India Tire Market Exceed Growth rate (CAGR) of 2.98% by 2030

The India Tire Market size is valued at around USD 198 million in 2024 and is expected to grow at a CAGR of around 2.98% during the forecast period, i.e., 2024-30., cites MarkNtel Advisors in their recent research report. The rapidly increasing fleet size of two-wheelers & passenger cars owing to the improved economic conditions of people is the prime aspect driving the tire industry in India. Besides, the extensive presence of some prominent tire manufacturers in the country & their constant innovations in their product offerings are also driving the market.

Moreover, massive investments by the Indian government in infrastructural developments associated with public transportation and the growing deployment of EVs (Electric Vehicles) in order to curb the rising levels of carbon emissions are compelling tire manufacturers to develop EV-compatible tires and increase their overall production capacities to meet the burgeoning end-user requirements for tires in the future. Nonetheless, with various ongoing & upcoming construction projects across India, the demand for commercial vehicles & equipment is rapidly surging and instigating the need for the robust OTR tires for enhanced operational efficiency & worker safety in critical activities, thereby augmenting the overall market growth, further states the research report, “India Tire Market Analysis, 2024.”

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Indian Tire Market Segmentation Analysis:

By Type of Vehicles(Two Wheelers, Three Wheelers, Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road (OTR) Vehicles)

Mounting Demand for Two-Wheelers owing to Rising Traffic Congestion Would Drive the Tire Industry

The rapidly increasing traffic congestion, various ongoing developments associated with the road infrastructure, and the rising of middle & lower-middle-income populations are augmenting the sales of two-wheelers and, consequently, the demand for two-wheeler tires across India.

Besides, the growing public awareness about the versatility, availability, & affordability of these vehicles and the importance of timely inspection of tires for enhanced vehicle safety & performance are other prominent factors promoting the sales of two-wheeler tires and, in turn, fueling the overall growth of the tire industry in India.

By Demand Category(OEM, Aftermarket)
By Type of Tire(Radial, Bias)
By Sales Channel(Dealers/Distributor, Online)
By Season(All-Season, Summer, Winter)
By Price Category(Budget, Economy, Premium)
By Rim Diameter(Up to 12”, 12.1” to 15”, 15.1.” to 2.98”, 2.98.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
By Region(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)

India Tire Market Trend:

Increasing Demand for Eco-Friendly and Sustainable Tires – There is an increasing demand for eco-friendly and sustainable tires in the Indian tire industry because consumers are becoming more aware of climate change and its adverse impact on their lives. Moreover, sustainable tire solutions are becoming more and more popular due to the stricter regulations regarding emissions and waste management in the country. Tires with lower rolling resistance are more in demand from customers because they improve fuel economy, emit fewer greenhouse gases, and are composed of eco-friendly materials. To respond to this new market trend, the top tire companies in India by market share are making substantial investments in green technology and creating tires that use sustainable raw materials, including eco-friendly lubricants and natural rubber sourced from sustainable plantations.

The introduction of smart tires that monitor and optimize performance, along with other innovations like tire recycling programs, also helps the market achieve its sustainability objectives. This trend promotes growth and innovation in the tire business by not only complying with international environmental regulations but also meeting customer preferences for goods that reduce their environmental impact

Explore the Full Report with Charts, Table of Contents, and List of Figures – https://www.marknteladvisors.com/research-library/india-tire-market-analysis.html

Leading Market Players

The leading companies in the India Tire Market include MRF, Apollo, CEAT, JK Tyres, Birla Tyres, Balakrishna Tires, Bridgestone, TVS, Continental, and Goodyear.

Key Questions Answered in the Research Report

What are the current & future trends in the India Tire Market?
How has the industry been evolving in terms of geography & product adoption?
How has the competition been shaping across India, followed by their comparative factorial indexing?
What are the key growth drivers & challenges for the India Tire Market?
What are the customer orientation, purchase behavior, & expectations from the leading companies operating in the India Tire Market?

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