India Tire Market is Projected to Undergo a CAGR of 5.60% Through 2025
Rising demand for passenger cars & other commercial
vehicles coupled with rising disposable income are expected to boost India tire
market growth in coming years.
According to TechSci Research report, “India
Tire Market By Vehicle Type (Passenger Car,
LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast & Opportunities,
2025”, India tire market is projected to undergo a CAGR of around 5.60%
during the forecast period. Key factors propelling the growth of India tire
market are continuously expanding vehicle fleet and rising vehicles sales on
account of rising per capita disposable income of the country. India accounts
for fifth largest passenger car market and world’s biggest motorcycle market.
Apart from that, the county is also the biggest market for commercial vehicles.
All these factors lead to high demand of tires from India automotive industry.
In addition, expanding ventures by leading automobile manufacturers are further
anticipated to compliment the country’s tire market over the next five years. According
to a data released in January 2020, there are over 250 million
scooters/motorcycles on Indian roads along with 40 million cars and 10 million
commercial vehicles. Furthermore, in 2018, Indian tire market contributed to around
3% of the manufacturing GDP of the country. It also accounts for 0.5% of the
total GDP. Moreover, the India tire market derives major portion of its revenue
from domestic market. The market doubled from Rs 30,000 crores in 2010-11 to Rs
59,500 crores in 2017-18.
Browse 3 market data Tables and 78 Figures spread through 125 Pages and an in-depth TOC n "India Tire Market"
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India tire market is segmented based on vehicle type,
demand category, radial vs bias, rim size and region. Based on vehicle type,
the market can be categorized into passenger car, LCV (Light Commercial
Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road
Vehicles), two-wheeler and three -wheeler. Among them, the two-wheeler segment
accounted for volume share of more than 50% with a CAGR of 53.83% in 2019,
followed by the passenger car tire segment. Also, the two wheeler segment is
projected to hold a market share of around 49.27% by 2025. However, with
escalating middle-class population, the passenger car segment is expected to
experience fastest growth and witness a market share of around 24.17 % through
2025.
Based on demand category, India tire market can be
categorized into OEM and replacement. Between the two, replacement segment
dominated the India tire market until 2019 with 56.47% market share. The
segment is further anticipated to maintain its dominant position and hold a
market share of around 54.70%.
Leading market players operating in India tire market are
MRF Limited, Birla Tyres Limited, Goodyear India Limited, CEAT Limited, JK Tyre
& Industries Ltd., Bridgestone India Private Limited, TVS Srichakra
Limited, Apollo Tyres Ltd., Continental India Limited, and Balkrishna
Industries Limited. Increasing presence of various domestic tire companies such
as MRF Limited, CEAT Limited, JK Tyre &
Industries Ltd., Apollo Tyres, etc., as well
as major international brands including Bridgestone, Goodyear, Michelin,
Continental, etc. across the country is expected to further intensify market
competition in India tire market over the next five years. MRF is the most recognized tire
brand across India as 80% of the respondents expressed knowledge of brand in
the consumer survey conducted by TechSci Research. The company registered more
than$2 Billion annual revenue in 2019 indicating highest satisfaction level
among tire customers across the country.
Over the last decade, various leading domestic as well as
international automobile OEMs have been increasing their investments in the
country’s automobile industry. The same trend is anticipated to continue over
the next five years as well, consequently positively influencing the country’s tire
market through 2025. “With booming construction industry and growing vehicle
fleet, demand for tires is expected to grow at a robust pace across India in
medium to long term. Moreover, consistently rising vehicle sales, increasing
construction & infrastructure developments and growing urbanization would continue
to stimulate tire demand in the country during the forecast period.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
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“India Tire Market Vehicle Type (Passenger
Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Rim Size, By Region, Forecast &
Opportunities, 2025”
has analyzed the potential of tire market across India, 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 India tire market.
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