India Tire Market – Industry analysis and Forecast (2021-2027)

India Tire Market was valued US$ 177 Million Units and is estimated to reach US$ 226.72 Milllion Units by 2027 at a CAGR of 3.6% during the forecast.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.



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India Tire Market Dynamics
Growing demand for tires & increasing purchasing power is driving growth of the India tire market. Growing automobile sales coupled with expanding automobile industry are the major factors boosting demand for tires in India. Escalating the middle-class population and increasing national disposable income is impelling the growth to the market, tire sales across all the automobile segments are expected to grow in the forecast years. The growth of the tire re-treading industry is limiting the growth of the tire market.

Aftermarket category exhibits the market growth at a faster rate attributed to the increasing consumer preference for customization in terms of acceleration, grip, and ride comfort. Tires of the OEM category are specifically designed for higher fuel efficiency and longer on-road wear life. The report contains a detailed list of factors that will drive and restrain the growth of the India tire market.

With a growing volume share of over 50% in India tire market, the two-wheeler tire segment dominated the global tire industry in India, followed by the market of passenger car Light Commercial Vehicles, Medium & Heavy Commercial vehicles, three-wheelers, and OTR vehicles. On account of various features like higher convenience, designing, comfort, affordability, fuel efficiency, mechanisms, etc. demand for two-wheelers in the country is growing, especially among the youth.

On the other hand, factors like the availability of raw materials, a wide consumer base, and various untapped opportunities are attracting several M&HCV players to set up their manufacturing units in the country. Additionally, India also exports commercial vehicles across South East Asia, African and other neighboring economies.
India Tire Market Segment Analysis
Radial tires will gain a major revenue by 2027 owing to the benefits offered by these tires over bias tires, such as lower transversal slip, greater power transfer, lower fuel consumption, less ground damage, and higher vehicle efficiency.

The objective of the report is to present comprehensive analysis of India Tire Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.

The report also helps in understanding India Tire Market dynamics, structure by analyzing the market segments, and project the India Tire Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the India Tire Market make the report investor’s guide.
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India Tire Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
177 Million Units


Forecast Period 2021 to 2027 CAGR:
3.6%
Market Size in 2027:
226.72 Milllion Units


 Segments Covered:
by Vehicle
• Passenger Cars
• Commercial Vehicles
• Two-Wheelers
• Others


by Demand Category
• OEM
• Aftermarket


by Product
• Bias Tires
• Radial Tires


by Price
• Low
• Medium
• High


by Tyre Size
• Small
• Medium
• Large


by Type
• Tube Tyres
• Tubeless Tyres



India Tire Market, by Region
• North India
• East India
• West India
• South India
Key Player analysed in India Tire Market
• MRF Limited
• CEAT Limited
• JK Tyre & Industries Ltd.
• Bridgestone India Private Limited
• Birla Tyres Limited
• Goodyear India Limited
• TVS Srichakra Limited
• Apollo Tyres Ltd.
• Continental India Limited
• Balkrishna Industries Limited