Future of India Electric Vehicle Tire Market: Key Dynamics, Size & Share Analysis

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. The market is driven by the rapidly increasing concerns over environmental degradation, excessive use of fossil fuels, and mounting emissions, leading to several health issues while challenging sustainability.

Top Challenges Impacting the India Electric Vehicle Tire Market Growth

High Cost of Raw Materials: The cost of raw materials like natural and synthetic rubber, as well as oil-based components, can fluctuate due to market conditions, supply chain issues, and geopolitical factors. These fluctuations directly impact electric tire production costs and can squeeze profit margins. Electric Tire manufacturers are grappling with unprecedented raw material costs as natural rubber prices touched a 13-year high in June 2024. This surge has prompted leading companies such as CEAT and JK Tyres to increase prices to offset the rising costs. Moreover, according to Industry Experts, raw material prices rose by 5-6 percent in the next quarter i.e. July of 2024 impacting the overall prices of electric tires. This increase in raw material prices is primarily driven by supply shortages caused by adverse weather conditions in Southeast Asia. As India is heavily dependent on raw materials imports, the cost of electric vehicle tires would keep increasing which would further restrain the market growth in the coming years.

Understanding the Core Segments in the India Electric Vehicle Tire Market

India Electric Vehicle Tire Market Size, Share & Industry Trends Analysis- By Vehicle Type (Passenger Cars, Commercial Cars, Two-Wheelers), By Product Type (Radial Tires, Bias Tires), By Tire Size (Up to 14”,15”-18”, Above 18”), By Propulsion (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), By Sales Channel (Original Equipment Manufacturers (OEMs), Aftermarkets), and Others.

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Who Dominates the India Electric Vehicle Tire Market Insights on Key Industry Players?

Companies are strengthening their presence in the consumer electronics market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.d

• 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. and others.

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