London, 20 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the passenger car tires market in India 2015-2019, which is projected to grow at a CAGR of 5.61% during the forecast period of 2014-2019.
In India, of the two passenger car tires markets, the replacement tires market commands a higher weightage in terms of unit sales compared to the OEMs market. However, the expanding middle class, growing disposable incomes, and increasing car penetration levels are some of the key factors that would augment new car sales in the forecast period positively impacting the OEM segment of the passenger car tires market.
“With a strong growth in the economy estimated for the forecast period, there is high probability that passenger car sales will see an upward trend and steady growth in that period,” says Faisal Ghaus, Vice President of Technavio.
“Industry experts believe that a strong GDP growth, coupled with the growing disposable income of consumers would eventually translate into passenger car sales between 2015 and 2019.”
Key Market Drivers
- Increasing Demand for Passengers Cars Augmenting OEM Tire Demand
- Growing Cab Services Impacting OEM Car Sales
- Growing Popularity of Luxury Cars Working in Favor of Tire Manufacturer
Key Market Trends
- Increased Focus on Green Ties
- Future SUV Concept Tire
- Self-Sealing Tires
Key Market Vendors
- Apollo Tyres Ltd.
- Birla Tyres
- Bridgestone India Pvt. Ltd.
- Ceat Ltd.
- Goodyear India
- JK Tyre & Industries Ltd.
- MRF Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
