Report says India tyre market to reach US$8.5bn in 2016

tiresThe tyre market in India is projected to record US$8.5 billion market size in 2016, according to TechSci Research report “India Tire Market Forecast & Opportunities, 2021”.

The country’s tyre market is dominated by the replacement tyre segment on account of expanding automotive fleet. The volume sales in India are largely driven by two-wheeler tyres followed by the passenger car and medium & heavy commercial vehicle tyres. In 2015, two-wheeler tyre sales accounted for majority of the volume sales of tyres in India. On the other hand, increasing sales of passenger cars on account of rising disposable income and expanding middle class consumers in the country has also been boosting passenger car tyre demand in both OEM as well as replacement tyre segments.

The launch of ‘Automotive Mission Plan, 2016-2026’ is anticipated to augment the automobile production in the country in the coming years, which is expected to drive demand for tyres until 2021. Moreover, rising foreign direct investments are expected to boost the country’s automobile industry, including the tyre market, during the forecast period. In 2015, tyre market in India was dominated by domestic tyre players such as MRF, CEAT, Birla Tyres, TVS Srichakra, Apollo Tyres and JK Tyre& Industries. Few of the leading international tyre brands operating in the country include Goodyear, Bridgestone, Michelin, Continental, Yokohama, and Hankook.

Over the last five years, adoption of radial tyre technology has increased significantly in India. Despite almost 100% radialisation in the passenger car tyre segment, the country still offers huge growth potential for radialisation in the commercial vehicle and two-wheeler tyre segments. With continuing increase in R&D activities for developing cost-effective radial ttres by major domestic ttre companies, coupled with the growing imports of low-cost Chinese radial tyres, the adoption of radial tyres is anticipated to grow in the coming years.

“India Tire Market Forecast & Opportunities, 2021” has evaluated the future growth potential of India tyre market and provides statistics and information on market size, market share, growth forecast and car owners’ buying habits in India. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in India tyre market.

 

Source: PR Newswire