The [FURL=https://www.industryarc.com/Report/19596/indian-tyres-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Indian Tyres Market[/FURL] is forecast to reach $192.3 million units by 2026, growing at a CAGR of 3.81% from 2021 to 2026. Tyre is a circular shaped component of a vehicle, usually made of synthetic or natural rubber, polyester tyre cords, fillers, plasticiser, chemicals, bead wires, vulcanization accelerator, and other components used for covering the rims of a wheel and to protect the rims. The Indian Tyre market growth is mainly attributed to various factors including the development of the Indian automotive industry and governments initiatives in the form of subsidies to promote the usage of electric vehicle.Key Takeaways
Radial tyre is anticipated to witness significant market growth during the forecast period, due to its various advantages over bias tyres.
Passenger vehicles is analysed to witness significant growth market growth during 2021-2026, owing to the increasing purchasing power and economic growth of the country along with increasing investment for EVs.
The market of Indian Tyres is estimated to witness a significant upsurge during the forecast period, owing to the growth of Indian automotive industry.
This industry is consolidated with top market players including Madras Rubber Factory (MRF) Limited, CEAT Ltd., Apollo Tyres Ltd, Continental AG, Pirelli & C. S.p.A. among others.
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Indian Tyres Market Segment Analysis - By Country Analysis
India is one of the emerging economies with massive growth opportunities across industries including automotive. High demand for personal vehicles including cars, bikes and others along with the economic growth of this country and increase in disposable income is creating more demand for passenger vehicles, which is affecting the demand for tyres. According a report of IBE, Two-wheelers and passenger cars represented around 81% and 13% of market share, respectively, for a combined sale of Indian automobiles in FY20. Such increasing sales rate and high production rate creates demand for tyres and to meet such demand top market players are launching advanced products for Indian market.
Indian Tyres Market Drivers
Growth of Indian Automotive industry is set to Boost the Growth of this Market
Strategic steps taken by the market players of India will fuel the growth
Indian Tyres Market Landscape
Indian Tyres top 10 companies include Madras Rubber Factory (MRF) Limited, CEAT Ltd., Apollo Tyres Ltd, Continental AG, Pirelli & C. S.p.A., JK Tyre & Industries Ltd., Falken Sumitomo Rubber Industries (Falken Tyres), Compagnie Generale des Etablissements Michelin SCA (Michelin Tyres), Goodyear India Ltd, Balkrishna Industries Ltd.
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