Indian tyre industry expected to scale a turnover of INR 1 trillion
Equipment

Indian tyre industry expected to scale a turnover of INR 1 trillion

The Automotive Tyre Manufacturers Association has stated that the Indian tyre industry will be able to scale a turnover of INR 1 trillion in the next three years on the back of new capacities that are available. Although the external environment continues to be challenging, there are several tailwinds to the tyre sector's growth domestically.

In the past three years, the industry has invested INR 350,000 million in new capacity creation and debottlenecking.

According to a statement released by the Automotive Tyre Manufacturers Association (ATMA), "the new capacities will go on stream over the next couple of years to meet the growing demand in an economy that is poised to remain as the fastest growing for the next few years."

Due to the significant push for infrastructure expansion and an increase in economic activity, demand is anticipated to rise.

According to ATMA, "the new capacity will assist the industry in achieving a turnover of INR one trillion in the next three years from INR 750,000 million currently."

According to Satish Sharma,Chairman, ATMA "The investments that have been undertaken in a challenging time period span across all the key tyre segments, with truck and bus radials (TBR) and passenger car radials (PCR) manufacturing being the primary beneficiary."

According to ATMA, the domestic tyre sector is benefiting from a number of tailwinds, even though the external environment remains challenging.

According to the report, "Different segments of the auto sector have already reached or are reaching pre-pandemic levels in size and scale aiding demand for tyres." Furthermore, "premiumisation of the passenger car market with a clear preference for SUVs is creating an exponential rise in demand for higher profile tyres for 16-inch wheels and above."

According to Sharma, India's policy and regulatory environment is designed to foster industry competitiveness.

He added that the phasing out of older vehicles and the refusal to renew the registration of 15-year-old government vehicles will spur the demand for new vehicles, which will benefit a variety of related industries, including the tire industry, and begin a cycle of economic growth.

The Automotive Tyre Manufacturers Association has stated that the Indian tyre industry will be able to scale a turnover of INR 1 trillion in the next three years on the back of new capacities that are available. Although the external environment continues to be challenging, there are several tailwinds to the tyre sector's growth domestically. In the past three years, the industry has invested INR 350,000 million in new capacity creation and debottlenecking. According to a statement released by the Automotive Tyre Manufacturers Association (ATMA), the new capacities will go on stream over the next couple of years to meet the growing demand in an economy that is poised to remain as the fastest growing for the next few years. Due to the significant push for infrastructure expansion and an increase in economic activity, demand is anticipated to rise. According to ATMA, the new capacity will assist the industry in achieving a turnover of INR one trillion in the next three years from INR 750,000 million currently. According to Satish Sharma,Chairman, ATMA The investments that have been undertaken in a challenging time period span across all the key tyre segments, with truck and bus radials (TBR) and passenger car radials (PCR) manufacturing being the primary beneficiary. According to ATMA, the domestic tyre sector is benefiting from a number of tailwinds, even though the external environment remains challenging. According to the report, Different segments of the auto sector have already reached or are reaching pre-pandemic levels in size and scale aiding demand for tyres. Furthermore, premiumisation of the passenger car market with a clear preference for SUVs is creating an exponential rise in demand for higher profile tyres for 16-inch wheels and above. According to Sharma, India's policy and regulatory environment is designed to foster industry competitiveness. He added that the phasing out of older vehicles and the refusal to renew the registration of 15-year-old government vehicles will spur the demand for new vehicles, which will benefit a variety of related industries, including the tire industry, and begin a cycle of economic growth.

Next Story
Real Estate

Bennet & Bernard Unveil Dutch-Inspired ‘Casa El Toledo’ in Goa

Bennet & Bernard Group, Goa’s leading luxury real estate developer, has launched its newest project, Casa El Toledo, in Assagao. The enclave features 18 ultra-luxury 4 BHK Dutch-style villas blending European charm with tropical elegance. Each villa includes a private pool, double-height ceilings, open courtyards, alfresco dining areas, and English-inspired landscaping. The interiors are curated by noted Dutch designer Kelly Marie.   Reflecting the grandeur of the Dutch Golden Age, Casa El Toledo harmonises heritage aesthetics with modern sensibilities. Expansive interiors flow..

Next Story
Equipment

Godrej Delivers Heaviest Ecolaire Surface Condenser to US Project

Godrej Enterprises Group’s Process Equipment business has manufactured and delivered its heaviest Ecolaire® Surface Condenser to date, weighing nearly 450 metric tonnes, for a power-generation project in the United States. The project, powered by natural gas and partly designed for hydrogen compatibility, marks another step in advancing clean energy systems. Produced at the company’s GreenCo-certified Dahej facility in Gujarat, the equipment demonstrates India’s growing engineering capabilities and reinforces Godrej’s ‘Make in India for the World’ vision.  Hussain S..

Next Story
Infrastructure Energy

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?