India Tire Market Forecast & Opportunities 2021

Market Reports on India presents the latest report on “India Tire Market Forecast & Opportunities 2021”. http://www.marketreportsonindia.com/industry-mfg-market-research-reports-13818/india-tire.html This report to help industry consultants, tire companies and other stakeholders to align their market-centric strategies.

03rd June 2016 – Navi Mumbai, India: Market reports on India presents the latest report on “India Tire Market Forecast & Opportunities 2021”. The report identify the on-going trends and segment wise anticipated growth in the coming years.

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.

“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...