India Tire (Tyre) Market Forecast 2021 - brochure

M a r k e t I n t e l l i g e n c e . C o n s u l t i n g

India Tire Market Forecast & Opportunities , 2021

P r o d u c t O v e r v i e w

2

© TechSci Research

Global tire supplier Michelin defines tire as “A precisely engineered assembly of rubber,chemicals, fabric, and metal, designed to provide traction, cushion road shock andcarry a load under varying conditions.”

Classification According to Vehicle Type

Product Definition

Vehicle Segment Sub-Segment Customer Segment

Passenger Car

Hatchback & Sedan

IndividualsSUVs

Van

Light Commercial VehiclePickup and Light Truck

Transport Companies, Logistics, Small Business Entrepreneurs,

Government

Light Bus

Medium & Heavy Commercial vehicle

Truck

Bus

Two-wheeler

Scooter

IndividualsMotorcycle

Moped

Three-WheelerPassenger Carrier Passenger Transport

Load Carrier Logistics

OTR (Off-the-Road) Vehicle

Mining, Construction and Industrial Equipment

Mining companies, Construction companies and Industries

Agriculture Vehicle Farmers

Others (Go-cart Vehicles, Golf Cart Vehicles, Special Purpose Vehicles, etc. )

Sports companies, Adventure activity industries etc.

T a b l e o f C o n t e n t s

3

© TechSci Research

S. No. Contents

1. Product Overview

2. Research Methodology

3. Analyst View

4. India Tire Production Overview

5. India Tire Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1. By Vehicle Type (M&HCV, PC, 2W, OTR, LCV & 3W)

5.2.2. By Company

5.2.3. By Region

5.2.4. By Demand Category (OEM Vs. Replacement)

5.2.5. By Radial vs Bias

5.3. Market Attractive Index (By Vehicle Type)

5.4. Voice of Customers

5.4.1. Unaided Brand Recall

5.4.1. Brand Satisfaction Level

5.4.1. Brand Switching Behavior

5.4.1. Factors Influencing Purchase Decision

6. India Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Outlook




4

© TechSci Research

S. No. Contents


6.2.1. By Vehicle Type

6.2.2. By Demand Category (OEM vs. Replacement)

6.2.3. By Company


6.3. Popular Sizes/Price Analysis

6.4. Prominent List of OE Supplier

6.5. Market Attractive Index (By Type)

6.6. Supply Chain Analysis






7. India Passenger Car Tire Market Outlook






7.2.3. By Company



5

© TechSci Research

S. No. Contents










8. India Two-Wheeler (2W) Tire Market Outlook






8.2.3. By Company








6

© TechSci Research

S. No. Contents





9. India Off-The Road (OTR) Tire Market Outlook






9.2.3. By Company




9.5. Market Attractive Index (By End Use Industry)








7

© TechSci Research

S. No. Contents

10. India Light Commercial Vehicle (LCV) Tire Market Outlook






10.2.3. By Company











11. India Three-Wheeler (3W) Tire Market Outlook






8

© TechSci Research

S. No. Contents


11.2.3. By Company










12. Import-Export Analysis

13. Market Dynamics

13.1. Drivers

13.2. Challenges

14. Market Trends & Developments

15. Policy & Regulatory Landscape

16. India Economic Profile

17. Competitive Landscape

17.1. MRF Limited

17.2. CEAT Limited

17.3. Birla Tyres Limited


9

© TechSci Research

S. No. Contents

17.4. TVS Srichakra Limited

17.5. Apollo Tyres Ltd.

17.6. JK Tyre & Industries Ltd.

17.7. Bridgestone India Private Limited

17.8. Goodyear India Limited

17.9. Michelin India Private Limited

17.10. Balkrishna Industries Limited

17.11. Govind Rubber Limited

17.12. Continental India Limited

18. Strategic Recommendations

19. Annexure (Include Dealer/Distributor List for each Tire Company)

20. Disclaimer

10

© TechSci Research

R e s e a r c h M e t h o d o l o g y

A

C

B

Primary Research

Company Analysis

Desk Research

Identifying Key Opinion

Leaders

Questionnaire Design

In-depth Interviews

Market Participants

Key Strengths

Tire Portfolio

OEM Tie-ups

Recent

Developments

Market Changing

Aspects/Dynamics

Government

Policies

Final Conclusion

LinkedIn TechSci Internal

database

Factiva Hoovers

Paid Sources

Company Website Company Annual

Reports White Paper Study Financial Reports Investor

Presentations Regulatory Body, Associations, etc.

