India Tire (Tyre) Market: Competitive Intelligence Report with Key Players and Strategies


Factors Driving the India Tire Market

As per the comprehensive research findings presented in the TechSci Research report titled “India Tire Market – By Region, Competition, Forecast & Opportunities, 2018-2028,” the dynamics driving the India tire market are multifaceted and rooted in several pivotal factors. Chief among these factors is the exponential growth of the automotive industry within India. This burgeoning sector has been experiencing rapid expansion, consequently giving rise to an amplified demand for tires. Notably, India boasts a substantial population, surpassing 1.3 billion individuals, with a burgeoning middle class contributing significantly to the escalating vehicular presence on the nation’s roads. This surge in the number of vehicles traversing Indian roads has inevitably led to an increased requirement for tires to cater to the burgeoning automotive landscape.

The Ascendancy of Radial Tires

In this context, the ascendancy of radial tires deserves specific attention. Radial tires have witnessed a surging demand primarily due to their capacity to enhance fuel efficiency. These tires are characterized by their reduced fuel consumption, lower rolling resistance, and the ensuing benefits to overall fuel efficiency, which translates to a noteworthy 8-10% reduction in fuel consumption compared to other tire types. Moreover, their superior traction attributes have added to their allure among consumers. This heightened interest in radial tires has motivated tire manufacturers to increasingly concentrate on this tire segment. This concentration aligns with the prevailing regulatory standards in various countries, which are comparatively more manageable for manufacturers.

Focus on Corporate Average Fuel Efficiency (CAFE)

In recent years, the mounting emphasis on Corporate Average Fuel Efficiency (CAFE) has compelled manufacturers to engineer tires with heightened fuel efficiency. This endeavor has seen a predominance of radial tires in the automotive industry. Further, automotive companies are prioritizing the minimization of the vehicle’s curb weight, inadvertently driving the demand for radial tires.

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Advantages of Radial Tires

Notably, radial tires offer several distinct advantages, such as superior road contact, enhanced steering capabilities, and improved driving comfort. They also exhibit higher resistance to tread-related damage, which collectively underscores their favorability among automobile manufacturers compared to alternative tire types. This strategic shift towards lightweight tires, achieved through the utilization of more sustainable ingredients and the optimization of end-to-end production capabilities, has the ancillary effect of reducing the specific material requirements within the tire industry. This translates to improved heat management within tires, consequently leading to a reduction in the overall use of carbon black, which typically constitutes around 22% of a tire’s composition. This reduction serves to lower manufacturing costs and mitigate emissions. Concurrently, the increased incorporation of “silica” as a tire component streamlines the manufacturing process, reduces rolling resistance, and enhances cut and slip resistance, ultimately ameliorating tire performance.

Trends in Two and Three-Wheeler Tires

 In the context of two and three-wheeler vehicles, the reduced load-bearing requirements have led to a decrease in the carbon black composition in their tires. Simultaneously, numerous premium tire brands are embracing sustainable practices by replacing petroleum-based oils with soybean oil. This transition, while utilizing roughly half the quantity of petroleum-based oils, delivers the same level of performance enhancement during the manufacturing process. Collectively, these factors are anticipated to underpin the growth of the India tire market.

Evolving Demands in eMobility

Furthermore, the evolution of eMobility and the proliferation of low-emission hybrid vehicles have introduced novel demands to the tire industry. These demands necessitate optimized tire designs, low noise emissions, and diminished rolling resistance. Electric vehicles, characterized by instant acceleration and substantial electric engine torque, coupled with the added weight of batteries, place heightened stress on tires, resulting in accelerated tire wear. This scenario necessitates innovative tire design concepts and modernized production facilities.

