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Tyres play a significant role in ensuring the safety of the vehicle. Not only do they minimise wear and tear on the vehicle, but they also improve the fuel economy. The surging demand for lightweight vehicles by the emerging middle class is driving the market for tyre in India. Moreover, the rising demand for passenger cars is also propelling the industry growth. Besides, the electric vehicle market is witnessing considerable growth in India. The Indian government is also attempting to increase the introduction of electric cars and has recently aimed to support about 15.62 lakh electric vehicles through subsidies; this is expected to aid the industry. Additionally, the rising production and demand for automobiles both in the domestic and overseas market is also expected to drive the market growth.
Increasing research and development (R&D) by the key players to launch efficient and attractive products are leading the market growth. The Goodyear Tyre & Rubber Company (NASDAQ: GT), one of the leading companies, launched Goodyear Wrangler AT SilentTrac in August 2019 in India. The tyre is equipped with superior Durawall technology that features a tough sidewall with a thicker gauge to provide high resistance to cuts and punctures with high abrasion for off-road usage. Additionally, it lowers the pattern noise by angling block design, and the thick rubber layer under tread softens contact with the road and decreases noise. The tyre also has improved wet performance, braking performance, and heavy handling to allow multiple drivers to drive smoothly. The development of innovative products such as these by the leading companies is expected to fuel the market growth for tyres in the forecast period.
Market Analysis by Vehicle Type, Design, Type, Distribution Channel, Tyre Size, Price Segment, and Region:
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The major players in the India tyre market are The Goodyear Tyre & Rubber Company, Bridgestone Corporation, Apollo Tyres Limited, CEAT Limited, JK Tyre & Industries Ltd, and MRF Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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