Tyre industry wraps up Rs 35,000 cr capex, aims Rs 1 lakh crore turnover in three years

The new capacities will go on stream over the next couple of years to meet the growing demand, particularly since demand is expected to grow stronger in view of the uptick in economic activities and the big push expected in infrastructure growth, he added.

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CHENNAI: In the last three years, the tyre industry in India has completed cumulative investment of more than 35,000 crore in new capacity creation and debottlenecking. The investments span across all the key tyre segments with major focus on truck & bus and passenger car radial manufacturing, said Satish Sharma, chairman, Automotive Tyre Manufacturers Association (ATMA). The new capacity will help the industry notch a turnover of Rs 1 lakh crore in the next three years. India’s tyre industry currently tots up a turnover of Rs 75,000 crore.

The new capacities will go on stream over the next couple of years to meet the growing demand, particularly since demand is expected to grow stronger in view of the uptick in economic activities and the big push expected in infrastructure growth, he added. Different segments of the domestic auto industry have already reached or are ADVERTISEMENT Online Masterclass Strategic Business Management Masterclass 14 March 2023 @ 04:30 PM Highly strategic workshop to learn how to Identify the Change & Gain a strategic vision on business transformation Register Now 2/16/23, 12:38 PM Tyre industry wraps up Rs 35,000 cr capex, aims Rs 1 lakh crore turnover in three years, Auto News, ET Auto .

The recent move by the government regarding non-renewal of registration of 15- year-old government vehicles including vehicles owned by the Centre and the state governments, local government bodies, state transport undertakings and PSUs would make “road transport safer, more fuel efficient and technologically advanced while phasing out of the old vehicles will create demand for new vehicles benefitting a host of associated sectors including tyre,” added Sharma. The Indian tyre industry recorded a 50% jump in exports in FY22 and despite recessionary trends in the key export markets due to the Ukraine crisis, exports have increased in double digits in the ongoing year too. 

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