India Tire Market Size & Insights

The India Tire Market size is valued at around USD 11.98 billion in 2024 & is projected to reach USD 21.27 billion by 2030. The market is also estimated to grow at a CAGR of around 12.17% during the forecast period, i.e., 2025-30.

The India Tire Market is significantly growing due to several growth factors, including the rapidly growing gaming industry, the rising demand for electronic devices, including TVs, smartphones, monitors, wearables, etc., the infrastructural development & expansion of production facilities, and the integration of artificial intelligence in India Tire. 

What are the Key DROs in the India Tire Market?

Robust Economic Growth & Increasing Vehicle Production –  The main factors driving the tire market in India are, in fact, the country's strong economic development and increasing vehicle production. India's middle class has been growing, and disposable incomes have increased due to the country's significant economic growth. This increasing economic growth has augmented consumers' expenditures on automobiles. To meet the rising need for both personal and commercial transportation, there has been a notable growth in vehicle production. Because every new vehicle needs tires, the market for tires in India is directly boosted by this increase in vehicle production.

The government's emphasis on improving rural connectivity and infrastructure also increases demand for commercial vehicles, which augments the size & volume of the tire industry in the country. The emergence of electric vehicles and improvements in tire technology are also driving the growth & expansion of the tire industry in India. India's position in the global tire industry is further strengthened by the growing emphasis on manufacturing capabilities and exports. The tire industry's continuous growth and development are supported by these elements working together to produce a vibrant environment.

What are the Key Segments in the India Tire Market?

The India Tire is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

-By Demand Category

  • OEM- Market Size & Forecast 2020-2030, Thousand Units
  • Aftermarket- Market Size & Forecast 2020-2030, Thousand Units

-By Price Category

  • Budget- Market Size & Forecast 2020-2030, Thousand Units
  • Economy- Market Size & Forecast 2020-2030, Thousand Units
  • Premium- Market Size & Forecast 2020-2030, Thousand Units

-By Tire Size

  • Tire Size 1- Market Size & Forecast 2020-2030, Thousand Units
  • Tire Size 2 - Market Size & Forecast 2020-2030, Thousand Units
  • Tire Size 3 - Market Size & Forecast 2020-2030, Thousand Units
  • Tire Size 4 - Market Size & Forecast 2020-2030, Thousand Units
  • Tire Size 5 - Market Size & Forecast 2020-2030, Thousand Units

-By Vehicle Type

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

Amongst all, two-wheelers are anticipated to dominate the India Tire Market with the largest market share during 2025-30.

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-By Type of Tire

  • Radial
  • Bias

Here, radial tires are anticipated to dominate the market with the largest market share during the forecast period, principally due to the growing vehicle fleet for passenger cars & light commercial vehicles (LCVs) across India.

How does geographical analysis highlight in the India Tire market?

-By Region

  • East
  • West
  • North
  • South

Who are the Key Players in India Tire Market?

  • MRF
  • Apollo Tyres
  • CEAT
  • JK Tyres & Industries Ltd.
  • Balakrishna Tires
  • TVS Srichakra Ltd.
  • Goodyear India
  • Bridgestone India Pvt. Ltd.
  • Michelin India Pvt. Ltd.
  • Others

India Tire Industry Recent Development:

April 2023: A well-known tire manufacturer, CEAT Limited, partnered with a CEAT dealer, Bharat Tyres Gujarat Pvt Ltd., to create a cutting-edge truck service hub in Gandhidham.

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Why This MarkNtel Advisors Research Report:

  • In-depth Market Analysis: Understand trends and dynamics shaping growth.
  • Segmented Insights: Target specific segments for focused strategies.
  • Geographical Performance: Assess market opportunities by geographic area.
  • Emerging Technologies: Discover advancements like AI integration.
  • Risk Identification: Pinpoint challenges to inform strategic planning.
  • Future Forecasts: Prepare for market changes with actionable projections.

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