Accelerated Growth for India's Tyre Industry by 2047
The Indian tyre industry is projected to expand 12-fold by 2047, driven by premiumisation and export growth. Report by ATMA and PwC forecasts production volume will quadruple, with revenue reaching Rs 13 lakh crore. Key factors include OEM demand, export opportunities, and emerging consumer trends.
- Country:
- India
India's tyre industry is set for unprecedented growth, with revenue projected to increase twelve times, reaching Rs 13 lakh crore by 2047, according to a report released on Tuesday.
Driven by a robust original equipment manufacturer (OEM) market, replacement demand, and a surge in vehicle exports, production volume is expected to grow fourfold by 2047, jointly reported by ATMA and PwC India.
The revenue uptick can be attributed to changes in the revenue mix, premiumisation, rising raw material costs, higher export share, and trends like electrification and servitisation, highlighted the report, reflecting on India's trajectory towards Viksit Bharat 2047.
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