ITEC 2014 Paper 52: Indian Tire Industry--Opportunities and Challenges of Radialisation
|Date Published||September 11, 2014|
Economic growth requiring increased mobility accelerates changes in automobile and Tyre industry globally. Over the next decade, the global demand for vehicles and components including tire will be driven by growing markets comprising of China, India, Indonesia, Brazil, Russia, South Africa & Turkey, accounting for over 60% of global vehicle production. India with large young population, sound Economic fundamentals is expected to witness strong growth in vehicle production across all segments and will be the third largest light vehicle market by 2025 as per JD Power Survey. The Indian Tyre industry, backed by overall economic development and growth potential, has bright prospects. Present total turnover of Indian tire industry is USD 10 billion (2013-14) and more than 5% share of the world tire market has global ambition as it prepares for major capacity expansion and market reach. With the increased preference of Radial Tires by Original Equipment Manufacturers (OEMs),various large fleet owners and Bus segment, Radialisation in Commercial segment is expected to double by the year 2019-2020 from current level of 25% in the year 2013-14, against world average of 65%. The Radialisation in Passenger Car segment has already reached almost 100% in India. The opportunity and challenges posed by recent development in Indian Automobile industry will be discussed with special reference to Radicalization of commercial vehicle segment including factors affecting the rate of change. Preparedness of Indian tire industry to respond to global situation will also be discussed. Lead author is Mr. VK Misra, Technical Director, JK Tyre & Industries Ltd, however at ITEC the paper was presented on Mr. Misra's behalf by Mr. Vipin Basan, General Manager--Global Product Development PLT, JK Tyre & Industries Ltd.