Government Initiatives and Market Expansion

As the electric and hybrid vehicle market continues to expand, a burgeoning requirement emerges for a new tire segment, characterized by superior traction capabilities to effectively grip road surfaces. Accordingly, the demand for these specialized tires is poised for imminent growth. To address this demand, a multitude of tire manufacturers are actively developing tires specifically tailored to this segment, capitalizing on evolving composition trends and leveraging cutting-edge technological advancements. Notably, some vehicle models, such as those introduced by Goodyear, incorporate foam within the tires to reduce noise levels. Numerous other prominent tire brands are similarly embracing innovative concepts to meet the anticipated demand within this burgeoning tire segment in the near future.

Robust Growth of the Indian Tire Industry

The Indian tire industry is currently experiencing a robust upswing, driven by a combination of factors that encompass both domestic and international market dynamics. One of the primary drivers of this growth is the escalating production of tires to meet the demands of both the domestic market and exports. Simultaneously, the surge in vehicle ownership, which can be attributed to the rapid pace of urbanization and the rise of the middle class in India, is playing a pivotal role in propelling the tire industry forward.

Increasing Demand for Commercial Vehicle Tires

Another noteworthy factor contributing to this market expansion is the increasing demand for tires specifically designed for trucks and buses. This heightened demand is a direct consequence of the growing mobility needs and industrialization within the country. Notably, the government’s proactive initiative to allocate INR 18,000 crores to enhance the public bus transport service is anticipated to further bolster market growth, creating a positive ripple effect within the industry.

Impact of Import Restrictions

Additionally, the Indian government’s strategic decision in June 2020 to impose restrictions on the import of pneumatic tires, commonly used in station wagons, racing cars, scooters, bicycles, and other vehicles, has proven instrumental in fostering domestic tire production. This protectionist measure has contributed significantly to the burgeoning tire manufacturing sector by reducing the reliance on imported tires.

Cost-Effectiveness and Raw Materials

The cost-effectiveness of tire production in India, driven by the availability of affordable labor and reduced production costs, is serving as an additional catalyst for market growth. Moreover, the accessibility of natural rubber and other raw materials at globally competitive prices further reinforces the positive trajectory of the tire industry.

Construction Industry and Specialized Vehicles

 In a parallel development, the construction industry is witnessing a surge in activity, attributed to the challenges posed by overpopulation and urbanization. This heightened construction activity is driving the demand for specialized vehicles, including construction vehicles, which in turn, is accelerating the demand for tires and contributing to market growth.

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Tubeless Tires and Innovations

The introduction of tubeless tires, designed to eliminate the need for a separate air tube, has been a noteworthy innovation within the tire industry. These tubeless tires not only enhance vehicle performance by improving maneuverability and handling but also stimulate market growth.

Investments in R&D and Eco-Friendly Tires

Investments in research and development (R&D) and the subsequent launch of advanced and eco-friendly tire variants are further bolstering market growth. The development of sustainable and eco-friendly tires is a significant driving force in the industry. Notably, the ongoing research into sustainable mobility has led to the creation of renewable and 3-D printed tires, further lubricating the market’s growth trajectory.

Advanced Technologies and Future Prospects

The emergence of advanced technologies such as automatic puncture sealing and noise reduction within the interior of vehicles are poised to further catalyze market growth in the foreseeable future. Looking ahead, the tire industry in India is expected to witness a host of innovations and advancements, including the development of chip-in tires, self-inflating tires, and fossil-free tires. Furthermore, the introduction of twin air chamber tires and the adoption of tall and narrow tire designs are anticipated to drive market expansion, ensuring that the industry remains dynamic and responsive to evolving consumer and environmental demands.

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

  • CEAT Limited.
  • JK Tyre & Industries Ltd
  • Bridgestone India Private Limited.
  • Birla Tyres Limited
  • Goodyear India Limited
  • TVS Srichakra Limited.
  • Apollo Tyres Ltd
  • Continental India Limited
  • Balkrishna Industries Limited
  • Michelin India Private Limited.

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

India Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Demand Category (OEM, & Aftermarket), By Tire Construction Type (Radial, Bias), By Region (North, South, East, West), By Company (2022), Competition, Forecast &, Opportunities, 2018- 2028 has evaluated the future growth potential of India 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 the India Tire Market.

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