India Tyre Manufacturers Market

Increasing production of automobiles is driving the market growth

The Indian tyre manufacturers market CAGR is expanding due to the increasing production of automobiles. India represents a promising marketplace because of its unexpectedly growing vehicle income, expanding car fleet size, and rising car production. With a developing populace and improving financial conditions, India has witnessed an enormous surge in car income in recent years. 

According to facts from the Society of Indian Automobile Manufacturers (SIAM), car sales in India have been on a constant upward thrust, with passenger car income increasing through 11.14% in the fiscal 12 months 2021-22 as compared to the previous year. This uptrend in automobile income translates to higher demand for tires, as each new vehicle offered calls for tires upon purchase.

Furthermore, India's car industry has witnessed a surge in vehicle manufacturing, fueled through each domestic call for export opportunities. With India emerging as a global manufacturing hub for cars, tire manufacturers enjoy the growing automobile production inside the United States of America. According to data from the Ministry of Commerce and Industry, India's automobile industry produced over 23 million automobiles within the economic year 2020-21, showcasing the USA's developing manufacturing competencies. This boom in automobile manufacturing without delay contributes to the call for tires, as every car produced calls for tires as a crucial aspect. 

As a result, tire manufacturers in India are properly placed to capitalize on the possibilities offered with the aid of the growing automobile manufacturing trend. Moreover, the rising car fleet length in India similarly drives calls for tires, particularly within the aftermarket section. As the prevailing car fleet expands due to factors which include populace boom, urbanization, and progressed living standards, the need for tire replacements will increase. 

According to Statista, India had over 300 million registered automobiles as of 2021, with this wide variety anticipated to continue developing within the coming years. This increasing automobile fleet offers an extensive growth opportunity for tire manufacturers, as automobiles require tire replacements due to put on and tear, punctures, or enhancements over time. Thus, driving the India tyre manufacturers market revenue.

The Global India Tyre Manufacturers Market Industry is adapting to stringent environmental regulations aimed at reducing carbon footprints and promoting sustainability. Manufacturers are increasingly focusing on eco-friendly materials and production processes to comply with these regulations. This shift not only aligns with global sustainability trends but also appeals to environmentally conscious consumers. As regulations tighten, companies that invest in sustainable practices may gain a competitive edge in the market. This focus on sustainability is expected to support the industry's growth trajectory, contributing to the anticipated compound annual growth rate of 5.49% from 2025 to 2035.

The Global India Tyre Manufacturers Market Industry is experiencing a surge in vehicle production, driven by increasing consumer demand for personal and commercial vehicles. In 2024, the market is projected to reach 25 USD Billion, reflecting the growing automotive sector in India. This growth is likely to stimulate tyre demand, as each vehicle requires multiple tyres. The Indian automotive industry is expected to produce over 5 million units annually, contributing significantly to the tyre market. As manufacturers ramp up production to meet this demand, the Global India Tyre Manufacturers Market Industry stands to benefit from enhanced sales and revenue generation.

Infrastructure development in India plays a crucial role in bolstering the Global India Tyre Manufacturers Market Industry. The government's focus on enhancing road networks and transportation facilities is likely to increase the demand for commercial vehicles, which in turn drives tyre consumption. With initiatives such as the Bharatmala project, aimed at improving highway connectivity, the market is poised for growth. As infrastructure projects progress, the demand for durable and high-performance tyres is expected to rise, supporting the projected market growth to 45 USD Billion by 2035. This trend underscores the interdependence between infrastructure and tyre manufacturing.

Technological advancements in tyre manufacturing are significantly influencing the Global India Tyre Manufacturers Market Industry. Innovations such as smart tyres equipped with sensors and improved materials enhance performance and safety. These developments cater to the evolving needs of consumers who prioritize quality and durability. As manufacturers adopt advanced production techniques, they can offer products that meet international standards, thereby expanding their market reach. The integration of technology is expected to contribute to a compound annual growth rate of 5.49% from 2025 to 2035, indicating a robust future for the industry as it adapts to changing consumer preferences.

The Global India Tyre Manufacturers Market Industry is witnessing an increase in export opportunities, driven by the rising demand for Indian-made tyres in international markets. Countries in Southeast Asia and Africa are increasingly sourcing tyres from India due to competitive pricing and quality. This trend is likely to enhance the market's growth, as exports contribute significantly to overall revenue. With the Indian government promoting 'Make in India' initiatives, manufacturers are encouraged to expand their production capabilities to meet global standards. This focus on exports could potentially elevate the market value to 45 USD Billion by 2035, reflecting the industry's global competitiveness.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the tyre manufacturers market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the tyre manufacturers industry must offer cost-effective items.

Major players in the tyre manufacturers market are attempting to increase market demand by investing in research and development operations, includes MRF Limited, CEAT Limited, JK Tyre & Industries Ltd., Apollo Tyres Ltd.