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 reached a value of US$ 182 Million in 2021. A tyre is widely used in the manufacturing of several types of vehicles that generally consist of a sidewall, bead filler and bundle, carcass, cap piles, edge cover, tread, body ply and inner liner that is mounted over a wheel rim to act as a cushion. These components are usually formed together that help in providing smooth transactions between the wheel and the surface. It is mainly designed to support vehicle load, transmit traction, reduce vibrations, create torque and braking forces to the road surface, absorb road shocks and maintain and change the direction of travel smoothly.
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 in India is primarily driven by significant growth in the automotive sector. Moreover, the increasing demand for enhanced comfort while driving among individuals is providing a boost to the demand for tyres. This has encouraged leading players to heavily spending in product innovations, which is creating a positive market outlook. Due to the growing population level and the inflating disposable income levels of the masses, there has been a considerable rise in the sales of personal automobiles among the masses, which is impacting the market favorably. Additionally, continual technological advancements and the deployment of advanced techniques in the manufacturing processes are considered to be other major growth-inducing factors. Other factors, including the escalating demand for heavy-duty vehicles across the construction, defense and agriculture industries, the rising infrastructural development projects in order to connect rural and urban locations, and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market across India. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 221.8 Million by 2027, exhibiting a CAGR of 3.59% during 2022-2027.
- On the basis of the vehicle type, the market has been segmented into two wheelers, three wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles and off the road.
- The market is bifurcated into OEM and replacement segment.
- The market is segregated into domestic production and imports.
- The market is classified into radial and bias tyres.
- The market is categorized into tube and tubeless tyres.
- Based on the tyre size, the market has been divided into small, medium and large.
- On the basis of the price segment, the market has been segmented into low, medium and high.
- Based on the region, 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 operating in the market. Some of these players include MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., and Apollo Tyres Ltd.
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