India Electric Vehicle Tire Market Value and Growth Projections for 2025 - 2030
The India Electric Vehicle Tire Market size was valued at around 8.39 Million Units in 2024 and is projected to reach 48.39 Million Units by 2030. Along with this, the market is estimated to grow at a CAGR of around 32.04% during the forecast period, i.e., 2025-30. According to MarkNtel Advisors Study.
India Electric Vehicle Tire Market Driver:
Government Support to Boost Market Growth: The government of India is implementing various initiatives and policies that are enhancing the adoption of electric vehicle tires in the country. Policies, such as the Make in India initiative, aim to boost domestic manufacturing and support local industries. Investments in road infrastructure and manufacturing capabilities create a favorable environment for tire production and sales. Additionally, in 2024, the government introduced the PM E-DRIVE scheme with an outlay of 10,900 crores, effective from October 2024 to March 2026. The scheme aims for faster adoption of electric vehicles (EVs), setting up of charging infrastructure, and development of EV manufacturing eco-system in the country, leading to the increase in sales of the EV tire.
Similarly, in 2024, Michelin, Bridgestone, and Goodyear company along with potential investors Yokohama and Birla Tire, are set to invest around USD 348 million in India's manufacturing sector under a government scheme linking imports to local investment. This initiative, aimed at boosting domestic production of electric vehicle tires, follows the Centre’s import restrictions.
In 2024, the Electric Mobility Promotion Scheme 2024 (EMPS 2024) was launched by the Indian government to offer support of up to INR 10,000 per two-wheeler for about 3.33 lakh two-wheelers which would support the adoption of the EV tire market in India.
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Key Market Reports Highlights
· Market Dimensions & Projections
· Pricing Evaluation
· Recent Strategic Moves by Companies
· Primary Stakeholders
· Import/Export Trend Analysis
· Competitive Landscape Assessment
· Emerging Opportunities
· Market Trends and Indicators
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India Electric Vehicle Tire Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Vehicle Type
- Passenger Cars- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Commercial Cars- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Two-Wheelers- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- By Product Type
- Radial Tires- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Bias Tires- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- By Tire Size
- Up to 14”- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- 15”-18”- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Above 18”- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- By Propulsion
- Battery Electric Vehicle (BEV)- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Hybrid Electric Vehicle (HEV)- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- By Sales Channel
- Original Equipment Manufacturers (OEMs)- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
- Aftermarkets- Market Size & Forecast 2020-2030F, Units Sold (Thousand Units)
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including - Apollo Tyres, Bridgestone, Ceat Tire, Continental AG, Cooper Tire & Rubber Company, Goodyear Tire & Rubber Co., Hankook Tire & Technology Co. Ltd., Michelin, Nokian Tyres, Pirelli & C. S.p.A., Yokohama Rubber Co. Ltd., Others looking forward to strengthening their market positions.
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