India has become the most competitive tire market

According to the “Research and Market” forecast of the Irish consultancy, the Indian tire market will grow at a compound annual growth rate of 12% from 2011 to 2015.

The agency said in the “2011-2015 Indian Tire Market” report that one of the key factors leading to the rapid growth of the tire market is India’s increasing demand for automotive products. Due to its rich raw materials (natural rubber) and modern production facilities, India has become one of the most competitive tire markets in the world.

Tubeless tyres have emerged in the Indian tyre market; its noon tyre market has attracted global tyre manufacturers due to its encouraging growth figures. In the coming years, these manufacturers will invest heavily in the production of radial tires for trucks and passenger cars. However, rising raw material prices may pose challenges to the growth of this market.

According to this report, the Indian tire market is witnessing a continuous increase in the demand for radial tires. It is estimated that the domestic market value of radial tires will grow at a CAGR of more than 21% from 2011 to 2015 to 393 billion Indian rupees. 71 billion U.S. dollars).

India's commercial vehicle radial tire market is still in its “infancy period”, and the sedan department has turned to radial tires in a short period of time. The penetration rate of radial tires in this category has reached 98%; the percentage of radial tires used in the truck and passenger car sectors It is growing steadily, and this part of tires has a large share of production capacity. In the next few years, it will become the most significant radial tire sector.

In addition, due to the development of road infrastructure and the growing importance of fuel-efficient products in the automotive industry, it is expected that the proportion of radial tires in various segments of Indian tires will increase by 6 times from the current level. This development trend is driving the rapid growth of the Indian tire market.