DUBLIN, June 10, 2021 / PRNewswire / – Indian Passenger Car Tire Market 2020: Frost Radar Report Added To ResearchAndMarkets.com’s sentence.
The Indian car tire market is one of the largest in the world. Its cost was estimated at 8,081 million USD USA As of fiscal 2020, including original equipment (OE) supply, aftermarket and export.
The passenger car (PV) and commercial vehicle (CV) tire segments together account for nearly 40% of the total. These two segments are the largest sources of income. In terms of sales, the tire industry is divided into 2 parts: the OE segment, where tires are supplied to car manufacturers and fitted to new cars; and the aftermarket, where consumers purchase replacement tires directly from the market.
The Indian car tire market consists of several car segments. To be successful in this market, the company will need to offer the PV and CV tires that generate the highest margins and the highest sales in the replacement market.
The COVID-19 pandemic has had a significant impact on the tire industry. A complete lockdown in the first quarter disrupted tire sales and production. Manufacturers are working to address supply chain disruptions as imports of some raw materials are uncertain. However, after recovering from isolation, companies returned to full capacity and demand from the replacement market increased, especially in rural areas.
Increased demand from rural communities is associated with more frequent use of personal vehicles by people to maintain social distancing. Given India With a vast geography, it is important for tire companies to have a strong supply chain so that they can serve both urban and rural areas.
Tire sales in fiscal 21 are expected to be significantly impacted by COVID-19 as vehicle use was severely restricted during the lockdown, especially in the CV segment. Public transport operations were disrupted even after isolation was removed in many regions of the country. However, tire sales in the PV and CV segment are expected to recover in fiscal 22, with growth rising 14% and 9%, respectively, over fiscal 21.
This revival will be the result of increased demand for new cars and replacement tires after a conservative year in fiscal 21. Increased use of personal vehicles will further increase the demand for replacement.
1. Strategic imperative and growth environment
3. Companies for action
4. Strategic ideas
5. Next Steps: Using Radar to Empower Key Stakeholders
For more information on this report, visit https://www.researchandmarkets.com/r/7l1ma6.
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SOURCE Research and Markets