India Tire Market - Forecast 2025-2030
The India Tire Market is projected to experience robust growth, driven by an array of factors including increasing vehicle production, economic development, and the rising demand for eco-friendly tire solutions. According to the latest market research report by MarkNtel Advisors, the tire market is anticipated to grow from approximately USD 11.98 billion in 2024 to around USD 21.27 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 12.17% during the forecast period spanning from 2025 to 2030.
Scope of the Report
This comprehensive report thoroughly investigates the India Tire Market, presenting detailed analyses on market size and share, growth trends, competitive landscapes, and emerging opportunities. The report encompasses historical data from 2020 to 2023, a comprehensive analysis of key market drivers, challenges, regulatory frameworks, and insights into market dynamics that will shape the industry's future.
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Key components of the report include:
- Market Overview
- Segmentation Analysis
- Competitive Landscape
- Recent Developments and Strategic Initiatives
- Future Market Outlook (2025-2030)
Market Drivers
- Robust Economic Growth: The tire market in India is primarily fueled by strong economic growth, leading to increased disposable income among consumers. This economic stability encourages higher expenditures on automobiles, consequently propelling the demand for new tires as vehicles are purchased.
- Increasing Vehicle Production: A significant increase in the production of passenger cars, commercial vehicles, and two-wheelers further strengthens the tire market. As vehicle ownership rises, the need for both OEM (Original Equipment Manufacturer) and replacement tires escalates.
- Government Initiatives: The Indian government's focus on improving infrastructure, such as rural connectivity and public transportation development, is boosting the demand for commercial vehicles, which in turn drives the tire market.
Market Segmentation
The India Tire Market can be segmented based on the following criteria:
By Vehicle Type:
- Two Wheelers
- Three Wheelers
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Medium Heavy Commercial Vehicles
- Off the Road (OTR) Vehicles
Among these segments, two-wheelers are projected to dominate, attributed to their affordability and growing popularity among Indian consumers. Passenger cars will also make a significant contribution to overall market growth.
By Tire Type:
- Radial Tires
- Bias Tires
Radial tires are expected to capture a substantial market share, largely due to their efficiency, stability, and decreasing rolling resistance, which appeals to a wide consumer base.
Key Players
The competitive landscape of the India Tire Market features several prominent key players, including:
- MRF
- Apollo Tyres
- CEAT
- JK Tyres
- Birla Tyres
- Balakrishna Tires
- Bridgestone
- TVS Srichakra
- Continental
- Goodyear
- Others
These players are focused on expanding production capacities, introducing innovative tire technologies, and enhancing features to meet consumer demands effectively.
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Geographic Insights
East
- Bihar
- Orissa
- Jharkhand
- West Bengal
- Chhattisgarh
- North-Eastern States
West
- Rajasthan
- Gujarat
- Goa
- Maharastra
- Madhya Pradesh
North
- Jammu Kashmir
- Punjab
- Uttar Pradesh
- Uttarakhand
- Haryana
- Himachal Pradesh
South
- Andhra Pradesh
- Karnataka
- Kerala
- Tamil Nadu
- Telangana
The tire market landscape in India showcases varied growth opportunities across different regions. States experiencing substantial vehicle production and sales, such as Maharashtra, Tamil Nadu, and Delhi, are key to driving market growth. The improved infrastructure and increasing road connectivity contribute significantly to tire demand across urban and rural settings alike.
Key Questions
- What strategies are tire manufacturers adopting to compete in the rapidly growing Indian market?
- How is the rise of electric vehicles affecting tire demand in India?
- What are the projected market shares of major tire types in the next five years?
- How do fluctuations in raw material prices impact the tire manufacturers' pricing strategies?
- What role does government policy play in shaping the future of the tire industry in India?
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