Press release
India Tire Market Outlook: Growth to 239.30 Mn Units by 2030 at 3% CAGR
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ: ๐๐ซ๐จ๐ฐ๐ญ๐ก, ๐๐ซ๐๐ง๐๐ฌ, ๐๐ง๐ ๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌThe India tire market is experiencing robust expansion, fueled by rising automotive production, increasing urbanization, and advancements in tire technology. Valued at 194.57 Mn in 2023, the market is projected to grow at a CAGR of 3 %, reaching 239.30 Mn by 2030. This press release delves into the dynamics of the India tire market, highlighting regional developments and industry trends in countries such as Vietnam, Thailand, Japan, South Korea, Singapore, the US, and Europe.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ญ๐ ๐๐ง๐ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ฒ ๐ฏ๐ข๐๐ฐ๐ข๐ง๐ ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ @https://www.maximizemarketresearch.com/request-sample/21022/
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐๐ข๐๐ญ๐ง๐๐ฆ:
Vietnam's burgeoning automotive industry is driving demand for tires, with significant investments in production facilities. ๐๐ซ๐ข๐๐ ๐๐ฌ๐ญ๐จ๐ง๐ ๐๐ข๐๐ญ๐ง๐๐ฆ and ๐๐ฎ๐ง๐ฅ๐จ๐ฉ ๐๐ข๐ซ๐๐ฌ are expanding their presence to cater to rising consumer demand. Additionally, government incentives for foreign investments have encouraged collaborations between local manufacturers and global giants.
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐๐ก๐๐ข๐ฅ๐๐ง๐:
Thailand, a leading exporter of natural rubber, is capitalizing on its resources to bolster tire production. Key players like ๐๐ข๐๐ก๐๐ฅ๐ข๐ง and ๐๐จ๐จ๐๐ฒ๐๐๐ซ have established advanced manufacturing plants in the country. Recent mergers, such as the partnership between ๐๐ก๐๐ข ๐๐ฎ๐๐๐๐ซ ๐๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ and ๐๐ฎ๐ฆ๐ข๐ญ๐จ๐ฆ๐จ ๐๐ฎ๐๐๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฌ, highlight Thailand's strategic importance in the global tire industry.
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐๐ฉ๐๐ง:
Japan continues to lead in tire innovation, focusing on eco-friendly and fuel-efficient designs. Companies like ๐๐ซ๐ข๐๐ ๐๐ฌ๐ญ๐จ๐ง๐ and ๐๐จ๐ค๐จ๐ก๐๐ฆ๐ ๐๐ฎ๐๐๐๐ซ ๐๐จ. are pioneering advancements in materials and tread technologies. The introduction of smart tires with real-time monitoring systems underscores Japan's commitment to enhancing vehicle safety and performance.
๐๐๐ญ ๐ ๐๐ฅ๐จ๐ฌ๐๐ซ ๐ฅ๐จ๐จ๐ค ๐๐ญ ๐ญ๐ก๐ ๐ ๐๐ฆ๐-๐๐ก๐๐ง๐ ๐ข๐ง๐ ๐ฉ๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ ๐๐ซ๐ข๐ฏ๐ข๐ง๐ ๐ฌ๐ฎ๐๐๐๐ฌ๐ฌ :https://www.maximizemarketresearch.com/request-sample/21022/
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐จ๐ง๐ฌ๐จ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐จ๐ฎ๐ญ๐ก ๐๐จ๐ซ๐๐:
South Korea's tire market is witnessing consolidation as industry leaders streamline operations. ๐๐๐ง๐ค๐จ๐จ๐ค ๐๐ข๐ซ๐ recently acquired ๐๐ฎ๐ซ๐จ๐ซ๐ ๐๐ข๐ซ๐ ๐๐จ., enhancing its product portfolio and market reach. The government's emphasis on green manufacturing has also spurred investments in sustainable tire technologies.
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐๐๐ญ๐ข๐จ๐ง ๐ข๐ง ๐๐ข๐ง๐ ๐๐ฉ๐จ๐ซ๐:
Singapore serves as a regional hub for tire distribution and innovation, with companies like ๐๐จ๐ง๐ญ๐ข๐ง๐๐ง๐ญ๐๐ฅ ๐๐ and ๐๐ข๐ซ๐๐ฅ๐ฅ๐ข leveraging its strategic location. Collaborative projects with research institutions have resulted in breakthroughs in tire recycling and sustainable materials, aligning with global environmental goals.
