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India Tyre Market Size, Share, Growth: By Vehicle Type: Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Two Wheelers and Three Wheelers, Off Road, Others; By Design: Radial, Bias; By Type; By Tyre Size: By Price Segment; By Distribution Channel; Regional Analysis; Competitive Landscape; 2023-2028
India Tyre Market Outlook
The India tyre market attained a volume of 179.16 million units in 2022. The market is further assessed to grow at a CAGR of 6.68% during 2023-2028 to reach a volume of 263.26 million units by 2028.
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Growth of Automotive Sector to Bolster the Tyre Industry in India
Tyres are one of the most significant parts of an automotive. They support the weight of the vehicle, absorb shock from the road surface, and change or maintain a direction. They are primarily used in the automotive industry, one of the rapidly flourishing industries in India. According to Invest India, India is expected to become the world’s third-largest automotive market by 2026. The surging production of automobiles is increasing the demand for tyres and aiding the growth of the tyre industry. The escalating export activities of vehicles such as tractors, buses, heavy trucks, and cars are also propelling the market growth. Moreover, the focus on increasing production by the Indian government and the favourable government schemes are augmenting the market growth. Government schemes such as Atmanirbhar Bharat Abhiyan- Self Reliant India provides an economic and compressive package of INR 51,000 crores to promote manufacturing of the automotive in the country, further fuelling the tyre industry.
Additionally, the flourishing car industry is driving the market growth. The growth in gross domestic products (GDP) and growing demand for cars are accelerating the market growth. India is one of the leading markets of tyre. The increase in domestic automobile sales in the country is also propelling the market growth. The increasing infrastructure industry is aiding the market growth. The emerging middle class with improved living standards has augmented the market for cars and two-wheelers, further facilitating the market growth. Besides, the increasing demand for vehicles in rural areas is also positively impacting the market. Moreover, the production of tyres, even in the most remote part of the country, is propelling the industry. The huge market for two-wheelers in India leads to the increasing production of tyres domestically, consequently invigorating the market growth.
Tyre: Market Segmentation
A tyre is a thick circular piece of rubber that is fitted in vehicles and comes in contact with the ground. They are filled with compressed air and are used in a variety of automobiles, from bicycles to aeroplanes. Tyres determine the efficiency of the fuel against friction and maintain steering and directional control.
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Based on vehicle type, the market can be divided into:
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicle
- Two Wheelers and Three Wheelers
- Off Road
- Others
The market can be broadly categorised on the basis of its design into:
- Radial
- Bias
Based on the type, the market is bifurcated into:
- Tube
- Tubeless
On the basis of the distribution channel, the market is segmented into:
- OEMs
- Replacement
The market, on the basis of the tyre size, is classified into:
- Small
- Medium
- Large
The significant price segments of the tyre industry are:
- Low
- Medium
- High
The EMR report looks into the regional markets of tyres in India for the North Region, East and Central Region, South Region, and West Region.
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Rising Production of Automobiles to Aid the Market Growth
The Indian tyre industry is being driven by the surging production of tyres for export and domestic sales. Moreover, the increasing ownership of vehicles due to rapid urbanisation and the emergence of the middle class aids the tyre industry. Additionally, the surging demand for tyres for trucks and buses owing to the rising mobility and industrialisation is also boosting the market growth. The government initiative to provide INR 18,000 crores to augment the public bus transport service is expected to augment the market growth. Besides, the imposition on the restriction of import of pneumatic tyres, used in station wagons, racing cars, scooters, and bicycles, among others, by the Indian government in June 2020 is also aiding the production of tyres in the country, further bolstering the market. The reduced production cost and the cheap labour rates in the production of tyres are invigorating the market growth. Further, the availability of natural rubbers and other raw materials at internationally competitive prices is supporting the market growth.
The rising construction industry due to overpopulation and urbanisation is accelerating the demand for construction vehicles, which is further propelling the market growth. Additionally, the development of a tubeless tyre that does not require a separate air tube inside it and improves the performance of the vehicle by improving the manoeuvrability and handling is propelling the market growth. Research and development (R&D) and the launch of advanced and eco-friendly tyres also aid the market growth for tyres. The development of renewable and 3-D printed tyres due to the advancing research in sustainable mobility lubricates the market growth. Other developments such as the automatic sealing of punctures and reduction of the interior vehicle noise will further catalyse the market growth in the forecast period. The development of sustainable and eco-friendly tyre aids the market growth. Future advancements like the development of chip-in tyre, self-inflating tyre, and fossil-free tyre, along with the twin air chamber and tall and narrow design are expected to further invigorate the market for tyre.
