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Thursday, July 1, 2021

India Tyre Market to be Driven by Increasing Demand for Automobiles and Favourable Government Regulations for Automotive and Tyre Industry in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘India Tyre Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Indian tyre market, assessing the market based on its segments like vehicle type, design, distribution channel, tyre size, price segment and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours

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The key highlights of the report include:

Market Overview (2016-2026)

  • Historical Market Size (2020): 177 Million Units
  • Forecast CAGR (2021-2026): 3.6%
  • Forecast Market Size (2026): 218 Million Units

Tyres are an indispensable part of vehicles like cars, trucks, motorbikes, etc. They are necessary for changing the direction of the vehicle and absorb shock from the road surface. Therefore, the tyre industry is heavily dependent on the growth of the automotive industry which is a rapidly flourishing industry in India and also is expected to become the world’s third largest market in the coming years, according to Invest India. Rising exports of vehicles and a comprehensive package of INR 51,000 crores under Atmanirbhar Bharat Abhiyan to promote and strengthen manufacturing of automotive in India will also boost the market for tyres in the country. In addition to this, the growing demand for cars and two-wheelers among the emerging middle-class and rural areas and the consequent rise in the domestic sales in the country is shooting the market for tyres higher.

Industry Definition and Major Segments

A tyre is a thick, circular, and ring-like part of a vehicle made up of rubber and fitted on the rims. It is filled with compressed air. Its helps in maintaining a contact between the vehicle and the ground and providing grip. Modern tyres can also be made up of different materials like synthetic rubber, fabric, steel wires or other materials.

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Based on the vehicle types, the market can be divided into:

  • Passenger Car
  • Light Commercial Vehicle
  • Medium and Heavy Commercial Vehicle
  • Two Wheelers and Three Wheelers
  • Off Road
  • Others

The market can be broadly categorised on the basis of its design into:

  • Radial
  • Bias

The major types of tyre are:

  • Tube Tyres
  • Tubeless Tyres

On the basis of the distribution channel, the market is segmented into:

  • OEM
  • Replacement

The market, on the basis of the tyre size, is classified into:

  • Small
  • Medium
  • Large

The significant price segments of the tyre industry are:

  • Low
  • Medium
  • High

The regional markets encompass:

  • North India
  • West and Central India
  • South India
  • East India

Market Trends

The Indian government has announced to provide a package worth INR 18,000 crores to increase the public bus transport service which will exponentially boost the tyre market in the country. Additionally, in June 2020, the government imposed a restriction on the import of pneumatic tyres used in various automotive like racing cars, scooters, bicycles etc. This will consequently bolster the production of such tyres in the Indian market itself. As the production costs and labour rates fall, it will reinforce the aforementioned opportunities in the market. The growing construction work, due increasing population, rapid urbanization and infrastructure build-ups, augment the demand for construction vehicles which add to the growing trajectory of the Indian tyre market.

Research and development and launch of innovative and eco-friendly tyres have also taken place in the market. 3-D printed tyres for sustainable mobility are one such example. Future developments like self-inflating tyre, fossil-free tyre or other advancements are expected to lead the Indian tyre market to heights in the coming years.

Key Market Players

The major players in the market are The Goodyear Tyre & Rubber Company, Bridgestone Corporation, Apollo Tyres Limited, CEAT Limited, JK Tyre & Industries Ltd., MRF Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

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**We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.


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