The Indian tire market will grow by 12% a year.
according to comprehensive foreign media reports, the Irish consulting agency "researchandmarkets" estimates that the Indian tire market will grow at a compound annual growth rate of 12% from 2011 to 2015
in the report "Indian tire market 2011-2015", the agency said that one of the key factors leading to such growth in the market is the growing demand for automotive products in typical composite production. With abundant raw materials (natural rubber) and modern production facilities, India has become one of the most competitive tire markets in the world. Tubeless tires have appeared in the Indian tire market. The radial tire market in the country has attracted global tire manufacturers due to its encouraging growth figures. It is expected that these manufacturers will invest heavily in expanding the production capacity of radial tires for trucks and buses in the next few years. However, the rising price of raw materials may pose a challenge to the growth of this market
according to this report, the Indian tire market is witnessing the continuous growth of radial tire demand. It is expected that the radial tire market value will grow at a compound annual growth rate of more than 21% from 2011 to 2015, reaching 393billion Indian rupees (about US $7.1 billion). The commercial vehicle radial tire market in India is still in its infancy, and the car sector has turned to radial tires in a very short time. The popularity of this kind of new "metamaterial" flexible and hard tire has reached the level of 98%. The proportion of truck and bus sectors using radial tires is growing steadily, and they account for a large share of production capacity, and they will become the sector with the largest growth rate in the next few years
in addition, due to the development of road infrastructure and the increasing importance of fuel-efficient products in the automotive industry, it is expected that the proportion of samples of radial tires accepted by NIR models in Indian tire segments will be increased by six times from the current level. Such a development trend is driving the rapid growth of Indian tire market
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