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RNCOS White Paper: India Radial Tyre Market to Grow at 10% CAGR

Oct 09, 2014

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India has emerged as one of the world’s significant tyre markets. The inclined acceptance of radial tyres in passenger cars, buses and trucks particularly by the Original Equipment Manufacturers has amplified demand for such tyres in the country. The radial market in India was in a ballpark figure of INR 235 Billion in FY 2013 which is likely to grow at a CAGR of around 10% from the period FY 2014-FY 2018, attaining revenue of INR 380 billion till 2018.
Emphasizing on the potential of this industry, Shushmul Maheshwari, CEO - RNCOS said, “High quality radial tyres offering longer life, stronger grip, and inclined comfort, safety and stability should be the focus of companies”. This will strengthen the demand for such tyres as well as stimulate the growth in coming few years. He further highlighted, “Seeing the rising demand, tyre manufacturers are investing more and more on manufacturing of radial tyres to expand their business”.
Our Analysis proposes that looking at the enormous opportunity other than passenger cars segment, the demand in truck and bus radial segment is expected to drive the revenue growth of this industry as various tyre companies have already declared their capacity expansion plans in truck and bus radial segment in the country. The substantial investment in radial technology presently by local and international companies in India will assist uplifting this country in the overall world’s tyre industry domain in the next five years. Besides this, the expansion in the capacity of radial tyre production by the international and domestic tyre manufacturers will bolster the growth of radial tyre business in India in the future.
RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with you business and devising the right strategies.
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