January 08, 2021
According to the research report titled ‘India Tire Market Analysis, 2020‘, available with Market Study Report LLC, India tire market surpassed USD 9 million in 2019 and is expected to witness considerable growth during 2020-2025
India acquired fourth position in the tire market in 2019, after China, Europe, and the United States. Also, India is emerging as an Auto Export hub, by exporting automobiles to several countries such as Bangladesh, Nepal, UAE, Africa, and the Netherlands. Hence, flourishing automobile industry and presence of abundant market players in the region is driving the growth of India tire market.
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With respect to the tires, India tire market is classified into bias and radial. Among these, the radial tire segment is currently witnessing rapid growth, and is expected to amass significant gains in coming years as passenger cars make use of 90% of the radial tires.
Based on type of vehicles, India tire market is segmented into passenger car, buses and trucks, medium and heavy commercial vehicles, two wheelers, off the road (OTR), light commercial vehicle, and three-wheeler. Among those, light commercial vehicles use 40% of radial tires and 60% of bias tires. Whereas, buses and trucks make use of 36% of radial tires and 64% of the bias tires.
With respect to demand, India tire industry is segmented into replacement and OEM. Speaking of sales channel, the market is divided into dealer/distributor, online and others. In terms of season, the industry is bifurcated into summer, winter and all season. Based on price, the market is segmented into high, medium and low.
With regards to the rim diameter, India tire market is divided into above 47 inches, 35.1 to 47 inches, 26.1 to 35 inches, 22.6 to 26 inches, 20.1 to 22.5 inches, 18.1 to 20 inches, 15.1. to 18 inches, 12.1 to 15 inches, and up to 12 inches. Among these, the 15.1 to 18 inches tire segment is gaining popularity in recent times owing to its rising utilization in passenger cars.
From a regional frame of reference, South India tire market is witnessing substantial growth owing to presence of leading manufacturing companies such as MRF and Apollo, in the region.
Major players influencing India tire market trends are JK Tyre & Industries, MRF, Bridgestone Corporation, Continental AG, CEAT Ltd., Birla Tyres, Goodyear Tire & Rubber Company, Balkrishna Industries Limited (BKT), Apollo Tyres, and TVS Motor Company Ltd.