CLEVELAND, Nov. 29, 2018 /PRNewswire/ -- Tire demand in India is expected to increase 7.0% per year through 2022 to 338 million units, registering the fastest gains of any major tire market. Motorcycles will retain the largest share of tire demand in India due to the large number of motorcycles in use in the nation. However, growth through 2022 will be slower as income levels rise and more consumers upgrade to motor vehicles. Motor vehicles will represent the fastest growing market for tires. As ownership and the size of India's motor vehicle park increase, replacement tire sales will advance. Demand for other tires, such as those used on industrial and agricultural vehicles, will remain small due to minimal use of such machinery in the country. These and other trends are presented in Global Tires, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-tires-3687.htm
In 2017, India was a net importer of tires, with a trade deficit equivalent to 23% of demand. India's trade deficit grew considerably between 2007 and 2012. Rapid advances in motorcycle and motor vehicle sales boosted associated tire demand at a pace that local producers were unable to meet. Through 2022, local tire production increases will lag those of demand, resulting in a continued expansion of India's trade deficit.
Global Tires (published 09/2018, 297 pages) is available for $6000 from The Freedonia Group. For further details or to arrange an interview with the analyst, please contact Corinne Gangloff by phone 440.684.9600 or email [email protected].
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Automotive & Transport studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
Press Contact:
Corinne Gangloff
+1 440.684.9600
[email protected]
SOURCE The Freedonia Group
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