Tyre refers to the rubber covering, placed around the rim of a metallic wheel, to provide a flexible cushion with the road for traction and smooth acceleration. The modern pneumatic tyres are generally made up of synthetic and natural rubber, fabric, wire, carbon black and other chemical compounds. They help in improving the vehicle’s performance, reducing wear and tear, minimizing rolling resistance, improving mileage, and enhancing safety. India represents one of the world’s largest markets for tyres owing to the presence of a vast consumer base for both personal and commercial vehicles in the country.
According to the latest report by IMARC Group, the Indian tyre market reached a value of US$ 1.26 Billion in 2018. Looking forward, IMARC expects the market to reach a value of US$ 1.74 billion by 2024, growing at a CAGR of around 6% during the next five years.
The thriving automobile industry in the country depicts a high demand for tyres in all types of vehicles, including buses, passenger cars, trucks, motorcycles, and military vehicles. Moreover, the growing radialization for providing additional mileage, fuel saving and improve the driving experience, particularly for heavy vehicles such as trucks and buses, has further augmented the product demand. Apart from this, rapid globalization, coupled with the rising disposable income levels, has boosted the automobile sales in the country, thereby positively influencing the growth of the India tyre market.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/india-tyre-market
Indian Tyre Market Segmentation:
Market Breakup by Vehicle Type
1. Two Wheelers
2. Three Wheelers
3. Passenger Cars
4. Light Commercial Vehicles
5. Medium and Heavy Commercial Vehicles
6. Off the Road
Market Breakup by OEM and Replacement Segment
1. OEM Tyres
2. Replacement Tyres
Market Breakup by Domestic Production and Imports
1. Domestic Production
2. Imports
Market Breakup by Radial and Bias Tyres
1. Bias Tyres
2. Radial Tyres
Market Breakup by Tube and Tubeless Tyres
1. Tube Tyres
2. Tubeless Tyres
Market Breakup by Tire Size
1. Small
2. Medium
3. Large
Market Breakup by Price Segment
1. Low
2. Medium
3. High
Market Breakup by Region
1. North India
2. East India
3. West and Central India
4. South India
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The report has also analysed the competitive landscape of the market with some of the key players being MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., Apollo Tyres Ltd., etc.
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