Secondary Research

Primary Research

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

•In-depth secondary research was used todetermine top players in India tire market,overall market size and to identify topautomobile tire manufactures.

Market Profiling

•In order to conduct industry experts interviews,TechSci formulated a detailed questionnaire.

Formulating Questionnaire

•List of industry players (manufacturers),distributors, retailers, and industry specialistswas developed.

Developing list of respondents

•TechSci conducted interviews with industryexperts, industry players, for data collection andverification.

Data Collection

•Data obtained as a result of primary andsecondary research was validated throughrigorous triangulation.

Data Validation

•The data was scrutinized using MS-Excel andstatistical tools such as Time Series analysis etc.to obtain qualitative and quantitative insightsabout the India tire market.

Data Analysis


11

© TechSci Research

Baseline Methodology:

For the study, TechSci Research has gathered information through primary research surveys with leadingtire companies operating in India, and subsequently verified information from major dealers/distributors ofautomobile tires in the country. We also put through an exhaustive search of credible paid databases suchas Business Week, Factiva, Hoovers, etc., including our internal database. Our team of analysts has thenprudently evaluated all the collected information and presented the same in chronological order to depict ameaningful and clear picture of the tire market in India.

While compiling the data, we have also cross checked all the collected information from multiple sourcesand data warehouses, so as to present the most accurate and precise information of the concernedindustry. We use innovative business model that focuses on improving productivity, which ensuringcreation of high-quality reports. The reports are prepared with in-depth primary research, followed byexhaustive secondary research.

Primary Research – Companies Dealers & Distributors Interviewed Few of Sources of Secondary Research

S.

No.Company Dealers & Distributor Names

1. MRF India Limited

2. Apollo Tyres Ltd.

3 JK Tyre & Industries Ltd.

4. CEAT Limited

5. TVS Srichakra Limited

6. Bridgestone India Private Limited

7. Goodyear India Limited

8. Balkrishna Industries Limited

9. Govind Rubber Limited

10. Continental India Limited

S.

No.Secondary Sources

1. Automotive Tyre Manufacturers' Association

2. OICA

3. Directorate General of Foreign Trade

4. Society of Indian Automobile Manufactures

5. World Bank

6. International Monetary Fund

7. Department of Industrial Policy & Promotion

8. Ministry of Micro, Small & Medium Enterprises

9. Directorate General of Foreign Trade

10. Internet & Mobile Association of India


12

© TechSci Research

For the preparation of India tire report, bottom-up model has been used, which has been later crossvalidated by using top down approach.

Vehicle Sales & Fleet Size

The basic data points that are needed for the analysis of India tire market are the historical, current andforecast figures for vehicle sales and fleet size. The data for vehicle sales and fleet size has beenextracted through various secondary sources and credible data portals. TechSci Research has alsomaintained a database for vehicle sales and fleet size for each vehicle segment (passenger cars, lightcommercial vehicles, medium & heavy commercial vehicles, two-wheelers, three-wheelers & off-the-roadvehicles), which is regularly updated through various primary research surveys and secondary sourcessuch as automotive associations & government publications.

Vehicle Production

TechSci has gathered vehicle production data from credible sources such as SIAM and OICA. TechSciResearch has also maintained a database for vehicle production for each vehicle segment (passengercars, light commercial vehicles, medium & heavy commercial vehicles, two-wheelers, three-wheelers &off-the-road vehicles), which is regularly updated through various primary research surveys andsecondary sources such as automotive associations & government publications.

Tire Demand

OEM Tire Sales

OEM tire demand in India is directly dependent on country’s vehicle production. The OEM demand istherefore extracted by multiplying the vehicle produced with the number of tires fitted in the vehicle. Forexample, in case of passenger car, five tires are fitted by the OEM during manufacturing process.


13

© TechSci Research

Tire Demand

Replacement Tire Sales

Replacement tire demand of a particular country is directly dependent on country’s vehicle fleet size andhistorical vehicle sales. The replacement demand is therefore extracted by multiplying the vehicle fleetwith the replacement tire ratio, which is obtained by conducting a series of surveys with car owners tounderstand the frequency of tire replacement as it varies for different countries depending upon factorssuch as road conditions, climate, economic and regulatory policies applicable in a country. Thereplacement ratio is expressed as a percentage. For example, in case of passenger cars, replacementratio is considered to be 100% if four tire is replaced per vehicle per year.

