MUMBAI, India—India's tire market will grow at an average annual pace of about 14 percent to 2017 because of the expected rise in auto sales, according to a new study.
Low automobile penetration and the rise in disposable income will fuel the increase in tire sales, according to Bharat Book Bureau's report, "India Tyre Market Forecast and Opportunities, 2017." Better quality tire are available at affordable price because of the number of players in the market, and retreading is a major business.
The report said through 2011, MRF Ltd. was the market leader and the leader in original equipment contracts with auto makers, followed by Apollo Tyres Ltd. and JK Tyre & Industries Ltd. tires. However, Bharat Book predicts changes in market share trends in the future.
The entire study is available for a fee at www.bharatbook.com.