Key Industry Players in the India Tyre Market
The report presents a detailed analysis of the following key players in the India tyre market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- 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
- Metro Tyre Limited
- Others
The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Design |
|
| Breakup by Type |
|
| Breakup by Tyre Size |
|
| Breakup by Price Segment |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 India Automotive Market Overview
9 Global Tyre Market Overview
9.1 Key Industry Highlights
9.2 Global Tyre Historical Market (2018-2022)
9.3 Global Tyre Market Forecast (2023-2028)
9.4 Global Tyre Market Share by Region
9.4.1 North America
9.4.2 Europe
9.4.3 Asia Pacific
9.4.4 Latin America
9.4.5 Middle East and Africa
10 India Tyre Market Overview
10.1 Key Industry Highlights by Value
10.2 India Tyre Historical Market (2018-2022)
10.3 India Tyre Market Forecast (2023-2028)
11 India Tyre Market by Vehicle Type
11.1 Passenger Car
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Light Commercial Vehicle
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 Medium and Heavy Commercial Vehicle
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 Two Wheelers and Three Wheelers
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Tren d (2023-2028)
11.5 Off Road
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 India Tyre Market by Design
12.1 Radial
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Bias
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
13 India Tyre Market by Type
13.1 Tube
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 Tubeless
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
14 India Tyre Market by Tyre Size
14.1 Small
14.1.1 Historical Trend (2018-2022)
14.1.2 Forecast Trend (2023-2028)
14.2 Medium
14.2.1 Historical Trend (2018-2022)
14.2.2 Forecast Trend (2023-2028)
14.3 Large
14.3.1 Historical Trend (2018-2022)
14.3.2 Forecast Trend (2023-2028)
15 India Tyre Market by Price Segment
15.1 Low
15.1.1 Historical Trend (2018-2022)
15.1.2 Forecast Trend (2023-2028)
15.2 Medium
15.2.1 Historical Trend (2018-2022)
15.2.2 Forecast Trend (2023-2028)
15.3 High
15.3.1 Historical Trend (2018-2022)
15.3.2 Forecast Trend (2023-2028)
16 India Tyre Market by Distribution Channel
16.1 OEMs
16.1.1 Historical Trend (2018-2022)
16.1.2 Forecast Trend (2023-2028)
16.2 Replacement
16.2.1 Historical Trend (2018-2022)
16.2.2 Forecast Trend (2023-2028)
17 India Tyre Market by Region
17.1 North Region
17.1.1 Historical Trend (2018-2022)
17.1.2 Forecast Trend (2023-2028)
17.2 East Region
17.2.1 Historical Trend (2018-2022)
17.2.2 Forecast Trend (2023-2028)
17.3 West Region
17.3.1 Historical Trend (2018-2022)
17.3.2 Forecast Trend (2023-2028)
17.4 South Region
17.4.1 Historical Trend (2018-2022)
17.4.2 Forecast Trend (2023-2028)
18 Market Dynamics
18.1 SWOT Analysis
18.1.1 Strengths
18.1.2 Weaknesses
18.1.3 Opportunities
18.1.4 Threats
18.2 Porter’s Five Forces Analysis
18.2.1 Supplier’s Power
18.2.2 Buyer’s Power
18.2.3 Threat of New Entrants
18.2.4 Degree of Rivalry
18.2.5 Threat of Substitutes
18.3 Key Indicators for Demand
18.4 Key Indicators for Price
19 Value Chain Analysis
20 Trade Data Analysis (HS Code - 4011)
20.1 Major Importing Countries
20.1.1 By Volume
20.1.2 By Value
20.2 Major Exporting Countries
20.2.1 By Volume
21.2.2 By Value
21 Competitive Landscape
21.1 Market Structure
21.2 Market Share by Key Players
21.3 Company Profiles
21.3.1 MRF Limited
21.3.1.1 Company Overview
21.3.1.2 Product Portfolio
21.3.1.3 Demographic Reach and Achievements
21.3.1.4 Certifications
21.3.2 Apollo Tyres Limited
21.3.2.1 Company Overview
21.3.2.2 Product Portfolio
21.3.2.3 Demographic Reach and Achievements
21.3.2.4 Certifications
21.3.3 CEAT Limited
21.3.3.1 Company Overview
21.3.3.2 Product Portfolio
21.3.3.3 Demographic Reach and Achievements
21.3.3.4 Certifications
21.3.4 JK Tyre & Industries Ltd
21.3.4.1 Company Overview
21.3.4.2 Product Portfolio
21.3.4.3 Demographic Reach and Achievements
21.3.4.4 Certifications
21.3.5 Balkrishna Industries Limited (BKT)
21.3.5.1 Company Overview
21.3.5.2 Product Portfolio
21.3.5.3 Demographic Reach and Achievements
21.3.5.4 Certifications
21.3.6 TVS Srichakra Limited
21.3.6.1 Company Overview
21.3.6.2 Product Portfolio
21.3.6.3 Demographic Reach and Achievements
21.3.6.4 Certifications
