Introduction
According to a comprehensive report by TechSci Research titled “India Tire Market – By Region, Competition, Forecast & Opportunities, 2018-2028,” the tire market in India is experiencing significant growth. This growth can be attributed to various factors, including the rapid expansion of the automotive industry in the country, the rising middle class, and the resulting increase in vehicle ownership. In this article, we will explore the key drivers behind the surge in demand for tires in India, with a particular focus on the growing popularity of radial tires. Additionally, we will discuss the industry’s response to the demand for more fuel-efficient and environmentally friendly tire options, as well as the emerging trends in tire design for electric and hybrid vehicles.
Rapid Growth of the Automotive Industry
India’s automotive industry has been expanding rapidly, leading to a substantial increase in the demand for tires. With a population exceeding 1.3 billion people and a rapidly growing middle class, the number of vehicles on Indian roads has been steadily rising. Consequently, there has been a surge in the demand for tires to accommodate this growing vehicle fleet.
The Rise of Radial Tires
One significant trend in the Indian tire market is the increasing popularity of radial tires. Radial tires offer several advantages, including improved fuel efficiency, lower rolling resistance, and enhanced traction. Compared to other tire types, radial tires consume approximately 8-10% less fuel. These benefits have driven the demand for radial tires, prompting tire manufacturers to focus on this segment. Additionally, radial tires align well with regulatory standards in different countries, making them a preferred choice for manufacturers.
Fuel Efficiency and Lightweight Design
In recent years, the automotive industry has placed a stronger emphasis on corporate average fuel efficiency (CAFE) standards. To meet these standards, tire manufacturers have been developing tires with higher fuel efficiency. Most automotive tires in India are now radial, and automotive companies are actively seeking ways to reduce the weight of their vehicles. This emphasis on lightweight design has further fueled the demand for radial tires.
Enhanced Performance and Sustainable Manufacturing
Radial tires offer superior road contact, steering, and driving comfort. They also exhibit higher resistance to tread-related damage. These performance advantages have made radial tires the preferred choice for automobile manufacturers. Additionally, the tire industry has made notable progress in adopting sustainable practices. This includes using more environmentally friendly ingredients, such as increasing the use of “silica” in tire compositions. Silica helps simplify the manufacturing process, lowers rolling resistance, and improves cut and slip resistance, thereby enhancing overall tire performance. The reduction of carbon black composition in tires has also been a focus, as it helps reduce costs, lower emissions, and improve heat development.
Emerging Trends in Electric and Hybrid Vehicles
The advancements in eMobility and the growing popularity of low-emission hybrid vehicles are creating new demands for the tire industry. Electric vehicles, with their instant acceleration and high engine torque, place additional strain on tires, leading to increased wear. Consequently, tire design and production facilities are undergoing innovation to meet the unique requirements of electric and hybrid vehicles. As the electric and hybrid vehicle market continues to expand, there will be a rising demand for tires with superior traction to grip road surfaces. Many tire manufacturers are already developing tires optimized for this segment by implementing new technological advancements. For instance, Goodyear has introduced foam-filled tires in some vehicle models to reduce noise emissions. Other key tire brands are also working on new concepts to meet the evolving needs of this segment.
The tire market in India is experiencing robust growth, driven by factors such as the rapid expansion of the automotive industry and the increasing demand for tires. Radial tires have gained significant popularity due to their fuel efficiency, low rolling resistance, and superior performance characteristics. Manufacturers are increasingly focusing on sustainable manufacturing practices and adopting innovative design concepts to meet the demands of electric and hybrid vehicles. As the industry continues to evolve, tire manufacturers are poised to meet the future needs of the Indian market with advanced and environmentally friendly tire solutions.
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Some of the major players operating in the India Tire Market include:
- CEAT Limited.
- JK Tyre & Industries Ltd
- Bridgestone India Private Limited.
- Birla Tyres Limited
- Goodyear India Limited
- TVS Srichakra Limited.
- Apollo Tyres Ltd
- Continental India Limited
- Balkrishna Industries Limited
- Michelin India Private Limited.
“Many tire companies are investing in the research and development department, for the innovation and improvement of tire. The investment will help in research and development of the tire for the better driving experience and for the vehicle safety. The investment by the major tire manufacturing companies will help to make tire easily available for the buyers in the Indian market, which will further help in driving the India Tire Market during the forecast period, “said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Demand Category (OEM, & Aftermarket), By Tire Construction Type (Radial, Bias), By Region (North, South, East, West), By Company (2022), Competition, Forecast &, Opportunities, 2018- 2028 has evaluated the future growth potential of India Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Tire Market.
Report Scope:
In this report, India Tire Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- India Tire Market, By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Two Wheelers
- Three Wheelers
- OTR
- India Tire Market, By Demand Category:
- OEM
- Aftermarket
- India Tire Market, By Tire Construction Type:
- Radial
- Bias
- India Tire Market, By Region:
- North
- South
- East
- West
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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