India Tire Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled "India Tire Market", offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the India Tire Market: 2024-2030
The India Tire Market size is valued at around USD 198 million in 2024 and is expected to grow at a CAGR of around 2.98% during the forecast period, i.e., 2024-30. The estimated growth of the market owes primarily to robust economic growth, increasing vehicle production, superior aftermarket sales, enhanced road conditions, increasing disposable income of people, and their persistent preference for private ownership of vehicles, i.e., demonstrating a large fleet of passenger cars in India and burgeoning sales of tires. India is the largest market for two-wheelers and is lucrative for commercial vehicles. The top tire companies in India by market share are expanding their production while introducing new features in tires to cater to the increasing consumers’ demands.
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What are the primary factors driving the growth of the India Tire Market?
Robust Economic Growth & Increasing Vehicle Production – The main factors driving the tire market in India are, in fact, the country's strong economic development and increasing vehicle production. India's middle class has been growing, and disposable incomes have increased due to the country's significant economic growth. This increasing economic growth has augmented consumers' expenditures on automobiles. To meet the rising need for both personal and commercial transportation, there has been a notable growth in vehicle production. Because every new vehicle needs tires, the market for tires in India is directly boosted by this increase in vehicle production.
The government's emphasis on improving rural connectivity and infrastructure also increases demand for commercial vehicles, which augments the size & volume of the tire industry in the country. The emergence of electric vehicles and improvements in tire technology are also driving the growth & expansion of the tire industry in India. India's position in the global tire industry is further strengthened by the growing emphasis on manufacturing capabilities and exports. The tire industry's continuous growth and development are supported by these elements working together to produce a vibrant environment.
India Tire Market Segmentation:
The India Tire market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR) Vehicles
- Two Wheelers
- Three Wheeler
By Demand Category
- OEM
- Aftermarket
By Type of Tire
- Radial
- Bias
By Sales Channel
- Dealer/Distributor
- Online
- Others
By Season
- All season
- Summer
- Winter
By Price Category
- Budget
- Economy
- Premium
By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
Geographical Analysis into the India Tire Market:
The India Tire market is categorized based regional:
- East
- Bihar
- Orissa
- Jharkhand
- West Bengal
- Chhattisgarh
- North-Eastern States
- West
- Rajasthan
- Gujarat
- Goa
- Maharastra
- Madhya Pradesh
- North
- Jammu & Kashmir
- Punjab
- Uttar Pradesh
- Uttarakhand
- Haryana
- Himachal Pradesh
- South
- Andhra Pradesh
- Karnataka
- Kerala
- Tamil Nadu
- Telangana
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Competitive Landscape and India Tire Market Share Analysis:
The competitive landscape of the India Tire Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- MRF
- Apollo
- CEAT
- JK Tyres
- Birla Tyres
- Balakrishna Tires
- Bridgestone
- TVS
- Continental
- Goodyear
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Questions Addressed in this Study
- What factors are driving the India Tire Market growth?
- How is the India Tire Market expected to grow over the next five years?
- What are the key insights into the current trends in the India Tire Market?
- What is the current size of the India Tire Market, and how is it projected to change in the future?
- What is the future outlook for the India Tire Market in terms of technological advancements and market expansion?
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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