Press Release

India Tyre Market to Grow at a CAGR of 6.6% During 2024-2032, Driven by the Rising Automotive Industry

India Tyre Market

According to a new report by EMR titled, ‘The India tyre market size reached a volume of nearly 190.54 million units in 2023. The market is projected to grow at a CAGR of 6.6% between 2024 and 2032 and reach a volume of around 339.37 million units by 2032.

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.

 

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Market Analysis by Vehicle Type, Design, Type, Distribution Channel, Tyre Size, Price Segment, and Region:

  • The market, on the basis of vehicle type, can be divided into passenger car, light commercial vehicle, medium and heavy commercial vehicle, two wheelers and three wheelers, and off road, among others.
  • Based on the design, the market can be divided into radial and bias.
  • On the basis of types, the market is segmented into tube tyres and tubeless tyres.
  • The distribution channels for tyre include OEMs and replacement.
  • Based on the tyre size, the market is categorised into small, medium, and large.
  • The price segments of tyres are classified into low, medium, and high.
  • The regional markets for tyres in India include North Region, East Region, South Region, and West Region.

 

Key Findings of the Report:

  • The industry is being driven by the growth in the automotive sector due to the escalating export activities.
  • Favourable government schemes and policies aiding domestic production are catalysing the market growth.
  • The increasing demand for personal vehicles owing to the emergence of the middle class with high disposable income is driving the market growth.
  • Increasing research and development (R&D) activities and the development of sustainable and efficient tyres because of the rising environmental consciousness are propelling the growth of tyre industry.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the tyre market in India for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the vehicle type, design, type, distribution channel, tyre size, price segment, and regions of tyres in India.
  • The market report also analyses the trade data by covering the major importing and exporting countries. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

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