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Monday, April 25, 2022

India Tyre Market to be Driven by the Growing Automotive Sector in the Forecast Period of 2022-2027

The new report by Expert Market Research titled, ‘India Tyre Market Report and Forecast 2022-2027’, gives an in-depth analysis of the India tyre market, assessing the market based on its segments like vehicle types, designs, types, distribution channels, tyre sizes, price segments, 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 and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

  • Historical Market Size (2020): Approximately 177 Million Units
  • Forecast CAGR (2022-2027): 6%

The tyre industry is being aided by the flourishing automotive sector. Various favourable government schemes such as Make in India and Aatmanirbhar Bharat are also driving the market growth. The rising demand for cars and two-wheelers is further bolstering the industry growth. In addition, the surging infrastructural development and the emergence of the middle class owing to rapid urbanisation are propelling the market growth. Furthermore, the increasing sales of automobiles for commercial and industrial activities are aiding the market growth. With the surging demand for replacement tyres due to poor roads in the country, the market is witnessing a healthy growth.

Industry Definition and Major Segments

A tyre is a rubber covering that is usually inflated or surrounds an inflated inner tube. It is placed around the wheel to ensure soft contact with the road. It also absorbs the shock of the road surface and carries the weight of the vehicle.

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The major vehicle types for tyres are:

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

Based on the design, the market is segmented into:

  • Radial
  • Bias

The market can be broadly divided on the basis of its type into:

  • Tube Tyres
  • Tubeless Tyres

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

  • OEM
  • Replacement

Based on the tyre size, the industry is classified into:

  • Small
  • Medium
  • Large

On the basis of price segments, the industry is divided into:

  • Low
  • Medium
  • High

The major regional markets of tyres in India are:

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

Market Trends

The India tyre industry is being driven by the rising production of tyres due to low production costs and cheap labour. The rising export and domestic sales are also expected to aid the market growth. Rapid urbanisation and industrialisation are increasing the demand for private ownership of vehicles and are expected to drive the market growth. The growth in the construction industry due to the surging population is also expected to escalate the demand for tyres used in construction vehicles, further propelling the industry growth. Increasing research and development (R&D) and the development of eco-friendly tyres providing high efficiency are also anticipated to drive the market in the forecast period.

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, and 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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company’s expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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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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