India EV Tyre Market, By Region, Competition, Forecast & Opportunities, 2020-2030F

The India EV Tyre Market was valued at USD 0.48 Billion in 2024, and is expected to reach USD 1.06 Billion by 2030, rising at a CAGR of 14.20%. The market is witnessing strong growth, fueled by the country’s accelerating transition to electric vehicles driven by environmental concerns and supportive government policies. As EV adoption increases among both consumers and businesses, the demand for EV-specific tyres has surged. These tyres are engineered to meet the performance needs of electric drivetrains, such as higher torque output and greater vehicle weight, while ensuring energy efficiency and extended battery range. Manufacturers are innovating in tread design, material composition, and smart tyre integration to align with EV requirements. Additionally, policy incentives and expanding charging infrastructure are reinforcing the long-term growth potential of the EV tyre segment in India.

Key Market Drivers

Increasing EV Adoption

The expansion of India’s electric vehicle market is a primary catalyst for the growth of the EV tyre segment. In 2024, EV sales in India rose by 26.5% year-on-year to 1.94 million units, raising EV penetration to 7.46% from 6.39% the previous year. Although petrol vehicles continue to dominate overall sales, the gap is narrowing, with one EV sold for every 12.43 traditional vehicles in 2024 - an improvement from 15.67 in 2023. This shift toward electrification increases the demand for tyres designed to manage EV-specific challenges such as increased weight due to battery packs and higher torque output. As both private consumers and commercial fleets invest in EVs, tyre makers are presented with opportunities to offer performance-optimized and energy-efficient tyre solutions, positioning EV tyres as a critical sub-segment within the broader automotive components industry.

Key Market Challenges

High Initial Cost of EV Tires

A major obstacle in the India EV Tyre Market is the elevated cost of EV-specific tyres, which utilize advanced technologies and materials to meet performance and safety standards. These tyres are typically priced higher than conventional ones, limiting their appeal among cost-sensitive consumers. The upfront cost difference may discourage EV owners from purchasing specialized tyres, despite the long-term benefits in terms of durability and energy efficiency. Some consumers may even opt for traditional tyres, compromising overall EV performance. Addressing this cost challenge requires increased production scale, local sourcing of materials, and process innovations to reduce manufacturing expenses while maintaining quality.

Key Market Trends

Growing Charging Infrastructure and Networks

The rapid development of EV charging infrastructure is significantly influencing the growth of the EV tyre market in India. In 2024, India recorded notable progress in this area with the installation of 25,202 public charging stations, and Karnataka emerging as the state with the highest number. This infrastructure growth, along with the 1.94 million EVs sold that year, reflects a synchronized expansion of EV adoption and supporting systems. As charging accessibility increases, EV usage becomes more viable, leading to higher vehicle utilization rates and, consequently, more frequent tyre replacements. This trend also encourages the development of high-durability and performance tyres suited for EVs operating in diverse road and climate conditions. Continued investment in charging networks, coupled with schemes like PM E-DRIVE, is expected to further stimulate tyre demand and innovation in this segment.

Key Market Players

• MRF LIMITED
• Apollo Tyres Ltd
• JK Tyre & Industries Ltd
• CEAT Limited
• Goodyear India Limited
• CONTINENTAL TYRES INDIA PVT LTD.
• Yokohama India Pvt. Ltd
• Hankook Tyre & Technology Co., Ltd
• TVS SRICHAKRA LIMITED
• Pirelli & C. S.p.A.

Report Scope:

In this report, the India EV Tyre Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

India EV Tyre Market, By Vehicle Type:

• Two-Wheeler
• Passenger Car
• Commercial Vehicle

India EV Tyre Market, By Rim Size:

• 13-15”
• 16-18”
• 19-21”
• Above 21”

India EV Tyre Market, By Distribution Channel:

• OEM
• Replacement

India EV Tyre Market, By Region:

• South
• East
• West
• North

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India EV Tyre Market.

Available Customizations:

With the given market data, the publisher offers customizations according to the company’s specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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