According to the report by Expert Market Research (EMR), the India Tyre Market Size reached a volume of nearly 190.54 million units in 2023. Aided by the growing demand for radial tyres and the increasing emphasis on sustainability, the market is projected to grow at a CAGR of 6.6% between 2024 and 2032 and reach a volume of around 339.37 million units by 2032.
A tyre is a crucial component of vehicles that provides a stable interface between the vehicle and the road surface. It is a cylindrical-shaped rubber casing typically mounted onto a wheel rim, and its primary function is to support the vehicle’s load, transmit traction and braking forces, and absorb shocks from uneven road surfaces. Tires come in various sizes, designs, and compositions, tailored to different vehicle types, driving conditions, and performance requirements.
The India tyre market is experiencing significant shifts, driven by evolving consumer preferences, technological advancements, regulatory changes, and macroeconomic factors. As one of the largest automotive markets globally, India represents a key battleground for tyre manufacturers seeking to capitalise on emerging opportunities and navigate challenges within the industry.
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One prominent trend shaping the India tyre market is the growing demand for radial tyres across various vehicle segments. Radial tyres offer several advantages over traditional bias-ply tyres, including improved fuel efficiency, better traction, and longer tread life. As consumers increasingly prioritise performance, safety, and durability, radial tyres have gained traction in both passenger car and commercial vehicle segments. Additionally, government regulations mandating the use of radial tyres for certain vehicle categories have further propelled the adoption of radial technology in the Indian market.
Furthermore, the rise of electric vehicles (EVs) is driving innovation and diversification within the India tyre market. As the government pushes for greater electrification of the automotive sector to reduce emissions and dependency on fossil fuels, tyre manufacturers are developing specialised tyres tailored to the unique requirements of electric vehicles.
These tyres often feature low rolling resistance to maximise range, enhanced durability to accommodate the additional weight of EV components, and optimised tread patterns to ensure optimal performance on electric drivetrains. Moreover, the proliferation of electric two-wheelers and three-wheelers in urban areas is creating new opportunities for tyre manufacturers to develop eco-friendly and energy-efficient tyre solutions tailored to the needs of electric mobility.
Additionally, the aftermarket segment is witnessing steady growth in the India tyre market, driven by factors such as vehicle ageing, road conditions, and consumer preference for replacement tyres. With an expanding vehicle park and increasing awareness about tyre maintenance and safety, aftermarket sales represent a lucrative opportunity for tyre manufacturers and retailers to capture market share. Moreover, the emergence of online tyre platforms and e-commerce channels has transformed the aftermarket landscape, providing consumers with greater convenience, transparency, and access to a wide range of tyre brands and options.
Moreover, sustainability and environmental consciousness are becoming increasingly important considerations for both consumers and stakeholders in the India tyre market. With growing awareness about climate change, pollution, and resource depletion, tyre manufacturers are investing in research and development to develop eco-friendly and sustainable tyre solutions.
This includes the use of renewable materials, such as natural rubber sourced from sustainable plantations, as well as the adoption of manufacturing processes that minimise energy consumption and carbon emissions.
Additionally, initiatives to promote tyre recycling and circular economy principles are gaining traction, with efforts to reclaim and reuse end-of-life tyres for various applications, such as road construction, sports surfaces, and industrial products.
Furthermore, digitalisation and data analytics are reshaping the India tyre market development, enabling manufacturers to optimise production processes, enhance product performance, and deliver personalised customer experiences. By leveraging IoT sensors, predictive analytics, and machine learning algorithms, tyre companies can collect real-time data on tyre performance, wear patterns, and operating conditions, allowing for proactive maintenance, predictive maintenance, and performance optimisation.
Additionally, digital platforms and mobile apps are empowering consumers with tools and resources to make informed decisions about tyre selection, maintenance, and purchase, further driving the digital transformation of the tyre market in India.
India Tyre Market Segmentation
The India tyre market can be divided based on vehicle type, design, type, tyre size, price segment, distribution channel, and region.
Market Breakup by Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicles
- Two Wheelers and Three Wheelers
- Off Road
- Others
Market Breakup by Design
- Radial
- Bias
Market Breakup by Type
- Tube
- Tubeless
Market Breakup by Tyre Size
- Small
- Medium
- Large
Market Breakup by Price Segment
- Low
- Medium
- High
Market Breakup by Distribution Channel
- OEMs
- Replacement
Market Breakup by Region
- North Region
- East Region
- West Region
- South Region
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Competitive Landscape of India Tyre Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India tyre market. Some of the major players explored in the report by Expert Market Research are as follows:
- MRF Limited
- Apollo Tyres Limited
- CEAT Limited
- Balkrishna Industries Limited
- TVS Srichakra Limited
- The Goodyear Tire & Rubber Company
- Bridgestone Corporation
- Continental Tyre Group Ltd
- Metro Tyres Limited
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