Passenger Car Tires Market in India 2015-2019
About Passenger Car Tires
The automotive industry in India is one of the leading global markets in terms of production. The country has a stable domestic market with the presence of both domestic and international vehicle manufacturers.
The OEM market for tires in India had been stable in the recent past except for 2013, during which the automotive industry witnessed a drop in demand on the backdrop of costlier finance options and stringent lending norms. In the tires replacement market, new vehicle registrations in the country ensure positive prospect tires, as tires are subject to wear and tear with vehicle usage.
Technavio's analysts forecast the passenger car tires market in India to grow at a CAGR of 5.61% over the period 2014-2019.
Covered in this Report
The passenger car tires market in India can be segmented into two divisions on the basis of key customers: OEMs and replacement tires. To calculate the market size, the report considers the sales of tires in both these segments. In addition, the report discusses the major drivers that influence the growth of the passenger car tires market in India. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
Technavio's report, the Passenger Car Tires Market in India 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors.
Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in India 2015-2019
Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in India: Apollo Tyres, Birla Tyres, Bridgestone India, Ceat Tyres, Goodyear India, JK Tyre and MRF
Other Prominent Vendors in the market are: Asha Rubber Industries, Continental and Michelin
Commenting on the report, an analyst from Technavio’s team said: “There is a lot of stress nowadays on environmental protection by the governments and authorities worldwide. They are creating legislation to reduce the impact on the environment. Tires can be an important source of pollutant. The tire manufacturing process has a significant negative effect on the environment. The concept of eco-friendly tires deals with the environmental effects of the tire manufacturing process, the impact the tires have on the environment during their life, and the effect of tires on the environment after they are disposed of. The tire manufacturers are trying to focus on raw materials, rolling resistance, and recycling of tires for reducing the impact on the environment.”
According to the report, the cab services market, or the taxi services market, has seen rapid growth in the past 6-7 years. More than $400 million has been invested in cab service companies in the past four years. Industry experts believe that the radio taxi market in India is estimated to grow over the next five years. Though the unorganized segment still owns the majority of this market, the potential for the organized segment is very high and is estimated to add vehicles to its fleet at a rapid pace in the forecast period. India's public transport infrastructure is still creaky, and safe commuting options are few, which has led to the growth of such cab services. There are close to 5.5 lakh commercial cabs registered in India's top 10 cities and these numbers are expected to go up in the forecast period. The increase in cab services is leading to an increase in new car sales, as fleet owners are increasing their fleet size. With the increase in fleet size the OEM market for tires is gaining growth momentum.
Further, the report states that domestic tire manufacturers' growth has been hindered by the tax structures, which have led to an increase in raw material costs for the tire manufacturer.
Apollo Tyres, Birla Tyres, Bridgestone India, Ceat Tyres, Goodyear India, JK Tyre , MRF, Asha Rubber Industries, Continental, Michelin
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