Press release
India Tire Market Size, Top Players, Revenue, Share, Future Trends, and Forecast 2031 | MRF Limited, CEAT Limited, JK Tire & Industries Ltd.
India tire market is rapidly expanding due to thriving automotive industry, growing demand for radial tires, adoption of technological advancements, and government initiatives promoting domestic manufacturing.
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Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the India tire market size at 185.42 million units in 2022. During the forecast period between 2023 and 2029, Report Ocean expects the India tire market size is to grow at a steady CAGR of 5.54% reaching a value of 256.24 million units by 2029. The increased demand for radial tires, owing to their improved performance and fuel efficiency, is a major driver driving the growth of the India tire market. This trend is being driven by the increasing number of automobiles on Indian roads, as well as government programs encouraging road safety and automotive standards. Also, tubeless tires are becoming more popular due to their greater safety and simplicity. To address environmental concerns, there is also a clear shift towards eco-friendly and energy-efficient tires. Overall, the market is seeing an increase in online tire sales, which are facilitated by e-commerce platforms and offer consumers a simple and cost-effective choice. These patterns reflect the changing demands and tastes of Indian tire consumers.
India Tire Market - Overview:
A tire is a round, rubberized covering that is wrapped around a wheel's rim to provide traction, support the vehicle's weight, and absorb road surface vibrations. It is an essential part of any vehicle, whether it is a car, truck, motorcycle, or bicycle. Tires are designed with a tread pattern that improves traction in a variety of road situations, such as wet or dry surfaces. They are often constructed from a mix of synthetic rubber, natural rubber, cloth, and different chemical compounds. Tires exist in a variety of sizes and types to meet a variety of vehicles and use, assuring road safety, stability, and maneuverability.
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Impact of COVID-19 on India Tire Market
The COVID-19 pandemic dealt a severe blow to India's tire market, resulting in significant disruptions and a sharp decline in demand. The stringent lockdown measures imposed to curb the spread of the virus led to the closure of manufacturing facilities and disrupted supply chains, severely affecting tire production and distribution. Also, the economic downturn and restricted mobility during the pandemic resulted in reduced vehicle sales and lower demand for replacement tires. As a result, the Indian tire industry has faced substantial challenges, with manufacturers and suppliers grappling to adapt to the evolving market dynamics and restore growth in the post-pandemic era.
India Tire Market - By Design
On the basis of design, India tire market is divided into Radial and Bias segments. These segments play a crucial role in defining the market dynamics. Among them, the Radial segment stands out as the largest in terms of market share and prominence. Radial tires have gained widespread popularity due to their superior performance, durability, and fuel efficiency compared to Bias tires. The demand for radial tires has been fueled by factors such as increasing vehicle sales, infrastructure development, and growing awareness about the benefits they offer. Thus, the Radial segment dominates the Indian tire market, reflecting the preferences of consumers and the industry's focus on advanced tire technology.
Competitive Landscape:
India tire market is fiercely competitive. Major companies in the market include MRF Limited, CEAT Limited, JK Tire & Industries Ltd., Bridgestone India Private Limited, Birla Tires Limited, Goodyear India Limited, TVS Srichakra Limited, Apollo Tires Ltd, Continental India Limited, and Balkrishna Industries Limited. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India tire market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global India Tire Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global India Tire market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global India Tire Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global India Tire market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Tire market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Tire market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Tire market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Tire business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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About Report Ocean:
Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today's competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.
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