According to the latest report by IMARC Group, titled "India Tyre Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India tyre market size reached 182 Million Units in 2021. A tyre refers to the ring-shaped vehicle component that covers the rim of a wheel externally. It is most commonly made from steel, wire, rayon, silica, carbon black, natural rubber and synthetic rubber. It is pneumatically inflated to protect the wheel rim and provide tractive force between the vehicle and the surface of the road. It is essential for transferring the load of the vehicle on the road and offering an excellent gripping surface. It acts as a flexible cushion for the wheels, which assists in absorbing shock and minimizing the impact of vibrations of the moving vehicle. Consequently, tyres play a crucial role in improving road feel and enhancing the overall performance of the vehicles.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Tyre Market Trends:
The market is primarily driven by a significant increase in vehicle production in India. Population explosion, increasing middle-class population and the inflating disposable income levels have facilitated the uptake of automobiles in the country, which is providing a thrust to the market growth. There has also been a considerable increase in the passenger and public transport vehicle fleets in India. This, along with improvements in road infrastructure and the growing demand for high-quality tyres with enhanced durability and reliability, is acting as a major growth-inducing factor. Moreover, automobile tyres with improved sidewall puncture resistance and high-design cushion for minimizing road-shock are gaining widespread preference among the masses. The market is further driven by the growing popularity of electric vehicles (EVs) in India, supported by the increasing environmental consciousness and an enhanced focus on reducing vehicular pollution levels. Furthermore, the introduction of ecological tyres and the expanding manufacturing capabilities of leading players are anticipated to create a positive outlook for the market. On account of the aforementioned factors, the market is expected to reach a volume of 221.8 Million Units by 2027, growing at a CAGR of 3.59% during 2022-2027.
- On the basis of the vehicle type, the market has been divided into two wheelers, three wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles, and off the road.
- The market has been bifurcated based on the OEM and replacement segments.
- The market has been classified on the basis of domestic production and imports.
- The market has been categorized based on the radial and bias tyres.
- The market has been segmented on the basis of the tube and tubeless tyres.
- Based on the tire size, the market has been divided into small, medium and large.
- On the basis of the price segment, the market has been classified into low, medium and high.
- On the geographical front, the market has been segregated into North India, East India, West and Central India, and South India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., and Apollo Tyres Ltd.
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