Example for passenger car replacement tire demand calculation:

Passenger Car

Fleet Size

(Volume)

XReplacement Ratio

(%)X No. of Tires =

Replacement

Tire Demand

XXXX X X% X X = X Tires

The calculated replacement tire demand data is further analyzed by TechSci Research through Delphitechnique i.e. multiple rounds of telephonic interviews were conducted with tire companiesdealers/distributors in India. The information thus gathered through primary interviews was cross-verified through industry experts and secondary sources such as annual reports and paid databases togenerate meaningful results.

Total Tire Market

OEM Tire Sales +Replacement Tire

Sales= Total Tire Market


14

© TechSci Research

Tire Trade (Import & Export)

TechSci Research has analyzed tire imports in India. The data has been gathered through governmentagencies and credible paid databases. The total tire trade has been segmented in accordance with belowmentioned HS codes:

HS Code Description Tire Type

XXXX Motor Cars Passenger Car Tire

XXXX Bus or Lorries Tires Commercial Vehicle Tire

XXXX Motorcycle Tire Two-Wheeler Tire

XXXX Tire Having a "Herring Bone"

OTR Tire





XXXX Agriculture Tire

XXXX Construction/Industrial Tire

XXXX Construction/Industrial Tire

XXXX Others Other Tires

The import figures for each vehicle type (Passenger Car, Commercial Vehicle, Two-Wheeler, Three-wheelers & OTR) have been depicted in Value (USD Million).

Forecast

For forecasting the numbers, we have used Time Series Analysis along with Regression Analysis, followedby judgmental analysis as certain factors would always differ in India such as infrastructure condition,economic outlook, etc.


15

© TechSci Research

Sampling Technique:

While conducting the study, TechSci followed the stratified random sampling technique to shortlist the Key Opinion

Leaders (KOLs) in various tire companies in the country. KOLs out of prominent tire companies were interviewed to

identify the size of India tire market along with the market shares of leading tire players across different tire

segments.

Sample Size:

KOL No. of Respondents

Mid to Senior Management, Sales Managers, etc. of Tire Companies

X

Experts from Industry and Associations X

Total X


16

© TechSci Research

Voice of Customers:

For conducting the consumer behaviour study for India tire market, TechSci Research formulated multiple

questionnaires for Medium & Heavy Commercial Vehicle, Passenger Car, Two-Wheeler, Off the Road, Light

Commercial Vehicle & Three-Wheeler Tire segments to study the following four parameters:

1. Unaided Brand Recall

2. Brand Satisfaction Level

3. Brand Switching Behaviour

4. Factors influencing Purchase Decision

TechSci Research conducted several rounds of surveys with the respondents sample across Delhi, Mumbai,

Chennai, Bangalore, Hyderabad and Kolkata in order to arrive at consumer behaviour study.

Sample Size:

Sample Size No. of Respondents

Total Sample SizeN

M&HCV Sample n1

Passenger Car Sample n2

Two-Wheeler Sample n3

Off-the-Road Sample n4

LCV Sample n5

Three-Wheeler Tire n6

I n d u s t r y B r i e f

17

India Tire Market Set to Cross US$ 8.5 Billion in 2016

Growing Automobile Sales, Increasing Per Capita Income Levels and Expanding Automobile Fleet to Boost TireSales in India Until 2021

According to TechSci Research report, “India Tire Market Forecast & Opportunities, 2021”, tire market in Indiais projected to record $8.5 Billion market size in 2016. The country’s tire market is dominated by thereplacement tire segment on account of expanding automotive fleet. The volume sales in India are largelydriven by two-wheeler tires followed by the passenger car and medium & heavy commercial vehicle tires. In2015, two-wheeler tire sales accounted for majority of the volume sales of tires in India. On the other hand,increasing sales of passenger cars on account of rising disposable income and expanding middle classconsumers in the country has also been boosting passenger car tire demand in both OEM as well asreplacement tire segments.

Launch of ‘Automotive Mission Plan, 2016-2026’ is anticipated to augment the automobile production in thecountry in the coming years, which is expected to drive demand for tires till 2021. Moreover, rising foreigndirect investments are expected to boost the country’s automobile industry, including the tire market, duringthe forecast period. In 2015, tire market in India was dominated by domestic tire players such as MRF, CEAT,Birla Tyres, TVS Srichakra, Apollo Tyres and JK Tyre & Industries. Few of the leading international tire brandsoperating in the country include Goodyear, Bridgestone, Michelin, Continental, Yokohama, and Hankook.

