Indian tyre industry set to generate incremental business of $3 billion in 3 years: ATMA

 Indian tyre industry set to generate incremental business of $3 billion in 3 years: ATMA

At present, the overall turnover of the domestic tyre industry stands at Rs 75,000 crore.

According to Satish Sharma, Chairman, 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.

"Demand is expected to grow stronger in view of an uptick in economic activities and the big push envisaged for infrastructure growth. While the external environment continues to be a challenging one, Sharma added, there are several tailwinds to the tyre sector’s growth domestically. Different segments of the auto sector have already reached or are reaching pre-pandemic levels in size and scale aiding demand for tyres," Sharma added.

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As per the ATMA report, the domestic tyre industry has already completed an investment of over Rs 35,000 crore in the last three years aided by improved efficiency via debottlenecking and fresh capacity creation. It also noted that the investments that have been undertaken in a challenging time period span across all the key tyre segments with the major beneficiaries being Truck &  Bus Radials (TBR) and Passenger Car Radials (PCR) manufacturing.

In view of the normal monsoon, the rural economy is also picking up. The festive season has led to a new resurgence in Auto sales. 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," Sharma said.

He further said that the policy environment in India is geared to encourage the competitiveness of the industry. "Recent move by the Government regarding non-renewal of registration of 15-year old Government vehicles including vehicles owned by the Central and State Governments, Local Government Bodies, State Transport Undertakings and PSUs will make road transport safer, more fuel efficient and technologically advanced. At the same time, phasing out of the old vehicles will create demand for new vehicles benefitting a host of associated sectors including Tyre and kick off a cycle of economic growth," added Sharma.

There is also massive spending on R&D, the ATMA report showed. The government has been focusing on improving the testing infrastructure and has launched a test track which is the largest track in Asia and the fifth largest in the world.

According to ATMA, the Indian tyre industry recorded a 50 per cent jump in exports in FY 22. And despite recessionary trends in the key export markets, the exports have increased in double digits in the ongoing year too, it noted. "Indian technology is converging with the world and the addressable market for tyre manufacturers has increased, and therefore, the accent on exports," ATMA said.

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