Advanced Tire Market to Grow with a CAGR of 5.70% in India through to 2028
The major drivers for the India Advanced
Tire Market include the rapid expansion of the automotive industry, increasing
consumer demand for fuel-efficient and eco-friendly vehicles, and advancements
in tire technology for improved performance and safety.
According to TechSci Research report, “India
Advanced Tire Market – Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the India Advanced Tire Market stood at USD 235
Million in 2022 and is anticipated to grow with a CAGR of 5.70% in the forecast
period, 2024-2028. The India Advanced Tire Market is witnessing remarkable
growth driven by several key factors. Firstly, the surge in the number of
vehicles on the road has led to a substantial increase in the demand for
replacement tires. As more vehicles hit the streets, the need for reliable and
high-performance tires becomes paramount.
Additionally, the overall growth of the automotive
industry in India has contributed significantly to the expansion of the tire
market. With the rise in vehicle production and sales, the demand for advanced
tires has surged, creating new opportunities for tire manufacturers and
suppliers.
Moreover, technological advancements in tire
manufacturing techniques have played a crucial role in propelling the market
forward. These advancements have led to the development of innovative tire
designs that offer improved performance and durability. Consumers are
increasingly seeking tires that can withstand various road conditions while
delivering optimal grip, traction, and longevity.
Furthermore, the implementation of increased safety
regulations by the government has become another important driver for the
adoption of advanced tires. These regulations aim to enhance road safety by
encouraging the use of tires with superior safety features, such as improved
grip and traction. By reducing the risk of accidents, these tires contribute to
creating a safer driving environment for all road users.
Lastly, the growing consumer demand for improved fuel
efficiency and better ride comfort has also had a significant impact on the
market. Advanced tires are meticulously engineered to offer lower rolling
resistance, resulting in improved fuel economy. With rising fuel prices and
increasing environmental concerns, consumers are increasingly inclined toward
tires that provide better mileage and reduce their carbon footprint.
Additionally, these tires are designed to offer a smoother and more comfortable
ride, enhancing the overall driving experience for vehicle owners.
To sum it up, the India Advanced Tire Market is
experiencing remarkable growth due to various factors, including the increase
in vehicles, the rising demand for replacement tires, technological
advancements, government safety regulations, and consumer preferences for fuel
efficiency and ride comfort. These factors collectively contribute to the
market’s expansion and present lucrative opportunities for industry players in
India’s tire manufacturing sector.
Browse over 26 market data Figures
spread through 91 Pages and an in-depth TOC on “India Advanced Tire Market”
The India Advanced Tire market is a dynamic and
rapidly evolving sector within the automotive industry. It encompasses a wide
range of technologically advanced tire products designed to meet the diverse
needs of Indian consumers who seek superior performance, safety, and
environmental sustainability in their vehicles.
The market has been experiencing robust growth, driven
by several key factors. Firstly, the expansion of the automotive industry in
India has been a significant driver. With a growing middle-class population,
increasing disposable incomes, and urbanization, there is a surging demand for
automobiles across various segments, from compact cars to SUVs and luxury
vehicles. As the number of vehicles on Indian roads continues to rise, so does
the demand for advanced tires that can deliver superior performance, safety,
and durability. This has contributed to the market's substantial growth in
recent years.
In this fiercely competitive landscape, both domestic
and international tire manufacturers play a pivotal role. Leading global tire
companies such as MRF, Apollo Tyres, CEAT, and JK Tyre have established a
strong presence in the market. These companies are renowned for producing
high-quality tires that cater to the specific needs of Indian consumers.
Additionally, international giants like Bridgestone, Michelin, and Continental
also compete in the market, further intensifying the competition. These tire
manufacturers invest heavily in research and development to stay at the
forefront of tire technology, ensuring that their products align with the
evolving demands of the Indian automotive market.
One of the prominent drivers of the India Advanced
Tire market is the increasing emphasis on fuel efficiency. With rising fuel
prices and growing environmental concerns, Indian consumers are increasingly
looking for ways to reduce their carbon footprint and lower fuel consumption.
Advanced tires, designed to minimize rolling resistance, result in improved
fuel efficiency. As a result, consumers are increasingly opting for advanced
tires that not only offer better performance but also help them save on fuel costs,
making fuel-efficient tires a prominent trend in the Indian market.
The demand for high-performance tires is also on the
rise in India. Factors such as an emerging motorsports culture, the increasing
popularity of premium and sports cars, and consumer aspirations for better
driving experiences are driving this trend. High-performance tires offer
superior grip, handling, and braking capabilities, making them attractive to
enthusiasts and performance-oriented consumers. This trend has led to advanced
tire manufacturers investing in developing tires that can meet the demands of
the growing high-performance vehicle segment, catering to a niche but
increasingly influential market.
India's diverse climate and road conditions have led
to a growing demand for all-season tires. These tires are designed to perform
well in various weather conditions, from scorching summers to monsoon rains.
The convenience of not having to switch between seasonal tires is appealing to
Indian consumers, especially those in regions with extreme weather variations.
Advanced tire manufacturers are responding to this trend by developing
all-season tire options that can handle India's diverse climate, providing consumers
with a single tire solution that meets their year-round needs.
Smart tire technology is emerging as a notable trend
in the India Advanced Tire market. Smart tires are equipped with sensors and
connectivity features that provide real-time data on tire pressure,
temperature, tread wear, and road conditions. This data enhances safety,
performance, and fuel efficiency. As consumers become more tech-savvy and
connected vehicles gain traction in the Indian market, the adoption of smart
tire technology is expected to grow. This trend aligns with the broader global
shift toward connected and autonomous vehicles.
Sustainability and green initiatives are also
increasingly influencing the India Advanced Tire market. With growing awareness
of environmental issues, consumers are looking for tires that are eco-friendly
and sustainable. Advanced tire manufacturers are responding by developing tires
that incorporate recycled materials, reduce rolling resistance, and have a
lower environmental impact throughout their lifecycle. This trend aligns with
India's broader efforts to promote sustainable transportation solutions and
reduce carbon emissions, making eco-friendly tires a key focus area for the
industry.
In conclusion, the India Advanced Tire market is a
thriving and dynamic sector within the automotive industry. It caters to the
evolving needs and preferences of Indian consumers who prioritize performance,
safety, and environmental sustainability in their vehicles. With a strong
emphasis on innovation, intense competition, and a commitment to addressing key
market trends, this market is poised for continued growth and technological
advancement in the years to come. Advanced tire manufacturers in India are well-positioned
to benefit from these trends by continually innovating and delivering tire
technologies that meet India's unique automotive landscape.
Major companies operating in India Advanced Tire
Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“The major drivers for the India Advanced Tire Market
are numerous. They include an increase in the number of vehicles, a rise in the
demand for replacement tires, and growth in the automotive industry.
Technological advancements in tire manufacturing are also propelling the market
forward. Additionally, increased safety regulations by the government are
pushing the use of advanced tires, while the growing demand from consumers for
improved fuel efficiency and better ride comfort are contributing to the market
growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“India Advanced Tire Market – India
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(On-Highway Vehicle and Off-Highway Vehicle), By Technology (On-Highway Vehicle
Technology and Off-Highway Vehicle Technology), By Tire Type (Run-Flat, Airless
and Pneumatic), By Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers
and Others), By Region, Competition”, has evaluated
the future growth potential of India Advanced Tire Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Advanced Tire Market.
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