Indian Tyre Industry Rolls Ahead
About Tyres Company in India
The wheel is the most remarkable invention, dating back to thousands of years. Consequently, the coarse wheel has undergone numerous developments to become a vital element in mankind’s progress on almost every front. One of them is its utility in transportation.
It prompted the concept of tyre made pneumatically from rubber and synthetic materials for smooth and speedy rotation of a wheel. Despite several hurdles, a tyres company in India has surged ahead. It caters to every mode of transport including aircraft.
Right from tiny bicycles to mammoth earthmoving machinery, it is the tyre that has set each of these in motion. In India, tyres company plays an important role in every sphere of socio-economic development.
Earlier, the tyre manufacturing sector did experience hiccups in 1986 when the Indian government imposed certain restrictions. Fortunately, the production and marketing of tyres was delicenced in the subsequent year, 1987. Both export and import of tyres and tubes were liberalized.
Simultaneously, the grievances of the plantation owners supplying the key ingredient of rubber for the tyre industry were also resolved. The opening of the economy in 1991 was a bonanza for tyre companies in India since they became a part of the OEM to the various automobile makers.
According to market analysts, the Indian tyre industry is expected to grow by a compound annual growth rate (CAGR) of nearly 12% between 2014 and 2017. An authentic survey has predicted the tyre production to reach the mark of 191 million units by the end of fiscal 2016.
Backed by in-house research and development (R&D), the tyre manufacturers in India have come forth with new technologies and products for the end-users. One of them is the ‘green tyres’ that has lent the country a competitive edge in the global market. The run flat tyre (RFT) too has made successful debut on Indian roads.
The radial tyre that initially catered to the passenger car segment in 1978, is all set to equip the light and heavy commercial vehicles. Top companies have earmarked a lion’s share of investment for the enhanced capacity of radial tyre production. During 2011-12, passenger cars accounted for 98% of the radial tyres usage. In the same period, it was 20% for light commercial vehicles and 18% for the other heavy vehicles like trucks and buses. Experts in the industry have charted out an action plan on production of radial tyres. Apart from the cost-benefit ratio, they have called for rigid standards vis-à-vis surface of roads, load factor in commercial vehicles and awareness among the users.
With increasing number of multi-axle trucks hitting the road, the tyre industry in India stands to gain. The Golden Quadrilateral project and the mega plan to link all the highways nationwide are a boon for tyre companies.
On the export front, Indian tyre industry has fared on a satisfactory note. The USA is the largest importer of tyres from India. During 2013-14, exports to the USA grew by 5.8%. Brazil, UAE and Philippines are among other importers.
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