditions, are available in over 85 countries. With a robust distribution network and significant market share, TVS Srichakra remains a key player in the automotive tyre sector.

The Goodyear Tyre & Rubber Company

As one of the globe's largest tyre companies, Goodyear boasts a workforce of approximately 72,000 and operates 57 manufacturing facilities across 23 countries. With Innovation Centres in Akron, Ohio, and Colmar-Berg, Luxembourg, Goodyear pioneers cutting-edge products and services, setting industry benchmarks for technology and performance. Catering to diverse consumer needs worldwide, Goodyear's tyre offerings span innovative technology, performance handling, all-weather reliability, and affordable quality, delivering benefits sought after by today's drivers across its brand portfolio.

Bridgestone Corporation

Bridgestone Corporation, a global leader in sustainable mobility, offers a diverse range of products including tyres and tubes for various vehicles, retreading materials, automotive maintenance services, and raw materials for tyres. With a presence in over 150 countries and a workforce of 129,260, Bridgestone delivers best-in-class solutions under its trusted Bridgestone and Firestone brands. Known for innovation and customer value, Bridgestone's offerings cater to consumers and fleet customers worldwide, spanning passenger cars, trucks, aircraft, construction vehicles, motorcycles, and more.

Continental Tyre Group Limited

Established in 1871, Continental is a technology company focused on sustainable and connected mobility solutions. With a sales revenue of €39.4 billion in 2022 and a workforce of approximately 200,000 across 57 countries, Continental develops innovative and affordable solutions for vehicles, machines, and transportation systems. Renowned for pioneering technologies, Continental offers a wide range of products for passenger cars, commercial vehicles, and two-wheelers, along with services for the tyre trade and digital management systems. Continuous investment in research and development drives safe, cost-effective, and sustainable mobility solutions.

Metro Tyre Limited

Metro Group, a USD 140 million conglomerate, comprises Metro Tyres Limited, Metro International, and Metro Ortem Limited. With seven ISO 9001:2008 certified manufacturing facilities, Metro produces tyres and tubes for bicycles, motorcycles, and more. Technical collaboration with Continental AG enhances product quality, aiding expansion into diverse markets. Present in over 53 countries, Metro is a leading exporter of bicycle tyres from India. Metro Ortem Limited diversifies into fan and home appliance manufacturing. With 50 years of experience, Metro Tyres excels in producing high-performance tyres and tubes for various climatic conditions.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.