The global automotive tire market size is projected to reach $306 billion by 2022, growing at a CAGR of 7.6% from 2016 to 2022.
The tire industry provides direct employment to more than 0.15 million people, which is about 0.12 million of the organized sector.
The heavy investment driven tire industry contributes 3% of manufacturing GDP when the entire automotive sector accounts for 7.1 per cent of the GDP.
Annually about 215 million tires are manufactured in India and the Indian tire market contributes ~70% of total revenues.
Almost 60% of the global tire plants are located in Asia today.