India Tire Market Set to Cross US$ 8.5 Billion in 2016: TechSci Research Report
According to TechSci Research report, "India Tire Market Forecast & Opportunities, 2021", tire market in India is projected to record $8.5 Billion market size in 2016. The country's tire market is dominated by the replacement tire segment on account of expanding automotive fleet. The volume sales in India are largely driven by two-wheeler tires followed by the passenger car and medium & heavy commercial vehicle tires. In 2015, two-wheeler tire sales accounted for majority of the volume sales of tires in India. On the other hand, increasing sales of passenger cars on account of rising disposable income and expanding middle class consumers in the country has also been boosting passenger car tire demand in both OEM as well as replacement tire segments.
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"IndiaTire Market "
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Launch of 'Automotive Mission Plan, 2016-2026' is anticipated to augment the automobile production in the country in the coming years, which is expected to drive demand for tires till 2021. Moreover, rising foreign direct investments are expected to boost the country's automobile industry, including the tire market, during the forecast period. In 2015, tire market in India was dominated by domestic tire players such as MRF, CEAT, Birla Tyres, TVS Srichakra, Apollo Tyres and JK Tyre & Industries. Few of the leading international tire brands operating in the country include Goodyear, Bridgestone, Michelin, Continental, Yokohama, and Hankook.
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Over the last five years, adoption of radial tire technology has increased significantly in India. Despite almost 100% radialization in the passenger car tire segment, the country still offers huge growth potential for radialization in the commercial vehicle and two-wheeler tire segments. With continuing increase in R&D activities for developing cost-effective radial tires by major domestic tire companies, coupled with the growing imports of low cost Chinese radial tires, the adoption of radial tires is anticipated to grow in the coming years.
"India TireMarket Forecast & Opportunities, 2021" has evaluated the future growth potential of India tire market and provides statistics and information on market size, market share, growth forecast and car owners buying habits in India. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India tire market.
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