Research and Markets estimates the tire market in India will grow at a compounded annual growth rate (CAGR) of 12% between 2011-2015. One of the key factors contributing to this market growth is the growing demand for automobile products.
The tire market in India has also been witnessing the emergence of tubeless tires. However, the increase in raw material prices could pose a challenge to the growth of this market. According to the report, the tire market in India is witnessing growing demand for radial tires. The truck and bus segment, which is a major segment in terms of capacity, is experiencing a steady increase in the proportion of radial tires being adopted.
In addition, as a result of the development of the road infrastructure and the increasing importance of fuel-efficient products in the automobile industry, the proportion of radial tires in various segments of the tire market in India is anticipated to increase six times from the current levels. This development is driving the growth of the tire market in India.
Asia's First E-Magazine for the Rubber Industry