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India Tyre Market

India Tyre Market Size, Share, Growth, Demand, Analysis: By Vehicle Type: Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Two Wheelers and Three Wheelers, Others; By Design; By Type; By Tyre Size: By Price Segment; By Distribution Channel; Regional Analysis; Competitive Landscape; 2024-2032

India Tyre Market Outlook

The India tyre market 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.

 

Key Takeaways

  • The automobile industry of India is a key contributor to the growth of the economy with a share of almost 6.4% of the country’s GDP and 35% of manufacturing GDP.
  • MRF Limited, Apollo Tyres Limited and CEAT Limited are a few of the major companies in the market.
  • The Indian tyre manufacturers are witnessing an increase in capacity utilisation driven primarily by the replacement demand. The replacement sector constitutes about two-thirds of tyre demand.

 

The demand for tyres is driven by the robust growth of the automotive industry. As the Indian population continues to grow, there is an increasing demand for personal transportation solutions, which has led to a rise in the number of cars, trucks, and motorcycles on the roads. The growing disposable incomes, along with the increasing youth population, are significantly contributing to the growth of the automobile sector, propelling the India tyre market growth.

 

The Indian government is increasingly focusing on manufacturing products locally, supported by various schemes and initiatives. Government schemes such as Atmanirbhar Bharat Abhiyan- Self Reliant India, support the manufacturing of automobiles in the country and aim to make the country a manufacturing hub. This is creating a favourable environment for market expansion in the country. By 2030, the Indian government pledged to have 30% of new car sales in the country be electric.

 

Figure: Automotive Production in India (in Million), 2018-2023

India Tyre Market

 

Key Trends and Developments

Expanding automotive production; rising demand for OEM tyres; increasing adoption of technologically advanced tyres; and surging adoption of EVs are favouring the India tyre market growth

 

April 2023

Continental began the production of Tyre Pressure Monitoring System (TPMS) for passenger cars at its Bangalore plant.

 

April 2023

Michelin, the French multinational tyre manufacturer, announced its intention to manufacture passenger vehicle tyres in India to enhance its operations in the country.

 

April 2023

CEAT Limited, a prominent tyre manufacturer, opened a state-of-the-art Truck Service Hub in Gandhidham in partnership with Bharat Tyres Gujarat Pvt Ltd, a CEAT dealer.

 

January 2023

CEAT Limited achieved a significant industry milestone by being the world's first tyre company to receive Lighthouse certification.

 

Expanding automotive production

India’s production of tractors, buses, and two-and-three wheelers is significantly rising. This, coupled with the increasing opportunities for EVs, is likely to boost tyre demand.

 

Favourable government initiatives promoting automotive manufacturing

Favourable initiatives by the Indian government and automotive manufacturers such as the Automotive Mission Plan 2016- 2026 aimed at supporting domestic manufacturing are supporting the market.

 

Strong growth in the original equipment manufacturers (OEM)

Tyre manufacturers are observing higher demand from OEMs due to the improving macro environment. The OEMs in the Indian market are focusing on radicalisation across most vehicle categories due to the BS6 (Bharat Stage 6) norms mandated by the government for vehicles sold in India (in 2020).

 

Increasing adoption of technologically advanced tyres

Technological advancements such as the introduction of smart tyres installed with sensors or for EVs are further supporting the growth of the market.

 

Surging demand for electric vehicles

By 2025, the India EV market is expected to reach USD 7.09 billion. The government’s vision for electric vehicle charging infrastructure further boosts the demand for electric vehicles in India.

 

India Tyre Market Trends

India is the third-biggest automobile market in the world, the biggest producer of tractors, three-wheelers, and passenger cars, and the second-biggest producer of two-wheelers. In 2023, India produced 5.8 million automobiles in total. As the average age of vehicles on Indian roads increases, there is a growing demand for replacement tyres. This has been driven by the increasing awareness of the importance of tyre maintenance and safety.

 

Furthermore, India's EV finance sector is expected to grow to USD 50 billion by 2030, as per NITI Aayog and the Rocky Mountain Institute (RMI). According to industry reports, the EV market in India would increase at a CAGR of 36% until 2026. Along with companies exploring the rural markets, greater demand for logistics and passenger transportation has collectively aided the India tyre market growth.

 

India Tyre Market By Segment

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Market Segmentation

India Tyre Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Vehicle Type:

  • Passenger Car
  • Light Commercial Vehicle
  • Medium and Heavy Commercial Vehicle
  • Two Wheelers and Three Wheelers
  • Off Road
  • Others

 

Market Breakup by Design:

  • Radial
  • Bias

 

Market Breakup by Type:

  • Tube
  • Tubeless

 

Market Breakup by Tyre Size:

  • Small
  • Medium
  • Large

 

Market Breakup by Price Segment:

  • Low
  • Medium
  • High

 

Market Breakup by Distribution Channel:

  • OEMs
  • Replacement

 

Market Breakup by Region:

  • North Region
  • South Region
  • East Region
  • West Region

 

Two wheelers and three wheelers are expected to dominate the India tyre market share due to rising demand for personal mobility solutions

Rapid urbanisation, improvements in road infrastructure, and rising disposable income are increasingly leading to greater adoption of passenger cars in the country. In 2023, India produced 4.7 million personal vehicles.

