India Automotive Tire Market Outlook

india automotive tire market outlook (2018 to 2032) the indian automotive tire market is poised for growth over the next decade and a half. it is expected to become one of the top ten markets in the world by 2032. this is mainly due to the country’s budding economic growth and as india’s automotive industry continues to grow, the demand for tires will also go up. the indian automotive tire market is expected to witness a cagr of around 5.5% during the period 2018-2032, driven mainly by a growing middle class and increasing vehicle ownership levels. this growth is mainly due to the significant expansion in the two-wheeler segment, as well as the rising demand for replacement tires in the passenger and commercial vehicles segment. increasing disposable incomes, government initiatives, and the availability of easy finance are key factors driving demand. consequently, tire makers are shifting their production facilities to india in order to meet the growing demand. this shift in production has improved local manufacturing capabilities and encouraged innovation through investments in r&d. the indian automotive tire market has also benefitted from strengthening of the tire regulations. with the introduction of the stringent bs-vi emission norms, original equipment manufacturers are exploring ways to reduce manufacturing costs. this can be done by optimizing the tire designs as they offer an attractive solution in terms of weight reduction and fuel-efficiency. tire makers are also focusing on producing wider radial tires in order to higher load carrying capacity and lateral grip performance under varying road conditions. it is expected that the demand for higher performance tires will continue to increase in the future. in terms of current trends, the winter tire market in india is estimated to grow exponentially over the next decade and a half. india’s climate and terrain conditions makes the demand for winter tires necessary. this coupled with the recent developments such as the upgradation of roadways, makes it a lucrative opportunity for tire manufacturers. in conclusion, the indian automotive tire market is expected to reach new heights over the next decade and a half. with increased disposable incomes, advanced technology, and continuous r&d investments, the indian future looks bright.