According to TechSci Research report – India Tire Market Forecast & Opportunities, 2021 – India’s tyre market is projected to become worth more than $8.5 billion in 2016. Currently, the replacement tyre sector dominates the Indian tyre market. In terms of volume, India’s tyre market is driven largely by two-wheeler tyres, followed by passenger car and commercial vehicle segments. In 2015, the sale of two-wheeler tyres accounted for majority of the volume sales. On the other hand, increasing passenger car sales have also been boosting tyre demand in both OEM as well as replacement tyre segments.
The launch of Automotive Mission Plan, 2016-2026 is anticipated to enhance the automobile production in India in the coming years and this is expected to drive the demand for tyres till 2021. Moreover, rising FDIs are expected to boost the country’s automobile industry, including the tyre market, during the forecast period. In 2015, the Indian tyre market was dominated by domestic players such as MRF, CEAT, Birla Tyres, TVS Srichakra, Apollo Tyres and JK Tyre & Industries. The international tyre brands operating in the country include Goodyear, Bridgestone, Michelin, Continental, Yokohama and Hankook.
Over the last five years, India has seen increased adoption of radial tyre technology. Despite almost 100 per cent radialisation (presence and use of radial tyres) in the passenger car tyre segment, India still has a lot of potential for growth when it comes to radialisation in the commercial vehicle and two-wheeler segments. The increase in research and development by domestic players to make cost-effective radial tyres, coupled with growing low-cost Chinese imports, the process of radialisation of commercial vehicle and two-wheeler segments in expected to happen at a fast rate.
There is a lot more insight the study provides as far as the future of the India tyre market is concerned. It provides statistics and information on market size, market share, growth forecast and car owner buying habits in India. Besides, the report also identifies and analyses the emerging trends, along with essential drivers, challenges and opportunities, in the Indian tyre industry.
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Source: PR Newswire