Over the last five years, adoption of radial tire technology has increased significantly in India. Despite almost100% radialization in the passenger car tire segment, the country still offers huge growth potential forradialization in the commercial vehicle and two-wheeler tire segments. With continuing increase in R&Dactivities for developing cost-effective radial tires by major domestic tire companies, coupled with the growingimports of low cost Chinese radial tires, the adoption of radial tires is anticipated to grow in the coming years.

http://www.techsciresearch.com/report/india-tire-market-forecast-opportunities-2021/672.html

S a m p l e D a t a - S n a p s h o t

18

© TechSci Research

4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%

14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14%

19% 19% 19% 19% 19% 19% 19% 19% 19% 19% 19%

24% 24% 24% 24% 24% 24% 24% 24% 24% 24% 24%

30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%

2011 2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F 2021F

Two-Wheeler Tires Passenger Car TiresM&HCV Tires LCV TiresThree-Wheeler Tires OTR Vehicle Tires

India Tire Market Share, By Vehicle Type, By Volume, 2011-2021F

India Tire Market Attractiveness Index, By

Vehicle Type, By Volume, 2015

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

0.00 2.00 4.00 6.00 8.00

Passenger Car

LCV

M&HCV

Two-Wheeler

Three-Wheeler

OTR Vehicle

India Tire Market Share, By Company, By

Volume, 2015-2021F

4% 4% 4% 4% 4% 4% 4%9% 9% 9% 9% 9% 9% 9%

14% 14% 14% 14% 14% 14% 14%

19% 19% 19% 19% 19% 19% 19%

19% 19% 19% 19% 19% 19% 19%

24% 24% 24% 24% 24% 24% 24%

2015 2016E 2017F 2018F 2019F 2020F 2021F

MRF CEAT Birla TVSApollo JK Bridgestone Chinese*

India Medium & Heavy Commercial Vehicle Tire Market Size, By

Value (USD Billion), By Volume (Million Unit), 2011-2021F

1 2 3 4 5 7 8 9 10 11 12

3 5 7 9 1115 17 19 21 23 25

2011 2012 2013 2014 2015 2016E 2017F 2018F 2019F 2020F 2021F

Value (USD Billion) Volume (Million Unit)

India Two-Wheeler Tire

Market Share, By Radial vs

Bias, By Volume, 2011-2021F

40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%

60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%

Radial Bias

CV Tires, 25.00%

PC Tires, 25.00%OTR Tires, 25.00%

Two-Wheeler Tires, 25.00%

India Tire Import Share, By Vehicle

Type, By Value, FY2016*

12

34

56

78

Michelin Bridgestone Goodyear MRF CEAT Apollo Birla JK

Brand Satisfaction Level – India Tire Market (N= X)

R e p o r t O r d e r i n g

To View Sample OR Purchase Report

Report Price

Report Name: India Tire Market Forecast & Opportunities, 2021

License Type Price

Electronic Access - Single User License $2800

CD-ROM Mail Delivery $3300

Hard Copy Mail Delivery $3800

Electronic Access - Multi-User License $6000

19

http://www.techsciresearch.com/sample-report.aspx?cid=672

http://www.techsciresearch.com/report/united-states-radio-taxi-services-market-forecast-and-opportunities-2021/617.html

© TechSci Research

20

A b o u t U s & D i s c l a i m e r

TechSci Research – North America

708 Third Avenue, Manhattan,

New York, United States

Tel: +1- 646- 360- 1656

Email: [email protected]

www.techsciresearch.com

About Us

TechSci Research is a global market research and consulting company with offices in Canada, India and the UK. TechSci Research

provides market research reports in a number of areas to organizations. The company uses innovative business models that focus on

improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both

industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional

and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich

evaluation of the opportunities available in the market.

Related Reports

Global OTR Tire Market, Competition Forecast & Opportunities 2011-2021

United States Tire Market Forecast & Opportunities, 2020

United Kingdom Tire Market Forecast and Opportunities, 2021

Partial List of Clients

Disclaimer

The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made thatit is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sourcesincluding which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of anyinformation and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that ithas no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can changewithout notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage ofthe same for purpose other than internal will require prior approval of TechSci Research.

TechSci Research – Europe

54, Oldbrook, Bretton,

Peterborough,

United Kingdom



TechSci Research – Asia-Pacific

A – 51, Sector -57, Noida, National

Capital Region, U.P. - India

Tel: +91-120-4523900

