Double Digit Growth For Indian Tyre Industry?
A Study by the Indian credit agency Credit Analysis & Research (CARE) Ltd. expects the Indian tyre industry to register a tonnage growth of 9-10 per cent in the next five years to the end of 2012, say reports. Truck and bus and LCV tyre categories are expected to record increases of 8 per cent and 14 per cent respectively during this period.
According to CARE, in 2007 the Indian tyre industry produced 73.6 million units, or 1.1 million tons, earning Rs 190 billion (3.280 billion euros) last year. MRF Ltd. was the market leader (22 per cent market share), followed closely by Apollo Tyres Ltd. (21 per cent), with JK Tyres & Industries Ltd. (18 per cent) and Ceat Ltd. (13 per cent).