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
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of India Tire Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the India Tire Market?
4. Who are the key competitors or market players and how they perform in India Tire market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of India Tire Market study?