TechNavio recognizes the following companies as the key players in the Tire Market in India: MRF, Bridgestone, Apollo Tyres Ltd., Goodyear Corp., JK Tyre and Industries Ltd., and CEAT Ltd.
Commenting on the report, an analyst from TechNavio’s Automotive team said: ”The Indian Tire industry trails far behind other developed countries when it comes to radialization in the Truck and Bus segment. However, the Tire market in India is expected to slowly converge toward radial tires in the Commercial Vehicle segment in the coming years. Tire companies are continuously investing in radial capacity which is likely to improve turnover and margin performance due to the change in the sales mix. Currently, the level of radialization in the Passenger Car segment is high at over 94 percent, but the radialization level in the Truck and Bus, and Light Commercial Vehicle segments is comparatively poor at over 5 percent and 16 percent, respectively.”
According to the report, the Passenger Car market in India is the largest consumer of tires in India and hence directly influences the Tire market. Thus, the growing passenger car production and demand is leading to the growth of the Tire market in India.
Further, the report states that the increase in raw material prices is one of the major challenges confronting this market. Tire manufacturers have become extremely sensitive to raw material prices and are under the threat of losing business to competitors. Hence, raw material prices will continue to be the major concern for the market in the near future.
The report also includes a discussion of the other vendors operating in this market. The other vendors in the market are The Yokohama Rubber Co. Ltd., Michelin spa, and Birla Tyres Ltd.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/content/tire-market-india-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our Automotive market research, please visit https://www.technavio.com/automotive
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TechNavio Announces the Publication of its Research Report – Tire Market in India 2012-2016
