India Tire Market Top Vendors, Recent And Future Trends, Growth Factors, Size, Segmentation and Forecast to 2030

India Tire Market Projected to Reach USD 239.30 Million Units by 2030

India Tire Market Overview:

In a dynamic expansion, the India Tire Market, valued at USD 194.57 million units in 2023, is projected to soar to USD 239.30 million units by 2030. This growth is fuelled by a compound annual growth rate (CAGR) of 3% over the forecast period. The burgeoning automotive sector in India, encompassing passenger cars, two-wheelers, and commercial vehicles, has significantly bolstered the demand for tires.

The shift towards radial tires, known for their superior performance and fuel efficiency, is a key trend in the Indian tire market. Radial tires, with their unique construction providing better stability, traction, and tread life, have become the standard choice for most passenger cars in India. This preference has led to radial tires dominating the market share in 2023 and is expected to continue their lead over the forecast period.

The Indian government has been instrumental in propelling the tire market forward. Strategic measures, including tariffs on imported tires and financial incentives for local manufacturers, underscore the government's commitment to fostering domestic industry growth. Additionally, ongoing infrastructure development projects, such as road construction and improvement, have further spurred the demand for tires.

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India Tire Market Report Scope and Research Methodology:

The Market report delivers a comprehensive qualitative and quantitative analysis, covering market size, share by region and segmentations, pricing analysis, demand-supply gap analysis, and detailed competitive landscape, along with PESTLE and PORTER analysis which provides detailed market dynamics. It includes detailed information on mergers and acquisitions, investment, and expansion plans by key competitors, providing a thorough understanding of the market's current state and future projections. The report's segment analysis highlights the potential of different market segments, offering investors valuable insights into the industry's future. It examines factors expected to impact the market both positively and negatively, ensuring a balanced perspective.

For the competitive analysis, the report profiles market leaders, followers, and new entrants in the industry, detailing their strategies, revenue, partnerships, and joint ventures. This offers a clear view of the competitive landscape. Both top-down and bottom-up approaches were employed to estimate the market size. Secondary research is extensively used to gather the information. Industry reports, government databases, corporate filings, academic research, and online databases, are some of the major secondary sources used in the India Tire market study. This secondary data was then validated through primary research, to enhance the credibility and robustness of the findings. The comprehensive nature of this report provides stakeholders with essential insights into market dynamics and future trends.

India Tire Market Regional Insights:

The northern region of India, including states like Delhi, Haryana, Punjab, and Uttar Pradesh, emerges as a significant hub for the automotive industry, driving substantial tire demand. Additionally, regions with major ports, such as Gujarat and Maharashtra, play a crucial role in tire exports. Indian-manufactured tires reach over 170 countries, with the United States, Germany, Brazil, the United Kingdom, and France being key export destinations.

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India Tire Market Segmentation:

By Vehicle Type

Passenger Car Tires
Two-Wheeler Tires
Commercial Vehicle Tires

By Tire Type

Radial Tires
Bias-Ply Tires
Tubeless Tires

By Sales Channel

OEM Sales
Aftermarket Sales

By End-User

Individual Consumers
Commercial Fleet Owners
Agricultural Sector

The market is divided into OEM sales and aftermarket sales based on the sales channel. Over the course of the forecast period, the OEM Sales category is anticipated to have the greatest share of the India Tire Market. As tire manufacturers form relationships with automakers to supply tires for new vehicles, OEM sales are critical to their business. The tires that come standard on automobiles are chosen and tailored to enhance their overall attributes and performance. India Tire producers may display their products on new cars thanks to OEM sales, which raises brand awareness and recognition. When consumers notice a tire brand installed on cars from well-known manufacturers, they start to recognize it.

India Tire Market Key Players:

1. Balkrishna Industries
2. MRF Tyre
3. JK Tyre & Industries
4. CEAT Limited
5. Apollo Tyres
6. Goodyear India Limited
7. TVS-Srichakra Ltd
8. Birla Tyres Limited
9. Metro Tyres Limited
10. Kesoram Industries Limited
11. Bridgestone India Private Limited
12. Maxxis Rubber India Private Limited
13. Ralson (India) Limited
14. Modi Tyre Company Limited
15. Yokohama India Private Limited

Future Outlook:

With continued government support, advancements in tire technology, and increasing consumer awareness of tire performance benefits, the India Tire Market is poised for steady growth. The market's trajectory highlights the interplay of infrastructure development, regional dynamics, and strategic industry initiatives shaping the future of tire manufacturing and sales in India.

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Table of Content: India Tire Market:

• The Big Picture: Market size, overview, and key points.
• Our Focus: Specific areas, timeframe, and scope we'll explore.
• Market Players: Who are the big businesses and up-and-comers?
• Market Size: How much money is flowing in this market?
• Market Breakdown: Different types of products/services and their segments.
• Competition Check: How easy (or tough) is it to compete in this market?
• Who's Buying?: Understanding the customer base and their needs.
• Global Market: How does this market differ around the world?
• Decision Time: Making informed choices in this market.
• Market Shifts: What's driving changes in the market?
• Future Look: Emerging trends that will shape the market.
• The Sellers: Who are the major companies selling in this market?
• Competition Analysis: Strengths and weaknesses of the key players.

Key questions answered in the India Tire Market are:

• What is India Tire?
• What was the India Tire market size in 2023?
• What is the growth rate of the India Tire Market?
• Which are the factors expected to drive the India Tire market growth?
• What are the different segments of the India Tire Market?
• What growth strategies are the players considering to increase their presence in India Tire?
• What are the upcoming industry applications and trends for the India Tire Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the India Tire Market?
• What is the demand pattern of the India Tire Market?
• What major challenges could the India Tire Market face in the future?
• What segments are covered in the India Tire Market?
• Who are the leading companies and what are their product portfolios in the India Tire Market?
• What segments are covered in the India Tire Market?
• Who are the key players in the India Tire market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2023)
• Past Pricing and price curve by region (2018 to 2023)
• Market Size, Share, Size & Forecast by Different Segment | 2023-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
o Competitive landscape - Market Leaders, Market Followers, Regional player
o Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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