Report Overview

India Tire Market – Industry Trends & Forecast Report, 2029

India tire market size was estimated at 185.42 million units in 2022. During the forecast period between 2023 and 2029, the size of India tire market is projected to grow at a CAGR of 5.54% reaching a volume of 256.24 million units by 2029. Major factor driving the growth of India tire market is a growing demand for radial tires, primarily due to their superior performance and fuel efficiency. The increasing number of vehicles on Indian roads, coupled with government initiatives promoting road safety and vehicle standards, is driving this trend. Also, there is a rising preference for tubeless tires as they offer improved safety and convenience. Further, there is a noticeable shift towards eco-friendly and energy-efficient tires to address environmental concerns. Overall, the market is witnessing a surge in online tire sales, facilitated by e-commerce platforms, providing consumers with a convenient and cost-effective option. Overall, these trends reflect the evolving needs and preferences of Indian consumers in the tire market.

India Tire Market - Overview

A tire is a circular, rubberized covering that is placed around the rim of a wheel to provide traction, support the vehicle's weight, and absorb shocks from the road surface. It is a vital component of any vehicle, be it a car, truck, motorcycle, or bicycle. Tires are engineered with a tread pattern that enhances grip on different road conditions, such as wet or dry surfaces. They are typically made from a combination of synthetic rubber, natural rubber, fabric, and various chemical compounds. Tires come in different sizes and types to accommodate various vehicles and purposes, ensuring safety, stability, and maneuverability on the road.

Growth Drivers

Accelerating Vehicle Sales Propelling India's Tire Market to New Heights

India tire market is experiencing a significant growth driver in the form of rapidly expanding vehicle sales. With a burgeoning middle class and increased consumer spending power, the demand for automobiles has skyrocketed, leading to a surge in tire requirements. Rising disposable incomes, urbanization, and improved road infrastructure have contributed to the escalating vehicle ownership rates. This surge in vehicle sales has created a substantial market for tires, driving tire manufacturers to meet the growing demand. The trend is expected to continue as the Indian automotive industry thrives, presenting lucrative opportunities for tire companies to capitalize on this upward trajectory and further bolster the country's tire market.

Restraints

Volatile Raw Material Prices

In recent years, India's tire market has witnessed impressive growth fueled by the country's booming economy and expanding automotive sector. However, this progress is not without its challenges. A significant restraint facing the Indian tire industry is the mounting pressure from escalating raw material costs. The prices of essential materials such as rubber, steel, and chemicals have surged, straining the profit margins of tire manufacturers. Despite efforts to optimize production processes and explore alternative sourcing options, the persistent inflation in raw material prices poses a formidable obstacle, potentially leading to increased tire costs for consumers and impacting the overall growth trajectory of the Indian tire market.

Impact of COVID-19 on India Tire Market

The COVID-19 pandemic dealt a severe blow to India tire market, resulting in significant disruptions and a sharp decline in demand. The stringent lockdown measures imposed to curb the spread of the virus led to the closure of manufacturing facilities and disrupted supply chains, severely affecting tire production and distribution. Also, the economic downturn and restricted mobility during the pandemic resulted in reduced vehicle sales and lower demand for replacement tires. As a result, the Indian tire industry faced substantial challenges, with manufacturers and suppliers grappling to adapt to the evolving market dynamics and restore growth in the post-pandemic era.

India Tire Market

Segmental Coverage

India Tire Market – By Vehicle Type

On the basis of vehicle type, India tire market is segmented into Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Two Wheelers & Three Wheelers, Off-the-Road (OTR) Vehicles, and Others. The Indian tire market is segmented into various categories, with the passenger cars segment emerging as the largest among them. This segment encompasses tires designed specifically for passenger vehicles, ranging from compact cars to luxury sedans. India's growing middle class and increasing disposable income have contributed to the surge in passenger car sales, driving the demand for high-quality and durable tires. However, it is important to note that the Indian tire market is not solely reliant on the passenger cars segment. Other significant segments include LCVs, M&HCVs, two wheelers & three wheelers, as well as the OTR vehicles segment, each catering to their respective vehicle types and market requirements.