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐ข๐ง ๐๐ง๐ข๐ญ๐๐ ๐๐ญ๐๐ญ๐๐ฌ:
The US tire market remains robust, driven by demand for high-performance and specialty tires. Leading manufacturers such as ๐๐จ๐จ๐๐ฒ๐๐๐ซ, ๐๐จ๐จ๐ฉ๐๐ซ ๐๐ข๐ซ๐, and ๐๐ข๐๐ก๐๐ฅ๐ข๐ง ๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐ are expanding production capacities to meet consumer needs. Recent developments include the merger of ๐๐จ๐จ๐ฉ๐๐ซ ๐๐ข๐ซ๐ with ๐๐จ๐จ๐๐ฒ๐๐๐ซ, creating one of the largest tire companies in the world.
๐๐ง๐ฅ๐จ๐๐ค ๐๐ซ๐ข๐ญ๐ข๐๐๐ฅ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ข๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐๐ฒ ๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ข๐ง๐ ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐ฏ๐ข๐ ๐ญ๐ก๐ ๐ฅ๐ข๐ง๐ค @https://www.maximizemarketresearch.com/request-sample/21022/
๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐ง๐ ๐๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐๐ฎ๐ซ๐จ๐ฉ๐:
Europe's tire market is thriving, with a strong focus on sustainability and innovation. Companies like ๐๐จ๐ง๐ญ๐ข๐ง๐๐ง๐ญ๐๐ฅ ๐๐ and ๐๐ข๐ซ๐๐ฅ๐ฅ๐ข are leading initiatives to develop low-rolling-resistance tires for electric vehicles. The European Union's stringent regulations on emissions and safety are driving advancements in tire designs and materials.
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
๐๐ฒ ๐๐๐ก๐ข๐๐ฅ๐ ๐๐ฒ๐ฉ๐
Passenger Car Tires
Two-Wheeler Tires
Commercial Vehicle Tires
๐๐ฒ ๐๐ข๐ซ๐ ๐๐ฒ๐ฉ๐
Radial Tires
Bias-Ply Tires
Tubeless Tires
The market is divided into three segments: tubeless tires, bias-ply tires, and radial tires. Over the course of the projection period, the Radial Tires sector is anticipated to maintain its dominant market share in India, having done so in 2023. Steel belts run beneath the tread of radial tires, which are made of layers of fabric cords oriented 90 degrees to the direction of travel. Compared to bias-ply tires, its radial design offers stability, increased traction, and longer tread life. For the majority of passenger cars in India, radial tires are the standard option. Performance, comfort, and fuel economy are all balanced by them.
๐๐ฒ ๐๐๐ฅ๐๐ฌ ๐๐ก๐๐ง๐ง๐๐ฅ
OEM Sales
Aftermarket Sales
OEM and aftermarket sales make up the two market segments. Over the course of the forecast period, the OEM Sales category is anticipated to have the greatest share of the Indian tire market. As tire producers form alliances with automakers to supply tires for new vehicles, OEM sales are essential. The original equipment tires are chosen and intended to enhance the cars' overall attributes and performance. OEM sales give Indian tire producers a chance to display their goods on brand-new automobiles, enhancing brand awareness and recognition.
๐๐ฒ ๐๐ง๐-๐๐ฌ๐๐ซ
Individual Consumers
Commercial Fleet Owners
Agricultural Sector
๐๐๐ญ ๐ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:https://www.maximizemarketresearch.com/market-report/india-tire-market/21022/
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
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
๐๐๐๐๐ง๐ญ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐๐ง๐๐ข๐ ๐๐ข๐ซ๐ ๐๐๐ซ๐ค๐๐ญ
๐๐ฉ๐จ๐ฅ๐ฅ๐จ ๐๐ฒ๐ซ๐๐ฌ launched a new range of eco-friendly tires designed for electric vehicles.
๐๐ ๐๐ฒ๐ซ๐ announced the expansion of its manufacturing facility in Chennai to increase production capacity.
๐๐๐ ๐๐ข๐ฆ๐ข๐ญ๐๐ partnered with ๐๐ข๐๐ก๐๐ฅ๐ข๐ง to develop high-performance tires for the premium automotive segment.
The government's "Make in India" initiative attracted foreign investments from ๐๐ซ๐ข๐๐ ๐๐ฌ๐ญ๐จ๐ง๐ and ๐๐จ๐จ๐๐ฒ๐๐๐ซ.
๐๐๐๐ ๐๐ข๐ซ๐๐ฌ introduced a digital platform for real-time monitoring of tire performance, enhancing customer engagement.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐จ๐ฎ๐ซ ๐ญ๐ซ๐๐ง๐๐ข๐ง๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ญ๐จ ๐ฎ๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ฌ๐ก๐ข๐๐ญ๐ฌ :
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