India Passenger Car Tyre Market Price, Size, Share, Trends & Report 2024-2032

India Passenger Car Tyre Market Outlook

The India passenger car tyre market has been experiencing a dynamic phase of growth, marking a significant evolution in the automotive industry's landscape. As to new report by  Expert Market Research (EMR), this market has demonstrated robust performance, driven by the increasing sales of passenger vehicles, advancements in tyre technology, and the rising consumer emphasis on safety and fuel efficiency. Looking forward, the India passenger car tyre market size is poised for a promising expansion, with projections indicating a Compound Annual Growth Rate (CAGR) of 7.10% from 2024 to 2032. This growth trajectory is expected to elevate the market value substantially, aligning with the broader trends influencing the automotive sector in India.

In the intricate ecosystem of the automotive industry, tyres play a crucial role in ensuring vehicle safety, performance, and efficiency. The Indian market, in particular, has seen a surge in demand for high-quality tyres, propelled by the burgeoning middle-class population and the escalating rates of vehicle ownership. The demand is further augmented by the vibrant growth of e-commerce and logistics sectors, necessitating reliable and durable tyres for extensive operational requirements.

Tyre manufacturers are responding to these market dynamics by innovating and introducing tyres that offer enhanced durability, better fuel efficiency, and improved performance across diverse driving conditions. The advent of green tyres, which are designed to minimize rolling resistance and, consequently, reduce fuel consumption and CO2 emissions, is a testament to the industry's commitment towards environmental sustainability and energy efficiency.

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Market Trends and Drivers

Several key trends and drivers are shaping the future of the India passenger car tyre market:

Technological Advancements: The integration of advanced technologies like Tyre Pressure Monitoring Systems (TPMS), smart tyres equipped with sensors, and the development of run-flat tyre technologies are transforming the landscape. These innovations not only bolster safety and performance but also cater to the evolving consumer expectations for smarter, more connected vehicles.

Environmental Regulations: Stringent environmental regulations and a growing consumer consciousness about sustainability are pushing tyre manufacturers to adopt eco-friendly production processes and materials. The shift towards green tyres is indicative of the industry's alignment with global sustainability goals.

Urbanization and Infrastructure Development: Rapid urbanization and the expansion of road infrastructure are facilitating longer commutes and higher mileage, thereby increasing tyre wear and tear. This scenario is generating a continuous demand for replacement tyres, alongside the demand from new vehicle sales.

E-commerce and Aftermarket Sales: The proliferation of e-commerce platforms has revolutionized the tyre retail landscape, offering consumers the convenience of comparing and purchasing tyres online. Additionally, the aftermarket segment is witnessing growth, driven by the need for tyre replacements and upgrades.

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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

Challenges

Despite the optimistic growth outlook, the India passenger car tyre market faces several challenges:

Raw Material Volatility: The cost and availability of natural rubber and other critical raw materials remain a concern, affecting price stability and profit margins.

Intense Competition: The market is characterized by intense competition among domestic and international players, necessitating continuous innovation and strategic marketing to maintain or enhance market share.

Regulatory Compliance: Adhering to evolving environmental and safety regulations requires significant investment in research and development (R&D) and operational adjustments, impacting the industry's cost structure.

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