Dublin, Oct. 10, 2024 (GLOBE NEWSWIRE) -- The "India Tyre Market, By Region, Competition, Forecast and Opportunities 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The India Tyre Market was valued at USD 12.84 billion in 2024, and is expected to reach USD 29.16 billion by 2030, rising at a CAGR of 8.21%
The India Tyre market is a dynamic and rapidly expanding sector, reflecting the country's growing automotive industry and economic development. Driven by factors such as rising vehicle ownership, increased infrastructure projects, and urbanization, the market exhibits robust growth across various segments, including passenger cars, commercial vehicles, and two-wheelers.
The surge in vehicle production and sales is a primary driver, with an expanding middle class and increasing disposable incomes contributing to higher demand for both new and replacement tyre. The market is witnessing a shift towards radial tyre, known for their superior performance, fuel efficiency, and durability. This shift is influenced by advancements in tyre technology and growing awareness among consumers about the benefits of radial tyres over traditional bias-ply options.
The Tyre industry is also adapting to the rise of electric vehicles (EVs), which require specialized tyres designs to accommodate different performance and safety requirements. Innovations in tyres technology, such as enhanced tread patterns and materials, are being developed to meet these new demands and improve overall vehicle efficiency.
Government initiatives, such as investment in road infrastructure and policies to boost domestic manufacturing, play a crucial role in supporting market growth. These initiatives contribute to better connectivity and increased transportation needs, further driving tyre demand. Environmental sustainability is becoming increasingly important, with the industry focusing on eco-friendly manufacturing processes and materials. This trend is in response to growing consumer and regulatory pressure for greener practices.
Tyre Construction Type Insights
Radial tyres are the fastest growing segment in the India tyre market due to several compelling factors that underscore their advantages over traditional bias-ply tyres. Radial tyres offer superior performance in terms of fuel efficiency and durability. Their construction, featuring layers of steel belts beneath the tread, enhances the tyres strength and flexibility, leading to reduced rolling resistance. This results in better fuel economy for vehicles, a key consideration for cost-conscious consumers and fleet operators in India, where fuel efficiency is a significant factor in vehicle operating costs.
Radial tyres provide improved handling and stability. The design of radial tyres allows for a larger contact area with the road, which enhances grip and traction, especially in varying road conditions. This improved performance contributes to greater vehicle safety and comfort, addressing consumer preferences for better driving experiences and reliable road performance.
The growing emphasis on safety and vehicle performance is driving the adoption of radial tyres. They offer better resistance to heat and wear, leading to a longer lifespan compared to bias-ply tyres. This durability translates to lower replacement frequency and reduced long-term costs, which is appealing to both individual consumers and commercial fleet operators.
The shift towards radial tyres is also supported by advancements in tyre technology and increased consumer awareness. As more information becomes available about the benefits of radial tyres, such as their contribution to enhanced safety and lower operational costs, consumers are increasingly opting for them. Government policies promoting automotive industry growth and infrastructure development are facilitating the rise in radial tyre adoption. With better road conditions and improved vehicle standards, the advantages of radial tyres become even more pronounced. Combination of performance benefits, safety enhancements, durability, and increasing consumer awareness makes radial tyres the fastest-growing segment in India's tyre market.
Regional Insights
North India dominates the India Tyre market due to a confluence of economic, demographic, and infrastructural factors that drive tyre demand in the region. North India has a substantial and diverse automotive market, including passenger cars, commercial vehicles, and two-wheelers. The region's economic growth, urbanization, and increasing vehicle ownership contribute to significant tyre consumption. Cities like Delhi, Mumbai, and Chandigarh are major automotive hubs, with high vehicle registrations and a robust transportation network that drives tyre demand.
North India's strategic location as a key transportation and logistics corridor enhances its market dominance. The region serves as a major transit point for goods moving between northern and southern parts of India, resulting in high demand for commercial vehicle tyres. Improved infrastructure, including highways and expressways, supports the efficient movement of goods and influences tyre usage.
North India's large and growing middle class is contributing to increased vehicle ownership. Rising incomes and living standards lead to higher consumer spending on automobiles and their maintenance, including tyres. The region's expanding automotive market is characterized by a growing preference for vehicle upgrades and replacements, further fueling tyre demand. The presence of major tyre manufacturers and distribution networks in North India also bolsters its market position. Many tyre companies have established manufacturing plants, warehouses, and retail outlets in the region, ensuring a steady supply of tyres and contributing to market dominance.
Government policies and incentives aimed at boosting the automotive and manufacturing sectors in North India are enhancing market growth. Investments in infrastructure and manufacturing capabilities support the region's tyre market expansion. North India's dominant position in the tyre market is driven by its significant automotive sector, strategic transportation routes, growing consumer base, and supportive industry infrastructure.
Report Scope:
Competitive Landscape
- Products & Services
- Financials (As Per Availability)
- Key Market Focus & Geographical Presence
- Recent Developments
- Key Management Personnel
Key Market Players in India's Tyre Market Include
- MRF LIMITED
- Apollo Tyres Ltd
- JK Tyre & Industries Ltd
- CEAT Limited
- Balkrishna Industries Limited (BKT)
- Goodyear India Limited
- CONTINENTAL TYRES INDIA PVT LTD.
- Yokohama India Pvt. Ltd
- Hankook Tire & Technology Co., Ltd
- TVS SRICHAKRA LIMITED
India Tyre Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
- OTR
India Tyre Market, By Demand Category:
- OEM
- Replacement
India Tyre Market, By Tyre Construction Type:
- Radial
- Bias
India Tyre Market, By Region:
- North
- South
- East
- West
For more information about this report visit https://www.researchandmarkets.com/r/wfglh3
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