Press Release

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

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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