MRF and Apollo to continue leaders in India, says TechSci Research
India’s leading tyre manufacturers MRF and Apollo Tyres will continue to dominate the domestic tyre market, says TechSci Research in its ‘India Tyre Market Forecast and Opportunities, 2019’ report.
The Chennai-based tyre maker is the market leader in the Indian tyre market and also one of the major players in most of the tyre segments due to the company’s strong OEM collaborations. Apollo is the second largest player, with a major share in passenger vehicle tyre segment as well as trucks and buses, said the report.
However, in 2013, Indian automotive industry exhibited a sluggish growth rate, making domestic OEMs to cut back their vehicle production, and consequently, reducing the total demand for tyres from the OEM segment. “Large existing fleet of vehicles in India and various government measures like National Automotive Testing and R&D Infrastructure Project (NATRiP), Focus Market Scheme (FMS), Automotive Mission Plan 2006-2016, etc., coupled with increasing availability of credit would significantly support the sales of passenger cars and commercial vehicles in the country, which would drive the demand for automotive tyres in the country over the next five years. Also, rising population, disposable income and aspirations of the Indian middle class are the other key factors fuelling the growth of Indian automotive industry, consequently augmenting growth in the tyre industry”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.