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The India Tire Market Size is poised for significant growth, driven by robust demand in both domestic and international markets. With a projected increase from 194.57 million units in 2023 to 239.30 million units by 2030, the market is expected to grow at a CAGR of 3% over the forecast period.

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Market Estimation & Definition

Tires are essential components of vehicles, providing traction, support, and cushioning against shocks. They come in various types, including radial, bias-ply, and tubeless, each designed for specific driving conditions and vehicle requirements. The Indian tire market encompasses the production, distribution, and sale of these tire types across different vehicle segments, including passenger cars, two-wheelers, commercial vehicles, and off-the-road vehicles.

Market Growth Drivers & Opportunities

1. Expansion of the Automotive Sector

India's burgeoning automotive industry, encompassing the production and sales of passenger cars, two-wheelers, and commercial vehicles, is a significant driver for the tire market. As vehicle production scales up, the demand for tires correspondingly increases. 

2. Infrastructure Development

Ongoing and planned infrastructure projects, including road construction and improvement, are enhancing connectivity and transportation efficiency. This expansion stimulates the need for tires across various vehicle categories.

3. Shift Towards Radial Tires

Radial tires, known for their superior performance, fuel efficiency, and durability compared to bias-ply tires, are gaining popularity in India. As consumers become more aware of these advantages, the demand for radial tires continues to grow.

4. Government Initiatives

The Indian government is actively supporting the domestic tire industry through strategic measures, including imposing tariffs on imported tires and providing financial incentives to local manufacturers. These initiatives underscore the commitment to the sector's growth.

5. Rise in Replacement Tire Market

With the average age of vehicles on Indian roads increasing, the need for replacement tires becomes more pronounced. This trend is driving the dominance of the replacement tire market over the OEM (Original Equipment Manufacturer) market.

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Segmentation Analysis

By Tire Type:

• Radial Tires: Dominating the market in 2023, radial tires are expected to maintain their lead due to their construction, which provides stability, better traction, and improved tread life. They are the standard choice for most passenger cars in India, offering a balance of performance, comfort, and fuel efficiency.

• Bias-Ply Tires: While still used in certain applications, bias-ply tires are witnessing a decline in demand due to the superior advantages of radial tires.

• Tubeless Tires: Gaining traction for their safety and maintenance benefits, tubeless tires are becoming increasingly popular among consumers.

By Sales Channel:

• OEM Sales: Expected to hold the largest market share over the forecast period, OEM sales are crucial for tire manufacturers as they establish partnerships with automakers to supply tires for new vehicles. These tires adhere to stringent quality standards, ensuring safety and performance.

• Aftermarket Sales: The replacement tire market is witnessing rapid demand due to rising vehicle ownership and increasing road travel. Improved access to organized retail chains and online tire sales are fueling this segment's growth.

Country-Level Analysis: USA and Germany

United States:

Indian tire manufacturers are exploring opportunities in the U.S. market, focusing on expanding their global footprint. The U.S. market's demand for high-quality, cost-effective tires presents a lucrative opportunity for Indian exporters.

Germany:

Germany, being a hub for automotive innovation, offers a strategic market for Indian tire companies. Collaborations and partnerships with German automotive firms can pave the way for technology exchange and market expansion.

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Competitive Landscape

MRF Ltd.: As India's largest tire manufacturer, MRF has a diverse product portfolio catering to various vehicle segments. The company reported a first-quarter profit of ₹5.63 billion in 2024, surpassing analysts' expectations, driven by strong volume growth and healthy demand in the replacement market.

CEAT Ltd.: CEAT is focusing on expanding into higher-margin tires, evident from its acquisition of Michelin's Camso brand for $225 million. This move aims to enhance its off-highway tire business and improve profit margins. 

Apollo Tyres: With a strong presence in both domestic and international markets, Apollo Tyres is investing in technological advancements and expanding its manufacturing capabilities to meet growing demand.

JK Tyre & Industries: JK Tyre reported a 56.2% increase in fourth-quarter profit in 2024, attributed to sustained demand and strategic initiatives to enhance operational efficiency. 

Goodyear India: Despite facing challenges due to higher raw material costs and weak demand, Goodyear India continues to focus on innovation and customer-centric strategies to navigate the competitive landscape.

Reasons to Buy

• Access data-driven insights to inform investment and development strategies
• Understand competitive positioning across regions
• Discover emerging opportunities in key application segments
• Stay ahead with accurate forecasts and trend analysis

Key Highlights:

• Historical Market Data (2018-2023)
• Forecasts by Segment, Region, and Industry Application (2024-2030)
• SWOT Analysis, Value Chain Insights, and Growth Drivers
• Legal Aspects by Region and Emerging Opportunities

Top Questions Answered:

• What are the key growth drivers and trends in the market?
• Who are the major players, and how do they maintain a competitive edge?
• What new applications are poised to revolutionize the India Tire industry?
• How will the market grow in the coming years, and at what rate?

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