The India Tire Market is expecting around 6.6% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The rapidly increasing fleet size of two-wheelers & passenger cars owing to the improved economic conditions of people is the prime aspect driving the tire industry in India. Besides, the extensive presence of some prominent tire manufacturers in the country & their constant innovations in their product offerings are also driving the market.
Moreover, massive investments by the Indian government in infrastructural developments associated with public transportation and the growing deployment of EVs (Electric Vehicles) in order to curb the rising levels of carbon emissions are compelling tire manufacturers to develop EV-compatible tires and increase their overall production capacities to meet the burgeoning end-user requirements for tires in the future.
Nonetheless, with various ongoing & upcoming construction projects across India, the demand for commercial vehicles & equipment is rapidly surging and instigating the need for the robust OTR tires for enhanced operational efficiency & worker safety in critical activities, thereby augmenting the overall market growth, further states the research report, “India Tire Market Analysis, 2022.”
Mounting Demand for Two-Wheelers owing to Rising Traffic Congestion Would Drive the Tire Industry
The rapidly increasing traffic congestion, various ongoing developments associated with the road infrastructure, and the rising of middle & lower-middle-income populations are augmenting the sales of two-wheelers and, consequently, the demand for two-wheeler tires across India.
Besides, the growing public awareness about the versatility, availability, & affordability of these vehicles and the importance of timely inspection of tires for enhanced vehicle safety & performance are other prominent factors promoting the sales of two-wheeler tires and, in turn, fueling the overall growth of the tire industry in India.
The leading companies in the India Tire Market include MRF, Apollo, CEAT, JK Tyres, Birla Tyres, Balakrishna Tires, Bridgestone, TVS, Continental, and Goodyear.
Key Questions Answered in the Research Report