India Tire Market size was valued at 194.57 Mn Units in 2023 and the India Tire Market revenue is expected to reach 239.30 Mn Units by 2030, at a CAGR of 3 % over the forecast period.
India Tire Market Overview:
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Mergers and Acquisitions Impacting the India Tire Market:
Mergers and acquisitions (M&A) have been pivotal in expanding the market, especially as global players look to strengthen their presence in India. The Indian tire industry is experiencing consolidation, with both domestic and international companies making strategic acquisitions to enhance their product offerings and market reach.
Vietnam
Vietnam’s tire manufacturing industry has grown significantly in recent years, with major tire companies expanding their footprint in Southeast Asia. A notable recent acquisition was by an Indian tire manufacturer that acquired a Vietnamese tire production facility, aimed at strengthening its supply chain and expanding its distribution network across Southeast Asia.
Thailand
Thailand is a key hub for tire manufacturing, and several Indian tire companies are eyeing mergers to tap into the region’s production capabilities. One major acquisition in the region saw an Indian tire company take over a Thai manufacturing unit, providing it with access to advanced technology and enhancing its production efficiency.
Singapore
Singapore continues to be a strategic gateway for tire companies looking to expand into Asia. Recently, a prominent tire manufacturer from India acquired a Singapore-based tire distributor to enhance its presence in Southeast Asia. The acquisition allowed the Indian company to expand its product line and offer value-added services such as tire maintenance and repairs.
Japan & South Korea
Japan and South Korea have long been leaders in tire technology and manufacturing. Indian companies have been forging partnerships and making acquisitions in these countries to gain access to advanced technology. A notable acquisition was by a Japanese tire company, which purchased a controlling stake in an Indian tire manufacturer, aiming to leverage India’s cost-effective labor while utilizing Japan’s cutting-edge tire technology.
European Countries
Several European tire manufacturers have been expanding their operations in India through joint ventures and acquisitions. Recently, a European tire company acquired an Indian tire distribution company, enhancing its supply chain and expanding its product offerings in India.
United States
In the U.S., Indian tire manufacturers have been increasing their presence through acquisitions. A leading American tire brand recently acquired an Indian manufacturing plant to meet the growing demand for tires in the North American market. This move strengthens the U.S. company’s production capabilities and diversifies its product offerings in the Indian market.
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Key Trends and Developments in India’s Tire Market:
Shift Towards Radial Tires
The demand for radial tires, especially for commercial vehicles, is increasing due to their higher fuel efficiency and durability compared to bias-ply tires. As fleet operators look for cost-effective solutions, radial tires are becoming the preferred choice.
Sustainability and Eco-Friendly Tires
Tire manufacturers are increasingly focusing on developing eco-friendly tires. Companies are using sustainable materials, such as natural rubber and bio-based oils, to reduce the environmental impact of tire production. The trend towards reducing tire waste and recycling also plays a significant role in shaping the future of the market.
Technological Advancements
The adoption of smart tire technologies is transforming the market. Tires with embedded sensors that provide real-time data on tire health, pressure, and wear are gaining popularity. These innovations are enhancing vehicle safety and performance, further driving demand in the market.
India Tire Market Segmentation:
by Vehicle Type
Passenger Car Tires
Two-Wheeler Tires
Commercial Vehicle Tires
by Tire Type
Radial Tires
Bias-Ply Tires
Tubeless Tires
The market is divided into three categories: radial tires, bias-ply tires, and tubeless tires. Radial tires led the market in 2023 and are likely to continue to maintain the greatest share of the India Tire Market during the forecast period. Radial tires are made of layers of fabric cords oriented 90 degrees to the direction of travel (radially), with steel belts running beneath the tread. In comparison to bias-ply tires, its radial structure gives more stability, traction, and tread life. Radial tires are the conventional choice for most passenger vehicles in India. They strike a balance between performance, comfort, and fuel efficiency. Radial tires have garnered a significant proportion of the India tire market.
by Sales Channel
OEM Sales
Aftermarket Sales
The market is divided into two segments: OEM sales and aftermarket sales. The OEM Sales segment is estimated to have the greatest share of the India Tire Market during the forecast period. OEM sales are critical for tire producers, who form relationships with automakers to supply tires for new vehicles. The original equipment tires are created and selected to complement the vehicle’s overall performance and features. OEM sales give India Tire manufacturers the option to promote their products on new vehicles, increasing brand visibility and recognition. Consumers get familiar with a tire brand after seeing it installed on vehicles from well-known OEMs.
by End-User
Individual Consumers
Commercial Fleet Owners
Agricultural Sector
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India Tire Market Key Players:
1. Balkrishna Industries
2. MRF Tyre
3. JK Tyre & Industries
4. CEAT Limited
5. Apollo Tyres
6. Goodyear India Limited
7. TVS-Srichakra Ltd
8. Birla Tyres Limited
9. Metro Tyres Limited
10. Kesoram Industries Limited
11. Bridgestone India Private Limited
12. Maxxis Rubber India Private Limited
13. Ralson (India) Limited
14. Modi Tyre Company Limited
15. Yokohama India Private Limited
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Key Growth Drivers in the India Tire Market:
Several factors are fueling the growth of the tire market in India:
- Increasing Vehicle Ownership: As disposable incomes rise and urbanization expands, more people are purchasing vehicles, leading to higher demand for tires. Both passenger and commercial vehicle segments are seeing a boost in sales, which directly impacts tire sales.
- Rising Industrial and Construction Activities: The growth in industries such as construction, mining, and logistics has led to an increased demand for off-the-road (OTR) tires, which are used in heavy machinery and equipment.
- Government Initiatives and Infrastructure Development: India’s government has launched several initiatives to improve road infrastructure, which directly boosts tire demand for commercial and passenger vehicles.
- Focus on Sustainability: Environmental concerns are pushing manufacturers to develop eco-friendly tires with lower rolling resistance and reduced carbon footprints, contributing to sustainability in the sector.
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Key Players and Latest Developments:
- Apollo Tyres
Apollo Tyres has been actively expanding its presence in India and abroad. Recently, the company acquired a stake in a European tire manufacturer to enhance its product offerings and distribution capabilities. Apollo Tyres has also been investing heavily in developing sustainable and eco-friendly tire technologies. - MRF Limited
MRF continues to lead the Indian tire market with a strong focus on research and development. The company recently expanded its product line to include eco-friendly tires and launched a new range of high-performance tires aimed at the growing demand from the luxury and sports car segments. - Balkrishna Industries Limited (BKT Tires)
BKT Tires, known for its off-the-road (OTR) tires, has been expanding its footprint globally. The company recently made an acquisition in Europe to enhance its distribution network and cater to the growing demand for OTR tires in the construction and mining sectors.
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