The Indian tire market is expected to witness significant growth at a CAGR of 5.1% during the forecast period (2020-2026). Till 2018, the country was one of the fastest-growing automotive markets all across the globe, however, a downfall in vehicle sales in 2019 & 2020 (due to the COVID-19 pandemic) has been witnessed in the country. However, significant growth in the automotive industry during the forecast period and increasing disposable income of the people are some of the major factors for the growth of the market. Due to rising disposable income, the demand for high-performance tires, and customized tires (go-kart, off-road vehicle) are expected to increase, which will augment the market growth.
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Moreover, a large population share of the country resides in rural areas and are dependent on agriculture. Due to good monsoon and bumper crop production, a significant demand for tires is expected from the rural side, even in the pandemic. The demand is mostly for two-wheelers and commercial vehicles and tractors. However, companies are still facing hurdles in manufacturing due to cases of COVID-19 among employees at the manufacturing sites.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
India Tire Market Report Segment
By Vehicle Type
- Passenger Cars
- Light & Medium Commercial Vehicle
- Heavy Commercial Vehicle
- Two-Wheeler
- Other (Construction, Agricultural, Customized Sports)
By Road Application
- All-Season Tire
- Summer Tire
- Winter Tire
- Other
By Construction
- Radial Tire
- Bias Ply Tire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
- OEM
- Aftermarket
The Report Covers
- Comprehensive research methodology of the Indian Tire market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Indian Tire industry.
- Insights about market determinants which are stimulating the Indian Tire market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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