{"id":31739,"date":"2023-07-05T12:53:46","date_gmt":"2023-07-05T07:23:46","guid":{"rendered":"https:\/\/flattrade.in\/kosh\/?p=31739"},"modified":"2023-07-05T14:09:45","modified_gmt":"2023-07-05T08:39:45","slug":"indias-tyre-industry-to-hit-22-billion-sales-by-fy32-report","status":"publish","type":"post","link":"https:\/\/flattrade.in\/kosh\/indias-tyre-industry-to-hit-22-billion-sales-by-fy32-report\/","title":{"rendered":"India&#8217;s tyre industry to hit $22 billion sales by FY32: Report"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31739\" class=\"elementor elementor-31739\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a48af25 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a48af25\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e3c979c\" data-id=\"e3c979c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-31c00234 elementor-widget elementor-widget-text-editor\" data-id=\"31c00234\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Indian tyre industry\u2019s revenue is expected to more than double in a decade from $9 billion in 2022 to $22 billion in 2032, according to a report by the Automotive Tyre Manufacturers\u2019 Association (ATMA), and based on a study by CRISIL Market Intelligence &amp; Analytics (MI&amp;A) Consulting.<\/p><p>The higher revenue forecast is due to increasing demand for vehicles and government\u2019s continuous focus on investing in infrastructure, CRISIL said. In addition, the huge population will support tyre demand in the replacement market.<\/p><p>India is one of the leading tyre manufacturers globally as five Indian tyre manufacturers are present in the global top 30 companies based on sales, according to ATMA. India is only behind China that has seven tyre companies in global top 30 companies.<\/p><p>\u201cThe Indian tyre industry has the potential to lead domestic manufacturing on the global stage. This could be India\u2019s moment if we are able to seize the opportunity offered by China + 1 policy by promoting sectors such as tyre manufacturing, which has proven credentials,\u201d said Anshuman Singhania, Chairman, ATMA, and Managing Director, JK Tyre &amp; Industries.<\/p><p>Singhania added, \u201cIndia-manufactured tyres are being exported to more than 170 countries, with the US and Europe buying the most. It is time the industry is empowered in terms of raw material security and by pulling down barriers affecting exports.\u201d<\/p><p>The report said that anti-dumping and countervailing duties, as well as Atmanirbhar Bharat have helped substantially reduce tyre imports from Southeast Asia and China. Further, CRISIL noted that the \u2018India Natural Rubber Operations for Assisted Development\u2019 project \u2014 a public-private partnership between select tyre majors, the Rubber Board, and the government \u2014 is a landmark initiative where the consuming industry is directly helping develop 2 lakh hectare of rubber plantation in northeast India. However, rising raw material costs is weighing on profit margins of the tyre industry, and dependence on imports for certain raw materials continues.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-694526f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"694526f3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e03999c\" data-id=\"3e03999c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57213d02 elementor-widget elementor-widget-heading\" data-id=\"57213d02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Growth Projections and R&amp;D investments <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-69e009ac elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69e009ac\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-748563ef\" data-id=\"748563ef\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44f74592 elementor-widget elementor-widget-text-editor\" data-id=\"44f74592\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The study estimates that the industry\u2019s revenue will increase by 100 basis points to 3.4% of India\u2019s manufacturing gross domestic product (GDP) by fiscal 2032 compared with 2.2% in fiscal 2022. Further, the tyre industry\u2019s contribution to Goods and Services Tax (GST) will double to $4.1 billion from $2 billion. Moreover, as the industry grows, it is likely to support about 3.7 million jobs, compared to 1.9 million jobs currently and the share in global trade will climb to 4.5%, from 3.1%.<\/p><p>Research and development (R&amp;D) expenditure of the industry is estimated to more than double to $151 million from $64 million, after growing threefold in the past five fiscals. Adoption of emerging technologies and Industry 4.0 concepts such as artificial intelligence and machine learning to improve efficiencies, along with technical and safety regulations, has prompted tyre makers to allocate significant expenditure towards R&amp;D.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62e1d7a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62e1d7a9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6485a8e0\" data-id=\"6485a8e0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3e9656d4 elementor-widget elementor-widget-heading\" data-id=\"3e9656d4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Improving Competitiveness<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-72dbf6c4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"72dbf6c4\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-424d5bde\" data-id=\"424d5bde\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b03f942 elementor-widget elementor-widget-text-editor\" data-id=\"2b03f942\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The study said that to help domestic players compete with global players, it is important to streamline processes and procedures. CRISIL said that fiscal incentives can help tyre manufacturers to scale up and become globally competitive. CRISIL further said that there is a need to provide better market access with favourable tariff and non-tariff positioning, correct the inverted duty structure for natural rubber, and continue restraining measures against dumping in the domestic market.<\/p><p>\u201cThe government\u2019s focused approach can provide the required edge to further improve the industry\u2019s global competitiveness, in turn also sharply increasing the country\u2019s foreign exchange earnings,\u201d Hemal N Thakkar, Director &amp; Practice Lead, Transport, Logistics and Mobility, CRISIL MI&amp;A Consulting<\/p><p>Capital expenditure in the industry can be increased by facilitating high depreciation, cutting GST rates from 28% to 18%, and giving R&amp;D incentives, CRISIL noted. In addition, industry and academia collaboration for upskilling workforce, and an inter-ministerial committee with industry representation to draw up a regulatory roadmap will help improve the industry\u2019s contribution to the economy.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-549ddfe9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"549ddfe9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7857fa7\" data-id=\"7857fa7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-60311eff elementor-widget elementor-widget-heading\" data-id=\"60311eff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Stocks To Watch<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-785d523f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"785d523f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c332e13\" data-id=\"c332e13\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6517a192 elementor-widget elementor-widget-text-editor\" data-id=\"6517a192\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Top Indian tyre companies among the top global 30 companies are Apollo Tyres, MRF, JK Tyres, CEAT, and BKT (Balakrishna Industries). Other companies are Goodyear, TVS Srichakra, Dolfin Rubbers, Birla Tyres, Krypton Industries, Innovative Tyres, and Elgi Rubber Company.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-29d1ca20 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"29d1ca20\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-170fa9b7\" data-id=\"170fa9b7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-170dcc98 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"170dcc98\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/ekyc.flattrade.in\/openaccount\/?utm_source=Blog&#038;utm_medium=organic&#038;utm_campaign=Demat+Account\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Open a Free Demat Account<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"Indian tyre industry\u2019s revenue is expected to more than double in a decade from $9 billion in 2022&hellip;","protected":false},"author":5,"featured_media":31740,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"footnotes":""},"categories":[65],"tags":[46,43,95,78,139,48,26,852,77,47,24,23,84,851,21,507],"class_list":{"0":"post-31739","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry","8":"tag-market-news","9":"tag-market-update","10":"tag-markets","11":"tag-nifty","12":"tag-nifty-futures","13":"tag-nifty-today","14":"tag-nse","15":"tag-radial-tyres","16":"tag-sensex","17":"tag-sensex-today","18":"tag-share-market","19":"tag-stock-market","20":"tag-stocks","21":"tag-tires","22":"tag-trading-account","23":"tag-tyres","24":"cs-entry","25":"cs-video-wrap"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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