India Tire Market – By Design

On the basis of design, India tire market is split into Radial and Bias segments. These segments play a crucial role in defining the market dynamics. Among them, the radial segment stands out as the largest in terms of market share and prominence. Radial tires have gained widespread popularity due to their superior performance, durability, and fuel efficiency compared to Bias tires. The demand for radial tires has been fueled by factors such as increasing vehicle sales, infrastructure development, and growing awareness about the benefits they offer. Thus, the radial segment dominates the Indian tire market, reflecting the preferences of consumers and the industry's focus on advanced tire technology.

India Tire Market – By Distribution Channel

Based on distribution channel, India tire market is bifurcated into OEMs and Replacement segments. Among these segments, the Replacement segment holds significant prominence and accounts for a larger share of the Indian tire market. The replacement segment refers to the market for tires that are purchased as replacements for existing tires on vehicles. This segment thrives due to factors such as wear and tear, punctures, or the need for better performance. As vehicle ownership continues to rise and the demand for tire replacements grows, the replacement segment maintains its dominance, making it the larger segment in the India's tire market by distribution channel.

India Tire Market – By Type

On the basis of type, India tire market is divided into Tube and Tubeless segments. This classification plays a crucial role in determining the type of tires used across various vehicles in the country. With India being one of the world's largest automobile markets, the tire industry has experienced significant growth. Among these segments, the Tubeless segment holds a dominant position, catering to the evolving demands of consumers. Tubeless tires offer several advantages, such as improved safety, better fuel efficiency, and reduced chances of sudden deflation. Thus, they have gained immense popularity and are widely preferred over traditional tube tires in India's dynamic automotive landscape.

India Tire Market – By Tire Size

On the basis of tire size, India tire market is segmented into Small, Medium, and Large. Among these segments, the large segment holds the highest market share. This segment captures a significant share of the market, indicating its prominence and influence. With a substantial customer base and demand, the Large segment reflects the preferences and needs of a sizable portion of the Indian population. Thus, businesses operating in this segment have a wide scope for growth and expansion, making it a crucial focus area for tire manufacturers and distributors in India.

India Tire Market – By Price Range

By price, India tire market is divided into Low, Medium, and High segments. Among these segments, the largest one stands out in terms of market share and consumer demand. The size of this particular segment is substantial, indicating a significant portion of the overall market. It attracts a wide range of customers who seek tires with various features and price points. This segment's prominence showcases its dominance in the Indian tire market, reflecting the preferences and requirements of a considerable number of consumers in India.

India Tire Market – By Region

Geographically, India tire market is divided into North India, South India, East India, and West India regions. South India stands out as the largest segment. Spanning over an expansive area, South India comprises the states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, along with the union territories of Lakshadweep and Puducherry. Its vastness encompasses diverse landscapes, including lush forests, hill stations, backwaters, and beaches. South India is renowned for its cultural heritage, ancient temples, cuisine, and festivities. The region's prominence in terms of size and cultural diversity makes it a captivating destination for travelers, offering a wide array of experiences that showcase the splendor of India's southernmost region.

Competitive Landscape

Major players in the India tire market include MRF Limited, CEAT Limited, JK Tyre & Industries Ltd, Bridgestone India Private Limited, Birla Tyres Limited, Goodyear India Limited, TVS Srichakra Limited, Apollo Tyres Ltd, Continental India Limited, and Balkrishna Industries Limited. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Vehicle Type

• Passenger Cars

• Light Commercial Vehicles (LCVs)

• Medium & Heavy Commercial Vehicles (M&HCVs)

