Thriving India Tire Market Anticipated Reach of USD 21.27 Billion Worth by 2030 at a CAGR of 12.17%

India Tire Market - Forecast 2025-2030

The India Tire Market is projected to experience robust growth, driven by an array of factors including increasing vehicle production, economic development, and the rising demand for eco-friendly tire solutions. According to the latest market research report by MarkNtel Advisors, the tire market is anticipated to grow from approximately USD 11.98 billion in 2024 to around USD 21.27 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 12.17% during the forecast period spanning from 2025 to 2030.

Scope of the Report

This comprehensive report thoroughly investigates the India Tire Market, presenting detailed analyses on market size and share, growth trends, competitive landscapes, and emerging opportunities. The report encompasses historical data from 2020 to 2023, a comprehensive analysis of key market drivers, challenges, regulatory frameworks, and insights into market dynamics that will shape the industry's future.

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Key components of the report include:

Market Overview
Segmentation Analysis
Competitive Landscape
Recent Developments and Strategic Initiatives
Future Market Outlook (2025-2030)

Market Drivers

Robust Economic Growth: The tire market in India is primarily fueled by strong economic growth, leading to increased disposable income among consumers. This economic stability encourages higher expenditures on automobiles, consequently propelling the demand for new tires as vehicles are purchased.
Increasing Vehicle Production: A significant increase in the production of passenger cars, commercial vehicles, and two-wheelers further strengthens the tire market. As vehicle ownership rises, the need for both OEM (Original Equipment Manufacturer) and replacement tires escalates.
Government Initiatives: The Indian government's focus on improving infrastructure, such as rural connectivity and public transportation development, is boosting the demand for commercial vehicles, which in turn drives the tire market.

Market Segmentation

The India Tire Market can be segmented based on the following criteria:

By Vehicle Type:

Two Wheelers
Three Wheelers
Passenger Cars
Light Commercial Vehicles (LCVs)
Medium & Heavy Commercial Vehicles
Off the Road (OTR) Vehicles

Among these segments, two-wheelers are projected to dominate, attributed to their affordability and growing popularity among Indian consumers. Passenger cars will also make a significant contribution to overall market growth.

By Tire Type:

Radial Tires
Bias Tires

Radial tires are expected to capture a substantial market share, largely due to their efficiency, stability, and decreasing rolling resistance, which appeals to a wide consumer base.

Key Players

The competitive landscape of the India Tire Market features several prominent key players, including:

MRF
Apollo Tyres
CEAT
JK Tyres
Birla Tyres
Balakrishna Tires
Bridgestone
TVS Srichakra
Continental
Goodyear
Others

These players are focused on expanding production capacities, introducing innovative tire technologies, and enhancing features to meet consumer demands effectively.

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Geographic Insights

East

Bihar
Orissa
Jharkhand
West Bengal
Chhattisgarh
North-Eastern States

West

Rajasthan
Gujarat
Goa
Maharastra
Madhya Pradesh

North

Jammu & Kashmir
Punjab
Uttar Pradesh
Uttarakhand
Haryana
Himachal Pradesh

South

Andhra Pradesh
Karnataka
Kerala
Tamil Nadu
Telangana

The tire market landscape in India showcases varied growth opportunities across different regions. States experiencing substantial vehicle production and sales, such as Maharashtra, Tamil Nadu, and Delhi, are key to driving market growth. The improved infrastructure and increasing road connectivity contribute significantly to tire demand across urban and rural settings alike.

Key Questions

What strategies are tire manufacturers adopting to compete in the rapidly growing Indian market?
How is the rise of electric vehicles affecting tire demand in India?
What are the projected market shares of major tire types in the next five years?
How do fluctuations in raw material prices impact the tire manufacturers' pricing strategies?
What role does government policy play in shaping the future of the tire industry in India?

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