India Tyre Market Report by Vehicle Type (Two Wheelers, Three Wheelers, Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off the Road), OEM and Replacement Segment (OEM Tyres, Replacement Tyres), Domestic Production and Imports (Domestic Production, Imports), Radial and Bias Tyres (Bias Tyres, Radial Tyres), Tube and Tubeless Tyres (Tube Tyres, Tubeless Tyres), Tyre Size (Small, Medium, Large), Price Segment (Low, Medium, High), and Region 2024-2032
India Tyre Market Outlook 2024-2032:
The India tyre market size reached 196.3 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 253.9 Million Units by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032. The growing production of automobiles, inflating income levels of individuals, and rising demand for vehicles represent some of the key factors driving the market.
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Report Attribute
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Key Statistics
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Base Year
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2023
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Forecast Years
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2024-2032
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Historical Years
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2018-2023
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Market Size in 2023
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196.3 Million Units |
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Market Forecast in 2032
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253.9 Million Units |
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Market Growth Rate 2024-2032
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3%
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A tyre is a circular and ring-like part of a vehicle that is fitted on rims and filled with compressed air. It is manufactured from natural rubber, synthetic rubber, fabric, steel wires, carbon black, and some more compounds. It can deal with various forces acting on the vehicle during its motion to support the load of the vehicle. It has a lower fuel consumption due to less rolling resistance and helps absorb impact and increases general comfort. It also provides cushions against shocks and allows high flexibility of vehicles while maintaining their stability, as the tyre sidewall and tread are independent of each other due to radial ply cords. It assists in maintaining contact between the vehicle and the ground by providing the desired traction. As it also aids in getting a better grip on snowy and icy surfaces due to the high content of rubber, the demand for tyre is rising in India.
India Tyre Market Trends:
At present, there is a rise in the demand for tyres due to the growing production of automobiles. This, along with the increasing export activities of vehicles, such as tractors, buses, heavy trucks, and cars, represents one of the key factors supporting the growth of the market in India. Besides this, the growing sale of cars and two-wheelers on account of inflating income levels of individuals in India is offering a favorable market outlook in the country. In addition, there is an increase in the demand for vehicles in rural areas due to the lack of public transport. This, coupled with the rising utilization of tyres in all types of vehicles, including passenger cars, buses, military vehicles, motorcycles, and trucks, is propelling the growth of the market in the country. Moreover, the reduced costs of logistics, which make Indian tyre manufacturers more competitive compared to their global peers, and enable them to export more out of the country, is strengthening the growth of the market. Apart from this, the increasing levels of automation and renaissance in manufacturing tyres are offering lucrative growth opportunities to industry investors in India. Additionally, the Government of India is promoting the manufacturing of automobiles in the country through initiatives like Atmanirbhar Bharat Abhiyan.
India Tyre Industry Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India tyre market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on vehicle type, OEM and replacement segment, domestic production and imports, radial and bias tyres, tube and tubeless tyres, tyre size and price segment.
Vehicle Type Insights:
- Two Wheelers
- Three Wheelers
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Off the Road
The report has provided a detailed breakup and analysis of the India tyre market based on the vehicle type. This includes two wheelers, three wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles, and off the road. According to the report, two wheelers represented the largest segment.
OEM and Replacement Segment Insights:
- OEM Tyres
- Replacement Tyres
A detailed breakup and analysis of the India tyre market based on the OEM and replacement segment has also been provided in the report. This includes OEM tyres and replacement tyres. According to the report, replacement tyres accounted for the largest market share.
Domestic Production and Imports Insights:
- Domestic Production
- Imports
A detailed breakup and analysis of the India tyre market based on the domestic production and imports has also been provided in the report. This includes domestic production and imports. According to the report, domestic production accounted for the largest market share.
Radial and Bias Tyres Insights:
- Bias Tyres
- Radial Tyres
A detailed breakup and analysis of the India tyre market based on the radial and bias tyres has also been provided in the report. This includes bias tyres and radial tyres. According to the report, radial tyres accounted for the largest market share.
Tube and Tubeless Tyres Insights:
- Tube Tyres
- Tubeless Tyres
A detailed breakup and analysis of the India tyre market based on the tube and tubeless tyres has also been provided in the report. This includes tube tyres and tubeless tyres.
Tyre Size Insights:
- Small
- Medium
- Large
A detailed breakup and analysis of the India tyre market based on the tyre size has also been provided in the report. This includes small, medium, and large. According to the report, small accounted for the largest market share.
