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India was the fourth-largest tire market after China, Europe, and the United States in 2019. India is gradually transforming itself into an Auto Export hub, actively exporting automobiles to Bangladesh, Nepal, UAE, Africa, and the Netherlands. India produced around 3.8 million automobiles in 2018 and is the fourth largest manufacturer of automobiles. Leading companies in India produces light commercial vehicles, heavy commercial vehicles, and passenger car, etc.
According to the MarkNtel Advisors’ research report titled “India Tire Market Analysis, 2020”, the country's tire market exceeded USD 9 billion by 2019.
Radial Tires Led the Passenger Car Segment
The tire market in India is considered to be undergoing radicalization as almost 90% of the radial tires are deployed in passenger cars as compared to the 10% of bias tires used in passenger cars. According to the MarkNtel Advisors, a radial tire is anticipated to hold a larger market share as compared to bias tires during 2020-25. Moreover, light commercial vehicles still have a significant percentage of bias tires. Around 40% of radial tires and 60% of bias tires are used in light commercial vehicles, and around 36% of radial tires and 64% of the bias tires are used in trucks and buses.
Based on the rim diameter, the 15.1” to 18” tires have widespread usage in passenger cars. As the production of passenger cars such as Sedans, SUVs, and Hatchbacks is more as compared to any other vehicles, the demand for 15.1” to 18” tires is significantly magnifying.
Based on the region, the South India region is home to leading manufacturing companies such as MRF and Apollo. MRF as its manufacturing base in Kerala, Puducherry, Arakonam, Tamil Nadu and Telangana and Goa. Moreover, companies are now focusing on setting up units in Gujarat due to its vast coastline and cross-border trade. The units sold in South region were estimated to be around 32.85% as compared to 30.10% in West in 2018.
According to the MarkNtel Advisors, the major leading players are MRF, Apollo, CEAT, JK Tyres, Birla Tyres, Balakrishna Tires, Bridgestone, TVS, Continental, and Goodyear among others. Companies are investing in India as most as the major section is replacement demand form where the major demand is generated. Apollo Tires plans to invest USD 41.84 million for 2019 for greenfield plant in Andhra Pradesh. MRF company has defined a target of investing around USD 142.2 million per year in R&D. MRF launched Nylogrip Ezeeride tires for two-wheeler motorbikes to ensure safe driving and efficient water channeling in 2019.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report India Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of India Tire Market during 2020-25?
A. The market size of India Tire Market during 2020-25 is forecast to be around 2.4%.
Q. Who are the key competitors or players operating in India Tire Market?
A. MRF, Apollo, CEAT, JK Tyres, Birla Tyres, Balakrishna Tires, Bridgestone, TVS, Continental, Goodyear and few others are the leading players in the India Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which region grabbed the highest market share and emerge as an opportunity area for players in India Tire Market?
A. Based on the region, the South region is home to leading manufacturing companies such as MRF and Apollo. MRF as its manufacturing base in Kerala, Puducherry, Arakonam, Tamil Nadu and Telangana and Goa. Moreover, companies are now focusing on setting up units in Gujarat due to its vast coastline and cross-border trade. The units sold in South region were estimated to be around 32.85% as compared to 30.10% in West in 2018.
Q. Which Vehicle type segment would emerge as an opportunity area for players in India Tire Market?
A. The two-wheeler segment led the tire market by the largest market share in 2019. Moreover, with increasing sales of passenger and commercial vehicles, the demand for tires is surging at a robust rate.
Q. Which Tire type segment would emerge as an opportunity area for players in India Tire Market?
A. The tire market in India is considered to be undergoing radicalization as almost 90% of the radial tires are deployed in passenger cars as compared to the 10% of bias tires used in passenger cars. A radial tire is anticipated to hold a larger market share as compared to bias tires during 2020-25. Moreover, light commercial vehicles still have a significant percentage of bias tires. Around 40% of radial tires and 60% of bias tires are used in light commercial vehicles and around 36% of radial tires and 64% of the bias tires are used in trucks and buses.
Q. Which Rim Size segment would emerge as an opportunity area for players in India Tire Market?
A. Based on the rim diameter, the 15.1” to 18” tires have widespread usage in passenger cars. As the production of passenger cars such as Sedans, SUVs, and Hatchbacks is more as compared to any other vehicles, the demand for 15.1” to 18” tires is magnifying.
Q. Which sales Channel segment would emerge as an opportunity area for players in India Tire Market?
A. Major players in the country such as Dunlop, CEAT, Goodyear and MRF are selling their tires in through their exclusive distributors. The country has the existence of these major players operating in the market that have a vast distribution network. The prevalence of online sales is almost nil in the country, but sales through online channels are expected to grow in the forecast period.
