India Tire Market Poised for Robust Expansion: Projected to Reach USD 239.30 Million by 2030

The India Tire Market is on a significant growth trajectory, with projections indicating an increase from USD 194.57 Million in 2023 to USD 239.30 Million by 2030, reflecting a Compound Annual Growth Rate (CAGR) of approximately 3% during the forecast period . This surge is driven by factors such as rising vehicle ownership, infrastructure development, and technological advancements in tire manufacturing.

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Competitive Landscape

The Indian tire industry is characterized by the presence of both domestic and international players striving for market dominance. Prominent companies include MRF, Apollo Tyres, CEAT, JK Tyre, Bridgestone, and Goodyear. These companies are investing in research and development to produce high-performance, fuel-efficient, and durable tires to meet the evolving demands of consumers. The market is witnessing a shift towards radial tires, known for their superior performance and longevity, which is influencing manufacturers' product portfolios .

Regional Insights

Asia Pacific: Opportunities and Trends
India, being a significant part of the Asia Pacific region, is experiencing substantial growth in its tire market. The region's expansion is fueled by increasing vehicle production, urbanization, and supportive government policies. The Indian government's initiatives, such as the "Make in India" campaign and investments in infrastructure, are creating a conducive environment for tire manufacturers. Additionally, the rise in electric vehicle (EV) adoption is prompting manufacturers to develop EV-specific tires, further diversifying the market .

Recent Developments

In December 2024, CEAT announced the acquisition of the Camso brand from Michelin for $225 million. This strategic move is aimed at expanding CEAT's portfolio in the off-highway tire segment, enhancing its global presence, and improving profit margins .

The Indian government's approval of a ₹109 billion ($1.3 billion) incentive scheme to promote electric vehicles is influencing tire manufacturers to develop EV-specific tires, aligning with the shift towards sustainable mobility .

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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

The market is divided into three segments based on tire type: 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 orientated 90 degrees to the direction of travel. Compared to bias-ply tires, its radial design offers stability, increased traction, and longer tread life.

by Sales Channel

OEM Sales
Aftermarket Sales

The market is divided into OEM and aftermarket sales based on the sales channel. Over the course of the forecast period, the OEM Sales sector is anticipated to hold the greatest share of the Indian tyre 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.

by End-User

Individual Consumers
Commercial Fleet Owners
Agricultural Sector

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Key Competitors:

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

Regional Analysis:

The report provides formal, functional, and vernacular regional analysis, identifying the most impactful business areas based on high demand in various regions, including Asia Pacific, North America, Latin America, the Middle East, Europe, and Africa. This analysis offers valuable insights into distinct targets, strategies, and market values for each region.

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