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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Tyre Market Trends
India is the third-biggest automobile market in the world, the biggest producer of tractors, three-wheelers, and passenger cars, and the second-biggest producer of two-wheelers. In 2023, India produced 5.8 million automobiles in total, which also increased the market share of tyres in India. As the average age of vehicles on Indian roads increases, there is a growing demand for replacement tyres. This has been driven by the increasing awareness of the importance of tyre maintenance and safety.
Furthermore, India's EV finance sector is expected to grow to USD 50 billion by 2030, as per NITI Aayog and the Rocky Mountain Institute (RMI). According to industry reports, the EV market in India would increase at a CAGR of 36% until 2026. Along with companies exploring the rural markets, greater demand for logistics and passenger transportation has collectively boosted the India tyre market opportunities.
India Tyre Market Report Snapshots
India Tyre Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market volume was approximately 190.54 million units.
The market is projected to grow at a CAGR of 6.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach around 339.37 million units by 2032.
The major factors include the expanding automotive production and favourable government initiatives aiding automotive production expansion.
The key trends aiding the market include growing demand for electric vehicles and increasing adoption of technologically advanced tyres.
The different vehicle types include passenger car, light commercial vehicle, medium and heavy commercial vehicle, two wheelers and three wheelers, and off road, among others.
The major distribution channels in the market include OEMs and Replacement.
MRF Limited, Apollo Tyres, JK Tyre & Industries, CEAT Limited, Birla Tyres, Balkrishna Industries, TVS Srichakra, and Goodyear India are some major market leaders.
The decline in automotive sales impacted the distribution of tyres amid COVID-19.
Rising vehicle production and sales boost tyre demand in the country.
North India holds the largest share of the market.
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Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124