India Tire Industry to Reach USD 22,393.6 Million By 2017: Ken Research

PITAMPURA, India - April 11, 2013 - PRLog -- The tire industry in India has been one of the fastest growing markets in Asia in recent years, with a significant share in the revenues from tire sales. Growing personal disposable incomes, inclining production of passenger cars and commercial vehicles, an increasing population of automobile users and rising demand of radial tires are some of the factors driving the growth of the India tire industry.

The tire market in India has witnessed a immense growth in recent years on account of higher sales of tires in a wide assortment of vehicles. Tire sales have been favorably affected by the production and sales of passenger cars, while the production of commercial vehicles has also augmented the revenues from tires at a noteworthy measure. The increasing adoption of radial tires in the commercial vehicle segment has led to significant changes in the traditional distribution of tires in India. A surge in the domestic demand, particularly from the motorcycle segment has provided a momentous thrust to tire sales in India. The tire market in India is majorly is comprised of 10 tire manufacturing entities, along with the presence of a number of small unorganized tire producing companies. India tire industry revenues have increased from USD 2,487.1 million in 2006 at a CAGR of 24.1% during 2006-2012.

According to the research report “India Tire Industry Outlook to 2017 – Growth to be Driven by Commercial Vehicle Radials” by Ken Research, the India tire market would grow at a considerable CAGR, exceeding USD 22,393 million by 2017 due to the major push from radial tire sales in the commercial vehicle segment.

“While rising disposable incomes, soaring population and increase in the number of vehicles on the road will result in increased spending on tires in India, steep rise in the prices of several raw materials such as natural rubber, synthetic rubber and crude oil and threat of imports of cheap tire products from other countries are expected to withhold the performance of the tire manufacturing in India”, according to the Research Analyst, Ken Research.

The report provides detailed overview on the tire market in India and aids readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will help industry consultants, tire companies and other stakeholders align their market centric strategies according to ongoing and expected trends in future.

For more information on the industry research report please refer to the below mentioned link:

http://www.kenresearch.com/automotive--transportation/tir...