Indian tire market is expected to witness significant growth at a CAGR of 5.1% during the forecast period. 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.
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.
India tire market is segmented based on vehicle type, road application, construction, tire type, and sales channel. By vehicle type, the market is further segmented into passenger cars, light & medium commercial vehicles, heavy commercial vehicles, two-wheeler, and other. During the forecast period, passenger cars and two-wheelers are expected to maintain a major market share in the country. In FY 2019, the domestic sales of the two-wheeler in the country were 21 million compared to 24.5 million in FY 2018.
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India Tire Market Segmentation
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 (All-Terrain Tire)
By Construction
- Radial Tire
- Bias PlyTire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
- OEM (Original Equipment Manufacturer)
- Aftermarket (Replacement)
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Company Profiles
- Aeolus Tyre Co. Ltd.
- Apollo Tires Ltd.
- Balkrishna Industries Ltd.
- Bridgestone Corp.
- CEAT Ltd.
- Continental AG
- Goodyear Tire and Rubber Co.
- JKTyre & Industries Ltd.
- Michelin Group
- MRF Ltd.
- Pirelli & C. S.p.A.
- The Yokohama Rubber Co., Ltd.
- TVS Srichakra Ltd.
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