India Tire Market Set to Cross US$ 8.5 Billion in 2016
Growing Automobile Sales, Increasing Per
Capita Income Levels and Expanding Automobile Fleet to Boost Tire Sales in
India Until 2021
According to TechSci Research report, “India Tire Market Forecast & Opportunities, 2021”, tire market
in India is projected to record $8.5 Billion market size in 2016. The country’s
tire market is dominated by the replacement tire segment on account of expanding
automotive fleet. The volume sales in India are largely driven by two-wheeler
tires followed by the passenger car and medium & heavy commercial vehicle
tires. In 2015, two-wheeler tire sales accounted for majority of the volume
sales of tires in India. On the other hand, increasing sales of passenger cars on
account of rising disposable income and expanding middle class consumers in the
country has also been boosting passenger car tire demand in both OEM as well as
replacement tire segments.
Launch of ‘Automotive Mission Plan, 2016-2026’ is
anticipated to augment the automobile production in the country in the coming
years, which is expected to drive demand for tires till 2021. Moreover, rising
foreign direct investments are expected to boost the country’s automobile
industry, including the tire market, during the forecast period. In 2015, tire market
in India was dominated by domestic tire players such as MRF, CEAT, Birla Tyres,
TVS Srichakra, Apollo Tyres and JK Tyre & Industries. Few of the leading international
tire brands operating in the country include Goodyear, Bridgestone, Michelin,
Continental, Yokohama, and Hankook.
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Over the last five years, adoption of radial tire technology has
increased significantly in India. Despite almost 100% radialization in the
passenger car tire segment, the country still offers huge growth potential for radialization
in the commercial vehicle and two-wheeler tire segments. With continuing increase
in R&D activities for developing cost-effective radial tires by major
domestic tire companies, coupled with the growing imports of low cost Chinese
radial tires, the adoption of radial tires is anticipated to grow in the coming
years.
“India
Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of India tire market and provides statistics and information on
market size, market share, growth forecast and car owners buying habits in
India. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India tire market.
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