Price Segment Insights:
- Low
- Medium
- High
A detailed breakup and analysis of the India tyre market based on the price segment has also been provided in the report. This includes low, medium, and high.
Regional Insights:
- North India
- East India
- West and Central India
- South India
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, West and Central India, South India, and East India. According to the report, West and Central India was the largest market for India tyre. Some of the factors driving the West and Central India tyre market included the wide availability through online distribution channels, thriving automotive industry, rising demand for cars, etc.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the India tyre market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., Apollo Tyres Ltd, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report. For each of the companies covered, the report provides business overview, services offered, business strategies, financials, SWOT analysis, and major news and events.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | Million Units |
| Segment Coverage | Vehicle Type, OEM and Replacement Segment, Domestic Production and Imports, Radial and Bias Tyres, Tube and Tubeless Tyres, Tyre Size, Price Segment, Region |
| Region Covered | North India, East India, West and Central India, South India |
| Companies Covered | MRF Limited, CEAT Limited, JK Tyre & Industries Ltd. and Apollo Tyres Ltd. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India tyre market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the India tyre market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India tyre industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.
Key Questions Answered in This Report
The India tyre market volume was 196.3 Million Units in 2023. The rising utilization of passenger, luxury, and electric vehicles (EVs), on account of the inflating urbanization levels and the expanding expenditure capacities of individuals, is primarily driving the India tyre market. Additionally, the growing number of fatal road accidents and the increasing focus on driver's safety are propelling the demand for premium quality automotive components that have a longer operational life, enhanced stability and reliability, high puncture resistance, etc. Moreover, the increasing adoption of innovative product variants in premium crossover utility vehicles (CUVs) and sport utility vehicles (SUVs) is acting as a significant growth-inducing factor.
As per the IMARC Group, the India tyre market is anticipated to reach a volume of 253.9 Million Units by 2032. The increasing export activities of numerous vehicles, such as tractors, buses, heavy trucks, cars, etc., are expected to primarily drive the India tyre market in the coming years. Additionally, the escalating demand for enhanced driver comfort while driving and the high sales of personal automobiles, owing to the inflating disposable income levels, will continue to augment the regional market for tyres. Additionally, the elevating requirement for heavy-duty vehicles across the construction, defense, and agriculture industries is also expected to propel the market growth. Several other factors, such as the improving road conditions and the increasing consumer awareness of tyre maintenance and safety contributing to the replacement demand, will continue to bolster the India tyre market over the forecasted period. Moreover, numerous key players are investing in the development of innovative tyre technologies, including low rolling resistance tyres, tubeless tyres, and advanced tread patterns, which are expected to create various lucrative growth opportunities for the regional market.
The growing number of regional tyre manufacturing facilities based on the high prevalence of the ‘Make in India’ trend, is currently driving the India tyre market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in temporary closure of numerous manufacturing units for vehicles, thereby limiting the overall demand for tyres.
Based on the vehicle type, the India tyre market can be segmented into two wheelers, three wheelers, passenger cars, light commercial vehicles, medium and heavy commercial vehicles, and off the road. Among these, two wheelers currently account for the largest market share.
Based on the OEM and replacement segment, the India tyre market has been divided into OEM tyres and replacement tyres. Currently, replacement tyres exhibit a clear dominance in the market.
Based on the domestic production and imports, the India tyre market can be segregated into domestic production and imports, where domestic production currently holds the majority of the total market share.
Based on the radial and bias tyres, the India tyre market has been bifurcated into radial tyres and bias tyres. Currently, radial tyres account for the largest market share.
Based on the tyre size, the India tyre market can be divided into small, medium, and large. Among these, small sized tyre currently exhibits a clear dominance in the market.
On a regional level, the market has been classified into North India, East India, West and Central India, and South India, where West and Central India currently dominates the India tyre market.
The market leader in the tyre industry in India can vary over time due to changing market dynamics and competition. However, MRF (Madras Rubber Factory) is one of the leading and most recognized tyre manufacturers in India, with its strong market position, extensive product range, and commitment to quality. It continues to be a significant player in the Indian tyre industry, serving the diverse needs of customers across various vehicle segments. Moreover, the other prominent key players in the tyre industry are CEAT, Apollo, JK Tyre, Bridgestone, Goodyear, Continental, Michelin, Yokohama, and Pirelli.
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