Tire Market in India Set to Grow at CAGR 9% till 2022
Strengthening
automotive sector, increasing sale of vehicles, increasing production as well
as continuously expanding automobile fleet across various regions is likely to
drive the India tire market through 2022
According to TechSci Research report, “India Tire Market Forecast &
Opportunities, 2022”, the country’s tire market is estimated to grow at a CAGR of over 9%, in value terms, during 2017-2022. The
major driver for the expanding tire market of India can be accounted to the hastening
sale of various segment vehicles among citizens due to the introduction of wide
variety of new vehicle models in the domestic market as well as growing
purchasing power among the citizens of the country.
With an expanding volume share of over 50% in India tire market, the two-wheeler
tire segment dominated the overall tire industry in India, followed by the
market of passenger car Light Commercial Vehicles, Medium & Heavy
Commercial vehicles, three-wheelers and OTR vehicles. On account of various
features such as higher convenience, designing, comfort, affordability, fuel
efficiency, mechanisms (automatic transmission), etc. demand for two-wheelers
in the country is increasing, especially among the youth. On the other hand, factors such as availability
of raw materials, wide consumer base and various untapped opportunities are
attracting several M&HCV players to set up their manufacturing units in the
country. Moreover, India also exports commercial vehicles across South East
Asia, African and other neighbouring countries
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With a volume share of more than 30%
during 2016, in overall market of India, the demand for tires in the industry
was widely generated from the West region of the India. The dominating presence
of various Indian brands and multinational companies like MRF, JK Tyre, Apollo,
TVS, Bridgestone, Michelin, Goodyear,etc. intensified the tire market of the
country during 2016. Moreover, the widespread presence of well-established
network of dealers and distributors, is enhancing the market share of the above
mentioned renowned tire companies in India.
“With increasing infrastructure projects in the country, the Indian industry
would able to further attract a huge foreign investment from various countries
across the different region in coming years, the Indian government plans to
make the country a hub for foreign car manufacturers. As a result, several
automobile companies are investing or planning to invest in the country’s
automobile industry. The same trend is anticipated to continue over the next
five years as well, consequently positively influencing the India tire market
during 2017-2022”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India
Tire Market Forecast & Opportunities, 2022” has analyzed the potential of India tire
market, and provides statistics and information on market sizes, shares and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
About TechSci Research
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