Dublin, June 09, 2021 (GLOBE NEWSWIRE) -- The "Indian Passenger and Commercial Vehicle Tyre Market, 2020: Frost Radar Report" report has been added to ResearchAndMarkets.com's offering.
The Indian automotive tyre market is one of the largest in the world. Its value was estimated at $8,081 million as of FY'20, including the original equipment (OE) supply, aftermarket, and exports.
The passenger vehicle (PV) and commercial vehicle (CV) tyre segments together contribute almost 40% to the overall volume. These two segments are the biggest revenue generators. Concerning sales, the tyre industry is split in 2: the OE segment, where tyres are supplied to vehicle manufacturers and fitted in new vehicles; and the aftermarket, where consumers procure replacement tyres directly from the marketplace.
The Indian automotive tyre market consists of multiple vehicle segments. To be successful in this market, a company will have to offer both PV and CV tyres, which generate the largest margins and highest volumes in the replacement market.
The COVID-19 pandemic has impacted the tyre industry significantly. Complete lockdowns during the first quarter disrupted tyre sales and production. Manufacturers are working to deal with supply chain disruptions as the import of several raw materials is uncertain. However, after coming out of lockdown, companies have returned to operating at full capacity, and demand from the replacement market has increased, particularly in rural areas.
Greater demand from rural communities is tied to people's increased use of personal transport to maintain social distancing. Given India's vast geography, it is important for tyre companies to have a strong supply chain so they can serve both urban and rural areas.
Tyre sales in FY'21 are expected to be significantly impacted by COVID-19 as vehicle use has been severely limited during the lockdowns, especially in the CV segment. Public transport services were disrupted even after the lockdown was lifted in many regions across the country. However, tyre sales should recover in FY'22 for both the PV and CV segments, with growth increasing by 14% and 9%, respectively, when compared to FY'21 sales.
This revival will result from increased demand for new vehicles and replacement tyres after a conservative year in FY'21. Increased use of personal vehicles will boost replacement demand even further.
Key Topics Covered:
1. Strategic Imperative and Growth Environment
Indian Passenger and Commercial Vehicles Tyre Market
3. Companies to Action
4. Strategic Insights
5, Next Steps: Leveraging the Radar to Empower Key Stakeholders
Empowers the CEO's Growth Team
Empowers the Board of Directors
For more information about this report visit https://www.researchandmarkets.com/r/q4ztq1
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