India Tyre Market

India Tyre Market Outlook 2024-2032:

The India tyre market size reached 196.3 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 253.9 Million Units by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032. The growing production of automobiles, inflating income levels of individuals, and rising demand for vehicles represent some of the key factors driving the market.

A tyre is a circular and ring-like part of a vehicle that is fitted on rims and filled with compressed air. It is manufactured from natural rubber, synthetic rubber, fabric, steel wires, carbon black, and some more compounds. It can deal with various forces acting on the vehicle during its motion to support the load of the vehicle. It has a lower fuel consumption due to less rolling resistance and helps absorb impact and increases general comfort. It also provides cushions against shocks and allows high flexibility of vehicles while maintaining their stability, as the tyre sidewall and tread are independent of each other due to radial ply cords. It assists in maintaining contact between the vehicle and the ground by providing the desired traction. As it also aids in getting a better grip on snowy and icy surfaces due to the high content of rubber, the demand for tyre is rising in India.

India Tyre Market Trends:

At present, there is a rise in the demand for tyres due to the growing production of automobiles. This, along with the increasing export activities of vehicles, such as tractors, buses, heavy trucks, and cars, represents one of the key factors supporting the growth of the market in India. Besides this, the growing sale of cars and two-wheelers on account of inflating income levels of individuals in India is offering a favorable market outlook in the country. In addition, there is an increase in the demand for vehicles in rural areas due to the lack of public transport. This, coupled with the rising utilization of tyres in all types of vehicles, including passenger cars, buses, military vehicles, motorcycles, and trucks, is propelling the growth of the market in the country. Moreover, the reduced costs of logistics, which make Indian tyre manufacturers more competitive compared to their global peers, and enable them to export more out of the country, is strengthening the growth of the market. Apart from this, the increasing levels of automation and renaissance in manufacturing tyres are offering lucrative growth opportunities to industry investors in India. Additionally, the Government of India is promoting the manufacturing of automobiles in the country through initiatives like Atmanirbhar Bharat Abhiyan.

India Tyre Industry Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India tyre market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on vehicle type, OEM and replacement segment, domestic production and imports, radial and bias tyres, tube and tubeless tyres, tyre size and price segment.

Vehicle Type Insights:

• Two Wheelers
• Three Wheelers
• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Off the Road
   

The report has provided a detailed breakup and analysis of the India tyre market based on the vehicle type. This includes two wheelers, three wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles, and off the road. According to the report, two wheelers represented the largest segment.

OEM and Replacement Segment Insights:

• OEM Tyres
• Replacement Tyres
   

A detailed breakup and analysis of the India tyre market based on the OEM and replacement segment has also been provided in the report. This includes OEM tyres and replacement tyres. According to the report, replacement tyres accounted for the largest market share.

Domestic Production and Imports Insights:

• Domestic Production
• Imports
   

A detailed breakup and analysis of the India tyre market based on the domestic production and imports has also been provided in the report. This includes domestic production and imports. According to the report, domestic production accounted for the largest market share.

Radial and Bias Tyres Insights:

• Bias Tyres
• Radial Tyres
   

A detailed breakup and analysis of the India tyre market based on the radial and bias tyres has also been provided in the report. This includes bias tyres and radial tyres. According to the report, radial tyres accounted for the largest market share.

Tube and Tubeless Tyres Insights:

• Tube Tyres
• Tubeless Tyres
   

A detailed breakup and analysis of the India tyre market based on the tube and tubeless tyres has also been provided in the report. This includes tube tyres and tubeless tyres.

Tyre Size Insights:

• Small
• Medium
• Large
   

A detailed breakup and analysis of the India tyre market based on the tyre size has also been provided in the report. This includes small, medium, and large. According to the report, small accounted for the largest market share.

Price Segment Insights:

• Low
• Medium
• High
   

A detailed breakup and analysis of the India tyre market based on the price segment has also been provided in the report. This includes low, medium, and high.

Regional Insights:

• North India
• East India
• West and Central India
• South India
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, West and Central India, South India, and East India. According to the report, West and Central India was the largest market for India tyre. Some of the factors driving the West and Central India tyre market included the wide availability through online distribution channels, thriving automotive industry, rising demand for cars, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the India tyre market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., Apollo Tyres Ltd, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. For each of the companies covered, the report provides business overview, services offered, business strategies, financials, SWOT analysis, and major news and events.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India tyre market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the India tyre market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India tyre industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.