India Tyre Market to Grow with a CAGR of 8.21% through 2030

The India Tyre market is expanding due to increased vehicle sales, infrastructure development, and rising transportation needs. There is a growing demand for durable, fuel-efficient tyres and a shift towards radial tyres, especially in commercial and passenger vehicles.

According to the TechSci Research report, " India Tyre Market- By Region, Competition, Forecast & Opportunities, 2020-2030F," India Tyre Market was valued at USD 12.84 Billion in 2024 and is expected to reach USD 29.16 Billion by 2030 with a CAGR of 8.21% during the forecast period. The India tyre market is experiencing significant growth, driven by factors such as increased vehicle ownership, infrastructure development, and heightened transportation needs. This market is characterized by a rising preference for durable and fuel-efficient tyres, alongside a shift towards radial tyres for both commercial and passenger vehicles. The growing focus on vehicle safety and performance is influencing consumer choices, while advancements in tyre technology and manufacturing processes are enhancing product offerings. The expansion of e-commerce and distribution networks is improving market accessibility. Overall, the India tyre market is evolving with innovation and increased demand across various segments.

The India tyre market is a vital segment of the country’s automotive and transportation sector, driven by robust economic growth and rising vehicle ownership. As India’s economy expands, more people are able to afford vehicles, leading to increased demand for tyres across various segments, including passenger cars, two-wheelers, and commercial vehicles. This surge in vehicle ownership is accompanied by a growing need for reliable and high-performance tyres to ensure safety and efficiency on the road.

Infrastructure development in India further fuels the tyre market’s growth. The government’s focus on building and upgrading road networks, including highways and expressways, has a significant impact on the demand for tyres. Enhanced road infrastructure requires tyres that can perform well under different road conditions, including rough and uneven surfaces. This has led to increased adoption of advanced tyre technologies that offer better durability and performance.

Technological advancements in tyre manufacturing are also shaping the market. Innovations such as radial tyres, which offer improved fuel efficiency and longer lifespan compared to traditional bias-ply tyres, are becoming increasingly popular. Additionally, there is a growing emphasis on developing tyres that provide better traction, reduced rolling resistance, and enhanced safety features. These technological advancements are crucial for meeting the evolving needs of vehicle owners and addressing the challenges posed by diverse driving conditions in India.

The shift towards more sustainable and eco-friendly tyre solutions is another important trend in the India market. With increasing awareness about environmental issues, there is a rising demand for tyres that are not only high-performing but also environmentally friendly. Manufacturers are exploring ways to reduce the environmental impact of tyre production and develop products that are recyclable and made from sustainable materials.

The market is characterized by a competitive landscape with numerous players offering a wide range of products. Companies are focusing on expanding their product portfolios and improving their distribution networks to capture a larger share of the market. There is also a growing emphasis on enhancing customer service and providing value-added services, such as tyre maintenance and repair, to build customer loyalty and differentiate themselves from competitors.

Despite the positive growth trends, the India tyre market faces several challenges. Fluctuations in raw material prices, such as natural rubber and synthetic materials, can impact production costs and pricing strategies. Additionally, the market is influenced by regulatory changes and environmental standards that require manufacturers to adapt their processes and products. The economic fluctuations and changes in consumer behavior can also affect demand patterns and market dynamics.

The India tyre market is poised for continued growth, driven by increasing vehicle ownership, infrastructure development, and technological advancements. As the industry adapts to evolving trends and addresses the challenges it faces, it is expected to remain a key player in supporting India’s transportation needs and contributing to the country’s economic development.

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India Tyre Market is segmented by Vehicle Type, Demand Category, Tyre Construction Type and Region.

Based on demand category, In the India Tyre market, the Original Equipment Manufacturer (OEM) segment dominated due to several key factors. First, the growth in vehicle production directly fuels demand for OEM tyres. As the automotive industry expands with rising vehicle sales and new models, OEMs require tyres that meet specific quality and performance standards, ensuring their vehicles perform optimally. OEMs often work closely with tyre manufacturers to develop tyres that are tailored to the specific requirements of their vehicles, such as handling, durability, and safety. This collaboration ensures that the tyres provided meet stringent standards and enhance the vehicle’s overall performance. OEMs typically prefer to source tyres from established, reputable manufacturers who can deliver consistent quality and reliability. Another significant factor is the long-term relationships between OEMs and tyre manufacturers. Tyre companies often enter into exclusive agreements with vehicle manufacturers, securing contracts that provide steady, reliable demand. These agreements are crucial for tyre manufacturers as they offer a stable revenue stream and facilitate long-term planning and investment in technology and production. OEM tyres are integral to maintaining brand reputation. Vehicle manufacturers aim to provide high-quality products to their customers, and equipping vehicles with high-performance tyres is a critical component of achieving this goal. The alignment between vehicle and tyre performance enhances the overall driving experience, which is essential for customer satisfaction and brand loyalty. OEMs benefit from economies of scale. Large volumes of tyre procurement allow for cost efficiencies, which can be advantageous in negotiating favorable terms with tyre suppliers. This cost efficiency further consolidates the OEM segment's dominance in the market, making it a significant driver of demand within the India tyre industry.

Some of the major players operating in the India Tyre Market include:

• MRF LIMITED
• Apollo Tyres Ltd
• JK Tyre & Industries Ltd
• CEAT Limited
• Balkrishna Industries Limited (BKT)
• Goodyear India Limited
• CONTINENTAL TYRES INDIA PVT LTD.
• Yokohama India Pvt. Ltd
• Hankook Tire & Technology Co., Ltd
• TVS SRICHAKRA LIMITED 

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“Many tyre companies are investing in the research and development department, for the innovation and improvement of tyre. The investment will help in research and development of the tyre for the better driving experience and for the vehicle safety. The investment by the major tyre manufacturing companies will help to make tyre easily available for the buyers in the India market, which will further help in driving the India tyre Market during the forecast period, "said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“India Tyre Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Demand Category (OEM, Replacement), By Tyre Construction Type (Radial, Bias), By Region, Competition, Forecast & Opportunities, 2020-2030F", has evaluated the future growth potential of India Tyre 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 the India Tyre Market,