Updated Jan 18, 2023 15:02

Market for Truck and Bus Tyre in India

Market Overview
The Indian truck and bus tyre market contracted to $ in , remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a notable expansion from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against indices. As a result, consumption reached the peak level of $. From 2010 to , the growth of the market failed to regain momentum.

In value terms, truck and bus tyre production reached $ in estimated in export price. The total output value increased at an average annual rate of +% from 2007 to ; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2012 with an increase of % against the previous year. As a result, production attained the peak level of $. From 2013 to , production growth failed to regain momentum.


Consumption
In , the amount of tyres for buses or lorries consumed in India reduced slightly to units, remaining relatively unchanged against the year before. In general, consumption, however, saw moderate growth. As a result, consumption reached the peak volume of units. From 2010 to , the growth of the consumption remained at a somewhat lower figure.

The value of the truck and bus tyre market in India contracted to $ in , almost unchanged from the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a pronounced increase from 2007 to : its value increased at an average annual rate of +% over the last fifteen years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on figures, consumption decreased by -% against indices. As a result, consumption attained the peak level of $. From 2010 to , the growth of the market failed to regain momentum.


Market Forecast
Driven by increasing demand for truck and bus tyre in India, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Over the period under review, the share of imports in terms of total truck and bus tyre consumption in India was relatively small in physical terms, fluctuating under an % figure. In value terms the share of imports also stood at a low figure, which means that the India truck and bus tyre market is largely supplied by domestic manufacturers. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
India remains a net exporter of truck and bus tyre; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.