India Tire Market Forecast Projected Growth from 194.57 Million Units in 2023 to 239.30 Million Units by 2030 at a 3% CAGR

𝐈𝐧𝐝𝐢𝐚 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐆𝐫𝐨𝐰 𝐚𝐭 𝐚 𝐑𝐨𝐛𝐮𝐬𝐭 𝐂𝐀𝐆𝐑 𝐰𝐢𝐭𝐡 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬

India, with its growing automotive industry, is emerging as a significant hub for tire manufacturers. The India Tire Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing demand for tires in the passenger vehicle and commercial vehicle segments, supported by infrastructure development and a rise in vehicle ownership.

The market size of the India tire industry is expected to surpass USD 12 billion by the end of 2030. This rapid growth presents an array of opportunities for market players, with increased investments in technological advancements and sustainability practices.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/21022/

𝐈𝐧𝐝𝐢𝐚 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

The tire market in India is driven by factors such as increasing vehicle production, the shift towards electric vehicles, and a growing middle class with rising disposable incomes. Furthermore, government initiatives aimed at improving road infrastructure and providing incentives to the automobile sector have further propelled the demand for tires in the region.

The Indian market is characterized by strong competition, with local and international players vying for market share. 𝐀𝐩𝐨𝐥𝐥𝐨 𝐓𝐲𝐫𝐞𝐬, 𝐌𝐑𝐅, 𝐁𝐊𝐓 𝐓𝐢𝐫𝐞𝐬, and 𝐂𝐄𝐀𝐓 dominate the market, while international players such as 𝐌𝐢𝐜𝐡𝐞𝐥𝐢𝐧, 𝐁𝐫𝐢𝐝𝐠𝐞𝐬𝐭𝐨𝐧𝐞, and 𝐆𝐨𝐨𝐝𝐲𝐞𝐚𝐫 continue to expand their footprint.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐢𝐧 𝐓𝐢𝐫𝐞 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠: Manufacturers are increasingly focusing on eco-friendly tire solutions to meet environmental regulations. The development of sustainable tires using renewable raw materials is gaining traction.

𝐒𝐡𝐢𝐟𝐭 𝐭𝐨 𝐑𝐚𝐝𝐢𝐚𝐥 𝐓𝐢𝐫𝐞𝐬: Radial tires are rapidly gaining popularity due to their longer lifespan and better fuel efficiency, contributing to their growing demand across the passenger and commercial vehicle segments.

𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐢𝐫𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭:The rise of electric vehicles (EVs) is expected to create new opportunities for tire manufacturers, particularly in the development of tires optimized for EVs.

𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐓𝐢𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐧 𝐈𝐧𝐝𝐢𝐚

Mergers and acquisitions (M&A) have played a pivotal role in the consolidation of the tire market. Key developments in this area include the acquisition of smaller regional players by established companies. In recent years, MRF and Apollo Tyres have made strategic acquisitions to strengthen their position in the market and expand their product portfolios.

𝐊𝐞𝐲 𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

MRF has announced plans to expand its manufacturing capacity to meet the growing demand in the rural markets. The company is also investing in advanced research and development to enhance tire longevity and fuel efficiency.

Bridgestone recently launched a new line of tires aimed specifically at electric vehicles, signaling its commitment to sustainability and innovation.
Apollo Tyres has formed a strategic partnership with leading automotive manufacturers to develop high-performance tires for electric and autonomous vehicles.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/21022/

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐓𝐫𝐞𝐧𝐝𝐬

Vietnam has emerged as a key player in the Southeast Asian tire market, supported by strong growth in the automotive and manufacturing sectors. The Vietnam tire market is expected to grow at a CAGR of 6.5%, driven by an increase in vehicle ownership and the rise of the country's export-oriented automotive industry.

