india tire (tyre) market forecast 2021 - brochure
TRANSCRIPT
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
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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.
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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
6.1. Market Size & Forecast
6.1.1. By Value & Volume
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6.2. Market Share & Forecast
6.2.1. By Vehicle Type
6.2.2. By Demand Category (OEM vs. Replacement)
6.2.3. By Company
6.2.4. By Radial vs Bias
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
6.7. Voice of Customers
6.7.1. Unaided Brand Recall
6.7.2. Brand Satisfaction Level
6.7.3. Brand Switching Behavior
6.7.4. Factors Influencing Purchase Decision
7. India Passenger Car Tire Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value & Volume
7.2. Market Share & Forecast
7.2.1. By Vehicle Type
7.2.2. By Demand Category (OEM vs. Replacement)
7.2.3. By Company
7.2.4. By Radial vs Bias
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7.3. Popular Sizes/Price Analysis
7.4. Prominent List of OE Supplier
7.5. Market Attractive Index (By Type)
7.6. Supply Chain Analysis
7.7. Voice of Customers
7.7.1. Unaided Brand Recall
7.7.2. Brand Satisfaction Level
7.7.3. Brand Switching Behavior
7.7.4. Factors Influencing Purchase Decision
8. India Two-Wheeler (2W) Tire Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value & Volume
8.2. Market Share & Forecast
8.2.1. By Vehicle Type
8.2.2. By Demand Category (OEM vs. Replacement)
8.2.3. By Company
8.2.4. By Radial vs Bias
8.3. Popular Sizes/Price Analysis
8.4. Prominent List of OE Supplier
8.5. Market Attractive Index (By Type)
8.6. Supply Chain Analysis
8.7. Voice of Customers
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8.7.1. Unaided Brand Recall
8.7.2. Brand Satisfaction Level
8.7.3. Brand Switching Behavior
8.7.4. Factors Influencing Purchase Decision
9. India Off-The Road (OTR) Tire Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value & Volume
9.2. Market Share & Forecast
9.2.1. By Vehicle Type
9.2.2. By Demand Category (OEM vs. Replacement)
9.2.3. By Company
9.2.4. By Radial vs Bias
9.3. Popular Sizes/Price Analysis
9.4. Prominent List of OE Supplier
9.5. Market Attractive Index (By End Use Industry)
9.6. Supply Chain Analysis
9.7. Voice of Customers
9.7.1. Unaided Brand Recall
9.7.2. Brand Satisfaction Level
9.7.3. Brand Switching Behavior
9.7.4. Factors Influencing Purchase Decision
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10. India Light Commercial Vehicle (LCV) Tire Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value & Volume
10.2. Market Share & Forecast
10.2.1. By Vehicle Type
10.2.2. By Demand Category (OEM vs. Replacement)
10.2.3. By Company
10.2.4. By Radial vs Bias
10.3. Popular Sizes/Price Analysis
10.4. Prominent List of OE Supplier
10.5. Market Attractive Index (By Type)
10.6. Supply Chain Analysis
10.7. Voice of Customers
10.7.1. Unaided Brand Recall
10.7.2. Brand Satisfaction Level
10.7.3. Brand Switching Behavior
10.7.4. Factors Influencing Purchase Decision
11. India Three-Wheeler (3W) Tire Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value & Volume
11.2. Market Share & Forecast
11.2.1. By Vehicle Type
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11.2.2. By Demand Category (OEM vs. Replacement)
11.2.3. By Company
11.3. Popular Sizes/Price Analysis
11.4. Prominent List of OE Supplier
11.5. Market Attractive Index (By Type)
11.6. Supply Chain Analysis
11.7. Voice of Customers
11.7.1. Unaided Brand Recall
11.7.2. Brand Satisfaction Level
11.7.3. Brand Switching Behavior
11.7.4. Factors Influencing Purchase Decision
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
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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
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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
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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
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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.
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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
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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 Tire Having a "Herring Bone"
XXXX Tire Having a "Herring Bone"
XXXX Tire Having a "Herring Bone"
XXXX Tire Having a "Herring Bone"
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.
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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
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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
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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.
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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
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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
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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.
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