NEW YORK, June 1, 2016 /PRNewswire/ -- With more than 60 tire manufacturing plants spread across the country in 2015, India ranks among one of the largest tire markets in the world. Growing automobile sales coupled with expanding automobile fleet are the major factors boosting demand for tires in the country. Moreover, with favorable inflationary scenario, expanding middle class population and increasing national disposable income, tire sales across all the automobile segments are expected to grow in the coming years. Presence of major automotive OEMs such as Ford, Hyundai, Honda, Mahindra, Maruti Suzuki, TATA, BMW, etc. has been hugely contributing to the sales of tires in India. MRF, CEAT, Birla Tyres, TVS Srichakra, Apollo Tyres and JK Tyre are few of the major regional tire manufacturers, while the major international tire brands operating in the country includes Goodyear, Bridgestone, Michelin, Continental, Yokohama, and Hankook.
According to the TechSci Research report, "India Tire Market Forecast & Opportunities, 2021", the country's tire market is forecast to witness a CAGR of over 9% during 2016-2021. Though the replacement tire demand had a majority share in 2015, the OEM tire demand is expected to outpace replacement tire demand during 2016-2021. In 2015, Northern region accounted for the largest share in India's tire market, followed by Southern, Eastern and Western regions of the country. Over the next five years as well, Northern and Southern regions are forecast to continue their market dominance and grab a cumulative market share of nearly 59% in 2021. Two-wheeler tire segment, which accounted for a volume share of over 50% in the country's tire market in 2015, is also expected to maintain its position as the largest tire segment over the next five years. "India Tire Market Forecast & Opportunities, 2021" report elaborates following aspects of tire market in India:
- India Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car Tires, Light Commercial Tires, Medium and Heavy Commercial Vehicle Tires, Off-The-Road (OTR) Tires, Two-Wheeler Tires & Three-Wheeler Tires.
- Voice of Customer – Brand Recall, Brand Satisfaction, Brand Switching Behavior, Factors responsible for purchase decision.
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tire market in India
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tire manufacturers, distributors, dealers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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