India Car Tyre Market to Grow 8.8% by 2014

Market research firm RNCOS is predicting that the Indian passenger car tyre market will grow an impressive compound annual growth rate (CAGR) of 8.8 per cent 2010 and 2014. According to the “Indian Tyre Industry Analysis”, the Indian tyre industry is one of the fastest growing industries in the world.

“Our research has revealed that tyre manufacturers are also ramping up their production capacities in line with the growing automobile sales. Various green-field plants are currently under pipeline to add new capacities and the implementation of brown-field projects is underway to cater to rising demand. The green-field units are expected to come into stream in the next 2-3 years. In passenger car tyres segment, almost 100 per cent capacity additions will be in radial tyre segment,” company representatives said in an announcement publicising the new report.

Furthermore, the tubeless tyre segment is said to be developing fast. The penetration of tubeless tyres in the passenger vehicle segment has been estimated at around 14 per cent, but it is said to be growing rapidly.

Related News:

• Lockout Declared at Birla Tyres Plant

• Indian Tyre Shortage Non-Existent, say Tyre Makers

• India – Demand for Tyres Expected to Increase 20%