• Two Wheelers & Three Wheelers

• Off-the-Road (OTR) Vehicles

• Others

By Design

• Radial

• Bias

By Distribution Channel

• OEMs

• Replacement

By Type

• Tube

• Tubeless

By Tire size

• Small

• Medium

• Large

By Price Range

• Low

• Medium

• High

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Tire Market Insights
   1. Industry Volume Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Production And Sales Of Passenger And Commercial Vehicles
         2. Growth and Expansion of Automotive Industry
      2. Restraints
         1. Fluctuating Prices of Raw Materials
      3. Opportunities
         1. Wide Availability of Tires Through Offline and Online Distribution Channels
         2. Developments in Rubber Products
      4. Challenges
         1. Stringent Government Regulations Related To Safety, Labeling, and Environmental Concerns
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Passenger Cars
         2. Light Commercial Vehicles (LCVs)
         3. Medium & Heavy Commercial Vehicles (M&HCVs)
         4. Two Wheelers & Three Wheelers
         5. Off-the-Road (OTR) Vehicles
         6. Others
      2. By Design
         1. Radial
         2. Bias
      3. By Distribution Channel
         1. OEMs
         2. Replacement
      4. By Type
         1. Tube
         2. Tubeless
      5. By Tire size
         1. Small
         2. Medium
         3. Large
      6. By Price Range
         1. Low
         2. Medium
         3. High
      7. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
      2. By Design
      3. By Distribution Channel
      4. By Type
      5. By Tire Size
      6. By Price Range
6. South India Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
      2. By Design
      3. By Distribution Channel
      4. By Type
      5. By Tire Size
      6. By Price Range
7. East India Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
      2. By Design
      3. By Distribution Channel
      4. By Type
      5. By Tire Size
      6. By Price Range
8. West India Tire Market
   1. Market Size & Forecast, 2019–2029
      1. By Volume (Million Units)
   2. Market Share & Forecast
      1. By Vehicle Type
      2. By Design
      3. By Distribution Channel
      4. By Type
      5. By Tire Size
      6. By Price Range
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Tire Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. MRF Limited
    2. CEAT Limited
    3. JK Tyre & Industries Ltd.
    4. Bridgestone India Private Limited
    5. Birla Tyres Limited
    6. Goodyear India Limited
    7. TVS Srichakra Limited
    8. Apollo Tyres Ltd
    9. Continental India Limited
    10. Balkrishna Industries Limited
    11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       India Tire Market Segmentation

Figure 2       India Tire Market Volume Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Tire Market Size, By Volume (Million Units), 2019–2029

Figure 5       India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Figure 6       India Tire Market Share, By Design, By Volume, 2019–2029

Figure 7       India Tire Market Share, By Distribution Channel, By Volume, 2019–2029

Figure 8       India Tire Market Share, By Type, By Volume, 2019–2029

Figure 9       India Tire Market Share, By Tire Size, By Volume, 2019–2029

Figure 10     India Tire Market Share, By Price Range, By Volume, 2019–2029

Figure 11     India Tire Market Share, By Region, By Volume, 2019–2029

Figure 12     North India Tire Market Size, By Volume (Million Units), 2019–2029

Figure 13     North India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Figure 14     North India Market Share, By Design, By Volume, 2019–2029

Figure 15     North India Market Share, By Distribution Channel, By Volume, 2019–2029

Figure 16     North India Market Share, By Type, By Volume, 2019–2029

Figure 17     North India Tire Market Share, By Tire Size, By Volume, 2019–2029

Figure 18     North India Tire Market Share, By Price Range, By Volume, 2019–2029

Figure 19     South India Tire Market Size, By Volume (Million Units), 2019–2029

Figure 20     South India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Figure 21     South India Market Share, By Design, By Volume, 2019–2029

Figure 22     South India Market Share, By Distribution Channel, By Volume, 2019–2029

Figure 23     South India Market Share, By Type, By Volume, 2019–2029

Figure 24     South India Tire Market Share, By Tire Size, By Volume, 2019–2029

Figure 25     South India Tire Market Share, By Price Range, By Volume, 2019–2029

Figure 26     East India Tire Market Size, By Volume (Million Units), 2019–2029

Figure 27     East India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Figure 28     East India Market Share, By Design, By Volume, 2019–2029

Figure 29     East India Market Share, By Distribution Channel, By Volume, 2019–2029

Figure 30     East India Market Share, By Type, By Volume, 2019–2029

Figure 31     East India Tire Market Share, By Tire Size, By Volume, 2019–2029

Figure 32     East India Tire Market Share, By Price Range, By Volume, 2019–2029

Figure 33     West India Tire Market Size, By Volume (Million Units), 2019–2029

Figure 34     West India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Figure 35     West India Market Share, By Design, By Volume, 2019–2029

