Report Description

The India Tire Market is anticipated to register at a robust CAGR in terms of value during the forecast period. The estimated growth of the India tire market is propelled by the increasing vehicle sales in the country and rich resources of raw material present in the country. Moreover, many tire manufacturers are establishing their production plants in the country because of the robust government initiatives and policies and availability of skilled labor. Moreover, with the rising disposal income, the Indian peoples are buying premium cars. Thus, the demand for advanced and premium quality tires is increasing which is further expected to drive the growth of the India Tire market during the forecast period. The India’s tire market based on vehicle type is segmented into two-wheeler, passenger car, light commercial vehicle and medium and heavy commercial vehicle, two-wheeler, three-wheeler, and OTR.

Rising Sales of Vehicle

The estimated growth of the India tire market is buoyed by the growth of the automobile industry, i.e., the increase in the ownership of vehicles, increasing innovation in the Indian tire industry; technology-driven production facilities, expanding working population, and a continuous focus on more sustainable products. Moreover, the rising awareness of the environment and quality standards is leading to better product value, which is further anticipated to aid the growth of the India tire industry over the forecast years.

Advancement in Tire Technology

Tire manufacturers are adopting new technologies to reduce costs by automating the process, and by implementing robotics, IOT, and machine learning they are enhancing their efficiency. Technologies such as QuietTred Technology help tire manufacturers to minimize the tire noise and at the same time also helps in reducing vibrations by using noise dampening tread design and optimizes the cavity design as well. All these technologies will have a huge scope in future because of the demand of new tires across India. Efforts have also been underway to deliver flexible technology alternatives for the enhancement of the supply chain across  India. With the safety being a key concern with vertical transport, robust research is being conducted by the tire companies to make process safer and more efficient.

Use of Sustainable Raw Materials for Tire Manufacturing

The companies in the India Tire Market have been making substantial efforts toward achieving sustainability in their processes, products, and services by implementing changes in their operations. The companies have also started using sustainable raw materials for tire manufacturing like use of vegetable byproducts such as soyabean oil in place of petroleum oils. This is resulting in improving manufacturing efficiency and reducing energy consumption. Similarly, the companies are also working on increasing the fuel efficiency of the vehicles by adding innovations to the radial tires. Many of the tire production facilities are working on net zero carbon emission plans by introducing renewable energy sources. For example, Bridgestone has set a goal for net zero emission by 2050.

Developments in Rubber Products

Developments in recycling of end-of-life tires and other rubber-based industrial products is making new alternative for the scrap tires like many key tire players are now using recycled raw material micronized rubber powders (MRP) which has high-performance, long-lasting, low-cost material figures. Similarly, the average lifespan of a vehicle was significantly lower than it is today, this leads to more miles and overall it is acting as one of the driver that is influencing the tire market growth in India, whereas more advanced electric vehicles will have comparatively higher life expectancy, so as the technological advancements in the auto sector continues to grow, average life of the vehicles will also go up, thereby driving the growth of the India tire market.