Expert Market Research’s new report titled ‘Indian Tires Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Indian Tires Market, assessing the market based on its segments such as Vehicle Types , designs, types, distribution channels, tire sizes, price segments and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Historical market size (2020): approximately 177 million units
- Forecast CAGR (2022-2027): 6%
The tire industry is aided by the booming automotive sector. Various favorable government programs such as Make in India and Aatmanirbhar Bharat are also boosting the market growth. The growing demand for cars and two-wheelers is further bolstering the growth of the industry. Furthermore, increasing infrastructure development and emergence of middle class owing to rapid urbanization is propelling the growth of the market. Additionally, increasing sales of automobiles for commercial and industrial activities are driving the growth of the market. With the increasing demand for replacement tires owing to the poor road conditions in the country, the market is witnessing a healthy growth.
Industry definition and major segments
A tire is a rubber covering usually inflated or surrounding an inflated inner tube. It is placed around the wheel to ensure smooth contact with the road. It also absorbs shock from the road surface and supports the weight of the vehicle.
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The main vehicle types for tires are:
- Passenger car
- Light commercial vehicle
- Medium and heavy utility vehicle
- Two-wheelers and three-wheelers
- Off road
Based on Design, the market is segmented into:
Market can be broadly divided on the basis of its type into:
- Tube tires
- Tubeless tires
On the basis of distribution channel, the market is segmented into:
Based on tire size, the industry is categorized into:
Based on price segments, the industry is divided into:
The major regional tire markets in India are:
- North India
- West and Central India
- South India
- Eastern India
India’s tire industry is driven by increased tire production due to low production costs and cheap labor. Rising exports and domestic sales are also expected to contribute to the growth of the market. Rapid urbanization and industrialization is increasing the demand for private vehicles and is expected to drive the market growth. Growth in the construction industry due to the increase in population is also expected to increase the demand for tires used in construction vehicles, further propelling the growth of the industry. Rising research and development (R&D) and development of high-efficiency eco-friendly tires are also expected to drive the market over the forecast period.
Main market players
Major market players include The Goodyear Tire & Rubber Company, Bridgestone Corporation, Apollo Tires Limited, CEAT Limited, JK Tire & Industries Ltd, and MRF Limited, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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* At Expert Market Research, we always strive to give you the latest information. The figures in the article are only indicative and may differ from the actual report.