India Tire Market Outlook and Forecast | 2021-2027

Revolutionizing Mobility: India Tire Market Set to Surge, Projected to Reach US$ 226.72 Million Units by 2027

The India Tire Market is gearing up for unprecedented growth, as per the latest market analysis report. Valued at US$ 177 Million Units in the year 2020, the market is projected to witness a robust Compound Annual Growth Rate (CAGR) of 3.6%, soaring to US$ 226.72 Million Units by 2027.

Driving Forces Behind Growth

The surge in demand for tires in India is attributed to a confluence of factors. Growing automobile sales, coupled with the expansion of the automobile industry, are key drivers. The burgeoning middle-class population and an uptick in national disposable income further fuel this growth. The report anticipates an upward trajectory in tire sales across all automobile segments in the coming years. However, the burgeoning tire re-treading industry poses a challenge to the market's unfettered growth.

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India Tire Market Scope:

The report provides current India Tire market trends and regional insights in terms of demand, supply, and sales, as well as recent changes in the market. The India Tire market report focuses on the key drivers and restraints for key players, as well as the current competitive landscape and development prospects. The India Tire market report provides the most up-to-date market statistics, as well as future developments, size, and emerging trends, allowing you to identify the products and end users that are driving revenue growth and profitability. Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price, Gross Margin & Sales by Product are all included in this global India Tire market research report.

Dominance of Two-Wheeler Segment

The two-wheeler tire segment commands a significant share, surpassing 50% of the India tire market. This dominance is attributed to the increasing demand for two-wheelers, especially among the youth, driven by factors like convenience, design, comfort, affordability, fuel efficiency, and mechanisms.

India Tire Market Segmentation:

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

Due to their advantages over bias tires-lower transversal slip, increased power transfer, reduced fuel consumption, reduced ground damage, and increased vehicle efficiency-radial tyres are expected to see significant growth in revenue by 2027.

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Key Players are:

• 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

Regional Analysis:

India Tire Region dominated the India Tire Market in 2022 and is expected to witness significant growth during the forecast period. Government initiatives in the sector and regulations and rein in rising expenses drive the India Tire Market growth in the region. The India Tire market report includes a geographic condition of the market, and revenue as well as in-depth research into the business network structure, opportunities, and news updates.

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Key Questions answered in the India Tire Market Report are:

• What is India Tire Market?
• What is the forecast period of the India Tire Market?
• What is the competitive scenario of the India Tire market?
• Which region held the largest market share in the India Tire Market?
• What are the opportunities for the India Tire Market?
• What factors are affecting the India Tire market growth?
• Who are the key players of the India Tire market?
• Which company held the largest share in the India Tire market?
• What will be the CAGR of the India Tire market during the forecast period?
• What key trends are likely to emerge in the India Tire market in the coming years?

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