India Tire Market Size Set to Grow at Steady CAGR of 5.54% to Reach Volume of 256.24 Million Units by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India tire market size at 185.42 million units in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India tire market size is to grow at a steady CAGR of 5.54% reaching a value of 256.24 million units by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India tire market size at 185.42 million units in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India tire market size is to grow at a steady CAGR of 5.54% reaching a value of 256.24 million units by 2029. The increased demand for radial tires, owing to their improved performance and fuel efficiency, is a major driver driving the growth of the India tire market. This trend is being driven by the increasing number of automobiles on Indian roads, as well as government programs encouraging road safety and automotive standards. Also, tubeless tires are becoming more popular due to their greater safety and simplicity. To address environmental concerns, there is also a clear shift towards eco-friendly and energy-efficient tires. Overall, the market is seeing an increase in online tire sales, which are facilitated by e-commerce platforms and offer consumers a simple and cost-effective choice. These patterns reflect the changing demands and tastes of Indian tire consumers.
India Tire Market – Overview
A tire is a round, rubberized covering that is wrapped around a wheel's rim to provide traction, support the vehicle's weight, and absorb road surface vibrations. It is an essential part of any vehicle, whether it is a car, truck, motorcycle, or bicycle. Tires are designed with a tread pattern that improves traction in a variety of road situations, such as wet or dry surfaces. They are often constructed from a mix of synthetic rubber, natural rubber, cloth, and different chemical compounds. Tires exist in a variety of sizes and types to meet a variety of vehicles and use, assuring road safety, stability, and maneuverability.
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Impact of COVID-19 on India Tire Market
The COVID-19 pandemic dealt a severe blow to India's 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 has 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 – By Design
On the basis of design, India tire market is divided 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.
Competitive Landscape
India tire market is fiercely competitive. Major companies in the market include MRF Limited, CEAT Limited, JK Tire & Industries Ltd., Bridgestone India Private Limited, Birla Tires Limited, Goodyear India Limited, TVS Srichakra Limited, Apollo Tires Ltd, Continental India Limited, and Balkrishna Industries Limited. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India tire market.
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