Construction Industry News
The Automotive Tire Manufacturers Association has stated that the Indian tire industry will be able to reach INR 1 trillion in sales in the next three years due to new capabilities available. While the external environment remains challenging, the domestic growth of the tire industry is facing several winds.
Over the past three years, the industry has invested INR 350,000 million in creating new capacity and solving bottlenecks.
According to a statement from the Automotive Tire Manufacturers Association (ATMA), "The new capabilities will be deployed over the next few years to meet growing demand in an economy poised to remain the fastest growing for the next several years." year."
Due to the significant impetus for infrastructure expansion and an increase in economic activity, demand is expected to increase.
According to ATMA, "The new capacity will help the industry to achieve sales of INR 1 trillion in the next three years, from INR 750,000 million currently."
According to Satish Sharma, Chairman of ATMA, “Investments made in a challenging period span across all major tire segments, with the production of truck and bus radials (TBR) and passenger car radials (PCR) being the main beneficiaries. ."
According to the report, “Several segments of the auto industry have already reached pre-pandemic levels or are reaching tire demand in terms of size and scale.” In addition, "the premiumization of the passenger car market with a clear preference for SUVs is driving an exponential rise in demand for higher profile tires for 16-inch wheels and larger."
According to Sharma, policies and regulations in India are designed to promote 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 boost demand for new vehicles, benefiting a variety of related industries, including the tire industry, and creating a cycle will start from economic growth.
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