21.3.7 The Goodyear Tire & Rubber Company.
21.3.7.1 Company Overview
21.3.7.2 Product Portfolio
21.3.7.3 Demographic Reach and Achievements
21.3.7.4 Certifications
21.3.8 Bridgestone Corporation
21.3.8.1 Company Overview
21.3.8.2 Product Portfolio
21.3.8.3 Demographic Reach and Achievements
21.3.8.4 Certifications
21.3.9 Continental Tyre Group Limited
21.3.9.1 Company Overview
21.3.9.2 Product Portfolio
21.3.9.3 Demographic Reach and Achievements
21.3.9.4 Certifications
21.3.10 Metro Tyres Limited
21.3.10.1 Company Overview
21.3.10.2 Product Portfolio
21.3.10.3 Demographic Reach and Achievements
21.3.10.4 Certifications
21.3.11 Others
22 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Tyre Market: Key Industry Highlights, 2018 and 2028
2. India Tyre Market: Key Industry Highlights, 2018 and 2028
3. India Tyre Historical Market: Breakup by Vehicle Type (Million Units), 2018-2022
4. India Tyre Market Forecast: Breakup by Vehicle Type (Million Units), 2023-2028
5. India Tyre Historical Market: Breakup by Design (Million Units), 2018-2022
6. India Tyre Market Forecast: Breakup by Design (Million Units), 2023-2028
7. India Tyre Historical Market: Breakup by Type (Million Units), 2018-2022
8. India Tyre Market Forecast: Breakup by Type (Million Units), 2023-2028
9. India Tyre Historical Market: Breakup by Distribution Channel (Million Units), 2018-2022
10. India Tyre Market Forecast: Breakup by Distribution Channel (Million Units), 2023-2028
11. India Tyre Historical Market: Breakup by Tyre Size (Million Units), 2018-2022
12. India Tyre Market Forecast: Breakup by Tyre Size (Million Units), 2023-2028
13. India Tyre Historical Market: Breakup by Price Segment (Million Units), 2018-2022
14. India Tyre Market Forecast: Breakup by Price Segment (Million Units), 2023-2028
15. India Tyre Historical Market: Breakup by Region (Million Units), 2018-2022
16. India Tyre Market Forecast: Breakup by Region (Million Units), 2023-2028
17. Major Importing Countries by Volume
18. Major Exporting Countries by Volume
19. Major Importing Countries by Value
20. Major Exporting Countries by Value
21. India Tyre Market Structure
Key Questions Answered in the Report
In 2022, the India tyre market attained a volume of 179.16 million units in 2022.
The market is projected to grow at a CAGR of 6.68% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach a volume of 263.26 million units by 2028.
The industry is being driven by the favourable government schemes and the surging automotive industry.
The market is expected to be defined by the increasing demand for vehicles and the development of sustainable tyres over the forecast period.
The major regions in the market are North Region, East Region, South Region, and West Region.
The significant vehicle types are passenger car, light commercial vehicle, medium and heavy commercial vehicle, two wheelers and three wheelers, and off road, among others.
Radial and bias are the major designs of tyre.
The major type of tyres in the market are tube and tubeless tyres.
The significant distribution channels are OEMs and replacement.
The major sizes of tyre are small, medium, and large.
The significant price segments of tyre are low, medium, and high.
The major players in the 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.
Analyst Review
The India tyre market attained a volume of 179.16 million units in 2022, driven by the surging automotive industry. Aided by the growing production of tyres, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 6.68%. The market is projected to reach a volume of 263.26 million units by 2028.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on its vehicle types, the tyre market can be segmented into passenger car, light commercial vehicle, medium and heavy commercial vehicle, two wheelers and three wheelers, and off road, among others. On the basis of design, tyres are segmented into radial and bias. The major types of tyres are tube and tubeless tyres. On the basis of distribution channels, the market is divided into OEMs and replacement. Based on the tyre size, the market is divided into small, medium, and large. The major price segments of the tyre market are low, medium, and high. The major regional markets for tyres are North Region, East Region, South Region, and West Region. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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