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.

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.

Some of the key players of the Indian tire market include JK Tyre & Industries Ltd., CEAT Ltd., Apollo Tires Ltd., MRF Ltd. Bridgestone Corp., Continental AG, among others. The market players are significantly contributing to the market growth by adopting various strategies including mergers, & acquisitions, collaborations, new product launch, and geographical expansion, to stay competitive in the market. A significant opportunity is expected for the companies established in the country. It is due to the fact that in June 2020, the government of India banned the import of certain tiers in the country used in cars, buses, lorries, and motorcycles. It is to promote the “Make in India” initiative by the government. 

Research Methodology

The market study of the India tire market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts as to bring more authenticity to the reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

The report is intended for tire manufacturers & distributors, automakers, auto-ancillary companies, start-ups, venture capitalists, seed funders, research organizations, and other related organizations for overall market analysis and competitive analysis. The report provides an in-depth analysis of market size, products offered by the companies, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation

1. India Tire Market Research and Analysis by Vehicle Type
2. India Tire Market Research and Analysis by Road Application 
3. India Tire Market Research and Analysis by Construction
4. India Tire Market Research and Analysis by Tire Type
5. India Tire Market Research and Analysis by Sales Channel

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.