India Passenger Car Tyre Market Size To Grow At A CAGR Of 7.1% In The Forecast Period Of 2024-2032

30 NORTH GOULD STREET, SHERIDAN, WYOMING, UNITED STATES, November 6, 2023 /EINPresswire.com/ -- India Passenger Car Tyre Market Outlook

According to a new report by Expert Market Research titled, “India Passenger Car Tyre Market Size, Share, Analysis, Report and Forecast 2024-2032″, the passenger car tyre market is projected to grow at a CAGR of 7.10% between 2024 and 2032. Aided by growing car ownership among burgeoning population and development of green tyres, the market is expected to grow significantly by 2032.

Tyre is an integral component of any vehicular structure, being directly responsible for a vehicle’s performance, safety, and fuel efficiency. The quality of tyres affects the overall driving experience, making them a critical factor in the decision-making process of consumers. The demand for passenger car tyres in India has been on a steady rise due to factors such as the country’s expansive road network, growing urbanisation, and the burgeoning middle class with increased disposable income.

The augmenting trend of vehicular safety and increasing awareness among consumers regarding the importance of using quality tyres are the key India passenger car tyre market trends driving the market. The rising popularity of high-performance cars among Indian consumers has also shifted the focus towards high-grade tyres that can sustain high speeds and ensure safety. Recent government regulations emphasising the use of radial tyres, which provide better grip and longevity, have further escalated the market demand.

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A significant catalyst in the growth trajectory of the Indian tyre market is the domestic manufacturing prowess. With the presence of major tyre manufacturing giants such as MRF, Apollo Tyres, and JK Tyre, India is not only meeting its domestic demand but has also established itself as an export hub. The “Make in India” initiative by the government has further invigorated the tyre manufacturing sector, leading to increased investment and capacity expansion.

The growing e-commerce industry in India is another factor propelling the India passenger car tyre market growth. The ease of online purchase, availability of numerous brands and types of tyres, coupled with attractive discounts, have made online platforms a preferred choice for many customers. This digital shift has also facilitated better consumer education about the benefits of quality tyres and their impact on vehicle performance.

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As per the India passenger car tyre market analysis, the market is on an upward trajectory owing to the evolution of electric vehicles (EVs) in the Indian automotive landscape. With the central government’s push towards EV adoption, tyre manufacturers are gearing up to cater to this new segment. EVs demand a specific kind of tyre that reduces rolling resistance and, consequently, battery consumption. This burgeoning EV trend is bound to offer fresh avenues for innovation and growth in the tyre sector.

India Passenger Car Tyre Market Segmentation

The market can be divided based on product, construction type, type, rim size, price range, vehicle type, end use, and region.

Market Breakup by Product

Tube
Tubeless

Market Breakup by Construction Type

Bias
Radial

Market Breakup by Type

New Tyres
Retreated Tyres

Market Breakup by Rim Size

13-15 Inch
16-18 Inch
19-21 Inch

Market Breakup by Price Range

Low
Medium
High

Market Breakup by Vehicle Type

Hatchback
Sedan
SUV
MUV
Luxury Cars
Others

Market Breakup by End Use

OEMs
Aftermarket

Market Breakup by Region

North India
South India
East India
West India

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the India passenger car tyre market. Some of the major players explored in the report by Expert Market Research are as follows:

CEAT Limited
JK Tyre & Industries Ltd
Bridgestone India Private India
Continental India Limited
Birla Tyres Limited
Goodyear India Limited
TVS Srichakra Limited
Apollo Tyres Ltd
Balkrishna Industries Limited
Michelin India Private Limited.
Others

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