 

India has the largest youth population in the world, around 66% of the total population (more than 808 million) is below the age of 35. A growing youth population in the country has contributed to the demand for two-wheelers. Additionally, two-wheelers provide the convenience of travelling through narrow roads, helping commuters reach their destination on time. The demographic dividend of India and rising demand for personal mobility solutions expand the India tyre market expansion.

 

The expansion of the mining and construction sectors is surging the demand for medium and heavy commercial construction and mining vehicles. In 2023, India produced 1.0 million commercial vehicles in total.

 

India Tyre Market Competitive Landscape

Major players in the India tyre market are increasing their collaboration, partnership, and research and development activities to gain a competitive edge

 

MRF Limited

MRF Limited, headquartered in India and founded in 1946, offers a diverse range of tyres catering to various types of vehicles, including heavy and light commercial vehicles, passenger cars, tractors, earthmovers, and motorsport vehicles. Some of its key brands include MUSCLE LIFT, STEEL MUSCLE, SHAKTI LIFE, SHAKTI SUPER, SUPER LUG, and SAVARI, among others.

 

Apollo Tyres Ltd

Apollo Tyres Ltd is a prominent player in the tyre industry, manufacturing and distributing quality tyres worldwide. Its product line includes several renowned brands such as ALNAC, AMAZER, APTERRA, ASPIRE, ALTRUST, MANCHESTER UNITED, and QUANTUM.

 

CEAT Limited

Headquartered in India and founded in 1858, CEAT offers a comprehensive selection of tyres suitable for all types of vehicles, ranging from heavy-duty trucks and buses to light commercial vehicles, earthmovers, forklifts, tractors, trailers, cars, motorcycles, scooters, and even auto-rickshaws. The company is committed to producing top-quality tyres for cars, bikes, and scooters.

 

JK Tyre & Industries Ltd.

Headquartered in India and founded in 1951, the company has introduced innovative 'Smart Tyre' technology in India, with Tyre Pressure Monitoring Systems (TPMS) and TREEL Sensors that enable real-time monitoring of a tyre's critical parameters, such as pressure and temperature.

 

Other key players in the India tyre market include Balkrishna Industries Limited, TVS Srichakra Limited, The Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental Tyre Group Ltd, and Metro Tyres Limited.

 

India Tyre Market

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India Tyre Market Analysis by Region

North India is home to prominent tyre manufacturers that are seeking to expand their retail network in smaller cities and towns, to fulfil the growing demand for local services. Manufacturers are expanding their retail network in Northern India due to the increasing number of cars on the road and the demand for local services in smaller cities and towns. For instance, in February 2023, JK Tyre Industries opened 6 new outlets in North India spread across Uttar Pradesh, Haryana, and Rajasthan, to improve its presence in rural areas.

 

In East India, the increasing car ownership in states like Sikkim and Nagaland is positively influencing the demand for tyres. According to industry reports, in 2022, Sikkim and Nagaland accounted for 20.9% and 21.3% of more cars than households in Delhi. The growing investments in states like West Bengal and the Northeast aim to address the supply-demand gap of natural rubber used for tyre manufacturing in India.

 

With ease of doing business in West Indian states like Gujarat and Maharashtra, manufacturers have been focusing on boosting their production capacities. Increasing investment by leading manufacturers for production expansion drives the India tyre market growth.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Vehicle Type
  • Design
  • Type
  • Tyre Size
  • Price Segment
  • Distribution Channel
  • Region
Breakup by Vehicle Type
  • Passenger Car
  • Light Commercial Vehicle
  • Medium and Heavy Commercial Vehicle
  • Two Wheelers and Three Wheelers
  • Off Road
  • Others
Breakup by Design
  • Radial
  • Bias
Breakup by Type
  • Tube 
  • Tubeless 
Breakup by Tyre Size
  • Small
  • Medium
  • Large
Breakup by Price Segment
  • Low
  • Medium
  • High
Breakup by Distribution Channel
  • OEMs
  • Replacement
Breakup by Region
  • North Region
  • East Region
  • West Region
  • South Region
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Trade Data Analysis
  • Major Exporting Countries
    • By Value
    • By Volume
  • Major Importing Countries
    • By Value
    • By Volume
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • MRF Limited
  • Apollo Tyres Limited
  • CEAT Limited
  • Balkrishna Industries Limited
  • TVS Srichakra Limited
  • The Goodyear Tire & Rubber Company
  • Bridgestone Corporation
  • Continental Tyre Group Ltd
  • Metro Tyres Limited

 

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India Tyre Market Report Snapshots

India Tyre Market Size

India Tyre Market Trends

India Tyre Companies

India Tyre Market Regional Analysis

 

*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.