Figure 36     West India Market Share, By Distribution Channel, By Volume, 2019–2029

Figure 37     West India Market Share, By Type, By Volume, 2019–2029

Figure 38     West India Tire Market Share, By Tire Size, By Volume, 2019–2029

Figure 39     West India Tire Market Share, By Price Range, By Volume, 2019–2029

List of Tables

Table 1        India Tire Market Size, By Volume (Million Units), 2019–2029

Table 2        India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Table 3        India Tire Market Share, By Design, By Volume, 2019–2029

Table 4        India Tire Market Share, By Distribution Channel, By Volume, 2019–2029

Table 5        India Tire Market Share, By Type, By Volume, 2019–2029

Table 6        India Tire Market Share, By Tire Size, By Volume, 2019–2029

Table 7        India Tire Market Share, By Price Range, By Volume, 2019–2029

Table 8        India Tire Market Share, By Region, By Volume, 2019–2029

Table 9        North India Tire Market Size, By Volume (Million Units), 2019–2029

Table 10      North India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Table 11      North India Market Share, By Design, By Volume, 2019–2029

Table 12      North India Market Share, By Distribution Channel, By Volume, 2019–2029

Table 13      North India Market Share, By Type, By Volume, 2019–2029

Table 14      North India Tire Market Share, By Tire Size, By Volume, 2019–2029

Table 15      North India Tire Market Share, By Price Range, By Volume, 2019–2029

Table 16      South India Tire Market Size, By Volume (Million Units), 2019–2029

Table 17      South India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Table 18      South India Market Share, By Design, By Volume, 2019–2029

Table 19      South India Market Share, By Distribution Channel, By Volume, 2019–2029

Table 20      South India Market Share, By Type, By Volume, 2019–2029

Table 21      South India Tire Market Share, By Tire Size, By Volume, 2019–2029

Table 22      South India Tire Market Share, By Price Range, By Volume, 2019–2029

Table 23      East India Tire Market Size, By Volume (Million Units), 2019–2029

Table 24      East India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Table 25      East India Market Share, By Design, By Volume, 2019–2029

Table 26      East India Market Share, By Distribution Channel, By Volume, 2019–2029

Table 27      East India Market Share, By Type, By Volume, 2019–2029

Table 28      East India Tire Market Share, By Tire Size, By Volume, 2019–2029

Table 29      East India Tire Market Share, By Price Range, By Volume, 2019–2029

Table 30      West India Tire Market Size, By Volume (Million Units), 2019–2029

Table 31      West India Tire Market Share, By Vehicle Type, By Volume, 2019–2029

Table 32      West India Market Share, By Design, By Volume, 2019–2029

Table 33      West India Market Share, By Distribution Channel, By Volume, 2019–2029

Table 34      West India Market Share, By Type, By Volume, 2019–2029

Table 35      West India Tire Market Share, By Tire Size, By Volume, 2019–2029

Table 36      West India Tire Market Share, By Price Range, By Volume, 2019–2029

Table 37      MRF Limited Company Overview

Table 38      MRF Limited Financial Overview

Table 39      CEAT Limited Company Overview

Table 40      CEAT Limited Financial Overview

Table 41      JK Tyre & Industries Ltd. Company Overview

Table 42      JK Tyre & Industries Ltd. Financial Overview

Table 43      Bridgestone India Private Limited Company Overview

Table 44      Bridgestone India Private Limited Financial Overview

Table 45      Birla Tyres Limited Company Overview

Table 46      Birla Tyres Limited Financial Overview

Table 47      Goodyear India Limited Company Overview

Table 48      Goodyear India Limited Financial Overview

Table 49      TVS Srichakra Limited Company Overview

Table 50      TVS Srichakra Limited Financial Overview

Table 51      Apollo Tyres Ltd Company Overview

Table 52      Apollo Tyres Ltd Financial Overview

Table 53      Continental India Limited Company Overview

Table 54      Continental India Limited Financial Overview

Table 55      Balkrishna Industries Limited Company Overview

Table 56      Balkrishna Industries Limited Financial Overview