The India Electric Vehicle Tire Market t is projected to grow at a CAGR of more than 100% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the active participation of the government in boosting the sales of Electric Vehicles through greater encouragement, tax incentives, schemes, and plans, among others, to bring electrification to the country and address the alarming environmental concerns & emissions.
With such support, the fleet size for EVs is mounting and propelling the demand for compatible tires. The same aspect is also generating lucrative opportunities for the prominent players in the industry to bring new EV tire variants into the market that complement the vehicle and drive the industry. Besides, with Road transport accounting for 90 percent of the carbon emission, the government is leaving no stone unturned to attain clean and sustained mobility across the nation.
Moreover, with the presence of various programs & plans like the National Electric Mobility Mission Plan 2020 (NEMMP) and Faster Adoption & Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme, among others, the entire EV industry is set to gain traction & directly influence the market growth, further states the research report, “India Electric Vehicle Tire Market Analysis, 2022.”
Massive Popularity of Two-Wheelers in Sub-Urban & Rural Areas to Drive the Market
Based on the Vehicle Type, Two-Wheelers are anticipated to make a substantial contribution to the expansion of the India Electric Vehicle Tire Market through 2027. This growth attributes to the high number of the low-income population preferring two-wheelers as a convenient mode of transportation regularly and to eliminate issues like road congestion. It, in turn, is demonstrating a higher vehicle fleet for two-wheelers and their direct influence on the tire market.
Besides, with a rise in the female-working population, the demand & sales for two-wheelers have gained swift momentum. It, in turn, is also instigating automakers to introduce an expansive range of two-wheelers at affordable prices and attracting tire manufacturers to bring compatible tires, catering the market growth. Such aspects hint toward a presence of lucrative opportunities & significant market growth through 2027.
The leading players in the India Electric Vehicle Tire Market t are Apollo Tyres, Bridgestone, Ceat Tire, Continental AG, Cooper Tire & Rubber Company, Goodyear Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Michelin, Nokian Tyres, Pirelli & C. S.p.A., Yokohama Rubber Co. Ltd., Others
Key Questions Answered in the Research Report