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 (2018-2023) 
    9.3    Global Tyre Market Forecast (2024-2032)
    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 (2018-2023) 
    10.3    India Tyre Market Forecast (2024-2032)
11    India Tyre Market by Vehicle Type
    11.1    Passenger Car
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Light Commercial Vehicle
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    Medium and Heavy Commercial Vehicle
        11.3.1    Historical Trend (2018-2023)
        11.3.2    Forecast Trend (2024-2032)
    11.4    Two Wheelers and Three Wheelers
        11.4.1    Historical Trend (2018-2023)
        11.4.2    Forecast Trend (2024-2032)
    11.5    Off Road
        11.5.1    Historical Trend (2018-2023)
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    India Tyre Market by Design
    12.1    Radial
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Bias
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
13    India Tyre Market by Type
    13.1    Tube 
        13.1.1    Historical Trend (2018-2023)
        13.1.2    Forecast Trend (2024-2032)
    13.2    Tubeless
        13.2.1    Historical Trend (2018-2023)
        13.2.2    Forecast Trend (2024-2032)
14    India Tyre Market by Tyre Size
    14.1    Small
        14.1.1    Historical Trend (2018-2023) 
        14.1.2    Forecast Trend (2024-2032)
    14.2    Medium
        14.2.1    Historical Trend (2018-2023) 
        14.2.2    Forecast Trend (2024-2032)
    14.3    Large
        14.3.1    Historical Trend (2018-2023) 
        14.3.2    Forecast Trend (2024-2032)
15    India Tyre Market by Price Segment
    15.1    Low
        15.1.1    Historical Trend (2018-2023)
        15.1.2    Forecast Trend (2024-2032)
    15.2    Medium
        15.2.1    Historical Trend (2018-2023)
        15.2.2    Forecast Trend (2024-2032)
    15.3    High
        15.3.1    Historical Trend (2018-2023)
        15.3.2    Forecast Trend (2024-2032)
16    India Tyre Market by Distribution Channel
    16.1    OEMs
        16.1.1    Historical Trend (2018-2023)
        16.1.2    Forecast Trend (2024-2032)
    16.2    Replacement
        16.2.1    Historical Trend (2018-2023)
        16.2.2    Forecast Trend (2024-2032)
17    India Tyre Market by Region
    17.1    North Region
        17.1.1    Historical Trend (2018-2023) 
        17.1.2    Forecast Trend (2024-2032)
    17.2    East Region
        17.2.1    Historical Trend (2018-2023) 
        17.2.2    Forecast Trend (2024-2032)
    17.3    West Region
        17.3.1    Historical Trend (2018-2023) 
        17.3.2    Forecast Trend (2024-2032)
    17.4    South Region
        17.4.1    Historical Trend (2018-2023) 
        17.4.2    Forecast Trend (2024-2032)
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    Balkrishna Industries Limited
            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    TVS Srichakra Limited
            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    The Goodyear Tire & Rubber Company
            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    Bridgestone Corporation
            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    Continental Tyre Group Ltd
            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    Metro Tyres 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
22    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Tyre Market: Key Industry Highlights, 2018 and 2032
2.    India Tyre Market: Key Industry Highlights, 2018 and 2032
3.    India Tyre Historical Market: Breakup by Vehicle Type (Million Units), 2018-2023
4.    India Tyre Market Forecast: Breakup by Vehicle Type (Million Units), 2024-2032
5.    India Tyre Historical Market: Breakup by Design (Million Units), 2018-2023
6.    India Tyre Market Forecast: Breakup by Design (Million Units), 2024-2032
7.    India Tyre Historical Market: Breakup by Type (Million Units), 2018-2023
8.    India Tyre Market Forecast: Breakup by Type (Million Units), 2024-2032
9.    India Tyre Historical Market: Breakup by Distribution Channel (Million Units), 2018-2023
10.    India Tyre Market Forecast: Breakup by Distribution Channel (Million Units), 2024-2032
11.    India Tyre Historical Market: Breakup by Tyre Size (Million Units), 2018-2023
12.    India Tyre Market Forecast: Breakup by Tyre Size (Million Units), 2024-2032
13.    India Tyre Historical Market: Breakup by Price Segment (Million Units), 2018-2023
14.    India Tyre Market Forecast: Breakup by Price Segment (Million Units), 2024-2032
15.    India Tyre Historical Market: Breakup by Region (Million Units), 2018-2023
16.    India Tyre Market Forecast: Breakup by Region (Million Units), 2024-2032
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 2023, the market volume was approximately 190.54 million units.

The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around 339.37 million units by 2032.

The major drivers include the expanding automotive production and favourable government initiatives aiding automotive production expansion.

The key trends aiding the market include growing demand for electric vehicles and increasing adoption of technologically advanced tyres.

The different vehicle types include passenger car, light commercial vehicle, medium and heavy commercial vehicle, two wheelers and three wheelers, and off road, among others.

The major distribution channels in the market include OEMs and Replacement.

The major players in the market include MRF Limited, Apollo Tyres Limited, CEAT Limited, Balkrishna Industries Limited, TVS Srichakra Limited, The Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental Tyre Group Ltd, and Metro Tyres Limited.

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