Growth Drivers: The increasing popularity of motorcycles and passenger cars is expected to drive the demand for tires in Vietnam. Local tire manufacturers, such as Tire Manufacturing Vietnam and CST Tires, are strengthening their position through technological advancements and expansion plans.
Recent Developments: In recent years, Michelin and Bridgestone have strengthened their presence in Vietnam through joint ventures, focusing on the production of eco-friendly tires and improving manufacturing processes.

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝 𝐍𝐞𝐰 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

Thailand is well-established as a manufacturing hub for tires in the ASEAN region. The tire market in Thailand is forecasted to grow at a CAGR of 7%, with increasing exports and rising local demand from the automotive sector.

Growth Opportunities: The demand for high-performance tires in Thailand is growing, fueled by the country's strong automotive manufacturing sector, with major players such as Toyota and Honda increasing production.

Mergers and Acquisitions: In 2023, Goodyear acquired a majority stake in a Thai tire manufacturing company to tap into the growing demand in the Southeast Asian market.

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐉𝐚𝐩𝐚𝐧 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬

Japan, one of the largest automotive markets globally, is also witnessing a surge in tire demand, particularly in high-performance and electric vehicle tires. The Japanese tire market is projected to grow at a CAGR of 3.8%.

Key Developments: Japanese tire giants like Bridgestone and Yokohama continue to invest heavily in technological innovations such as smart tires and eco-friendly tire materials.

M&A Activity: Bridgestone recently expanded its presence in Southeast Asia with a strategic acquisition of local tire manufacturers to enhance production capacity.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 :https://www.maximizemarketresearch.com/request-sample/21022/

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐢𝐥𝐢𝐭𝐲

The South Korean tire market, which is driven by the growing automotive industry and increasing exports, is expected to expand at a CAGR of 4.5%.

Growth Trends: The shift towards electric vehicles (EVs) in South Korea presents new opportunities for tire manufacturers to develop specialized tires for EVs.
Sustainability Efforts: Hankook Tire is leading the way in producing eco-friendly tires, using sustainable materials to reduce the environmental impact of tire production.

𝐓𝐢𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐔𝐩𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬

Singapore is increasingly becoming a regional hub for tire innovations, with significant investments in research and development. The market is growing at a CAGR of 4.2%, driven by the demand for high-performance tires and the rapid adoption of electric vehicles.

Technological Advancements: Singapore's tire market is witnessing the introduction of smart tire technologies that can communicate with vehicles to provide real-time performance data.

Industry Updation: In 2024, Michelin announced a new R&D facility in Singapore focused on developing tires for electric vehicles.

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐒 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐄𝐱𝐩𝐚𝐧𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞

The US tire market is expected to grow at a CAGR of 2.5% due to the increasing adoption of high-performance tires, especially for electric vehicles.

Mergers and Acquisitions: Key players like Goodyear and Michelin have expanded their portfolios through strategic acquisitions, aiming to increase market share and leverage emerging technologies in tire production.
Industry Trends: The demand for sustainable tire solutions is growing, with manufacturers introducing new models designed for improved fuel efficiency and reduced carbon footprints.

𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐄𝐮𝐫𝐨𝐩𝐞 𝐀 𝐋𝐨𝐨𝐤 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞

Europe's tire market is experiencing steady growth, with a projected CAGR of 3% through 2030. Increasing government regulations on fuel efficiency and sustainability are propelling the demand for advanced tire technologies.

Growth Drivers: The rise in electric vehicle adoption and the stringent emissions regulations are driving the demand for specialized tires in the region.
Consolidation: European tire giants like Continental and Michelin continue to expand their operations and innovate to meet growing demand.

𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠, 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤:https://www.maximizemarketresearch.com/market-report/india-tire-market/21022/

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

𝐛𝐲 𝐒𝐚𝐥𝐞𝐬 𝐂𝐡𝐚𝐧𝐧𝐞𝐥

OEM Sales
Aftermarket Sales

𝐛𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞𝐫

Individual Consumers
Commercial Fleet Owners
Agricultural Sector

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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