Production volume of tires across India FY 2011-2023

In financial year 2023, the total tire production in India stood at around 217.4 million units. This was an increase of six percent over the preceding year. This volume comprised of tires made for trucks, buses, two and three-wheeler vehicles, passenger cars, light commercial vehicles, farm/tractors, OTR tires among others.

Tire industry in India

The tire industry in India was one of the largest in the world. By 2026, the tire industry was expected to grow almost four times compared to 2015. The sector was liberalized in the late 1980s and the raw material was imported without any restrictions. Also, natural rubber, the primary raw material for this sector, was available only on payment of customs duty. This industry had a considerable turnover. The major players in this market were MRF, Apollo Tyres, and JK Tyres, all making up more than half of the market share in terms of revenue.

MRF – Madras Rubber Factory

Madras Rubber Factory, popularly called MRF was the country’s largest manufacturer of tires. It started as a balloon factory in the mid-1940s and eventually turned into a tire manufacturing company. The company had a considerable presence in both the domestic and international markets. There were eight manufacturing plants across the country. Furthermore, the product portfolio comprised of various automobile categories across various price segments. As of 2021, MRF was the second largest company in the sector based on market capitalization.