India Tire Market to be Dominated by Two-Wheeler Segment during the Forecast Period
Increasing sales of the passenger
car and rising demand of tire for two-wheeler in aftermarket is driving the
Indian Tire market through 2028.
According to
the TechSci Research report, " India Tire Market- By Region, Competition, Forecast &
Opportunities, 2018-2028,"
The India tire market is driven by various factors such
as automotive industry in India has been growing rapidly, which has led to an
increase in demand for tires. India has a huge population of over 1.3 billion
people, with a rapidly growing middle class. This has resulted in an increase
in the number of vehicles on the road, which has led to an increase in demand
for tires. The demand for radial tires has increased as it consumes less fuel,
comes with low rolling resistance, and helps in increasing the overall fuel
efficiency (consumes 8–10% less fuel than other tire types) and has better
traction too. All these factors helped in the demand surge of the radial tires and
at the same time the tire manufacturers are also focusing on this segment of
tires, looking at the benefits of the radial tires the regulatory standards
of different countries are also easy for manufacturers to meet. In the past few
years, the increase in focus on the corporate average fuel efficiency (CAFE)
has also led manufacturers to build tires with higher fuel efficiency. Most of
the automotive tires are radial and the automotive companies are also focusing
on keeping minimal kerb weight of the vehicle, which has also led to the growth
in demand for radial tires.
The interesting factor for radial tire growth is
that they provide better road contact, good steering, and improved driving
comfort, with higher resistance against tread-related damage, so overall, all
these factors have influenced automobile manufacturers to use radial tires more
as compared to others. The focus on more lightweight tires which includes using
more sustainable ingredients and recovering end-to-end production capabilities,
is reducing the specific material demand for the tire industry. All this helped
tire manufacturers to improve heat development in tires, and this results in
less overall usage of carbon black. Generally, there is around 22% of the
carbon black composition in the tire. Reducing it helps in cost cutting and
works on lowering emissions, and the other useful composition change ongoing is
the usage of higher components of "silica". This helps in easing the
manufacturing process of the tires and, at the same time, lowers rolling
resistance and improves cut and slip resistance, so overall this improves the
performance of the tires. In two and three-wheeler vehicles, the carbon black
composition is minimized as they do not have to bear the load like commercial
vehicles. Similarly, many of the premium tire brands are switching to more
sustainable techniques like replacing petroleum-based oils with soybean oil as
it is used roughly half as compared to petroleum-based oils in providing the
same level of extension while manufacturing. All these factors are expected to
drive the growth of the India tire market.
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The advancements in eMobility and
low emission hybrid vehicles are generating new demands for the tire industry
like optimized trade design, low noise emissions, and lower rolling resistance,
as electric vehicles have a high level of instant acceleration and electric
engine torque with the additional battery weight, which keeps an additional
strain on the tires and results in high tire wear. Overall, it requires
innovative concepts in tire design and production facilities. As the electric
and hybrid vehicle market grows, there will be a demand for a new segment of
tires with better traction to grip road surfaces. Therefore, the demand of the new
segment of tire will be high soon. Many of the tire manufacturers are
developing tires for this segment by optimizing the composition trends and
implementing new technological advancements like in some models of vehicles,
Goodyear added foam in the tires to make them less noisy. Many other key tires
brands are also introducing new concepts to meet the demand for this segment in
the near future.
Some
of the major players operating in the India Tire Market include:
- CEAT Limited.
- JK Tyre & Industries Ltd
- Bridgestone India Private Limited.
- Birla Tyres Limited
- Goodyear India Limited
- TVS Srichakra Limited.
- Apollo Tyres Ltd
- Continental India Limited
- Balkrishna Industries Limited
- Michelin India Private Limited.
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“Many tire
companies are investing in the research and development department, for the
innovation and improvement of tire. The investment will help in research and
development of the tire for the better driving experience and for the vehicle safety.
The investment by the major tire manufacturing companies will help to make tire
easily available for the buyers in the Indian market, which will further help
in driving the India Tire Market during the forecast period, "said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Tire Market By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two Wheelers, Three Wheelers, OTR), By Demand Category (OEM, &
Aftermarket), By Tire Construction Type (Radial, Bias), By Region (North,
South, East, West), By Company (2022), Competition, Forecast &,
Opportunities, 2018- 2028 has evaluated the
future growth potential of India
Tire Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the India
Tire Market,
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