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Trends in The Tyre Industry In India

  • Radialisation
    • Radialisation in MHCVs is occurring at a rapid pace in India and has touched over 52% in the truck & bus segment from ~33% in FY15. While truck OEMs are ~77% radialised, radialisation in the truck replacement segment is still much lower at ~46%. Radialisation in segments like LCVs and Passenger Cars is ~40% and ~99%, respectively.

Benefits of Radialisation – 1) Higher fuel efficiency due to reduced rolling resistance, 2) Longer tyre life due to less generation of heat, 3) Better high-speed performance. Uniform contact with the ground and wider footprints of tyres provide vehicle stability, 4) Tougher construction and higher puncture resistance reduce maintenance costs

Source – Nirmal Bang, Page no – 11

Aftermarket Replacement Mix – 

  • Segment-wise replacement mix: Trucks & Buses: 54%; PVs: 15-18%; LCVs: 9%; Motorcycles: 10%; Scooters: 5%; Tractors: 8-10%. Tyre demand from OEMs declined 16.3% in FY20 vs. 2.7% decline in replacement demand. Mix shifted towards replacement (57%) vs. OEM (43%) over the last 4 years.

Source – Nirmal Bang, Page no – 12

  • OEM Industry Outlook – 

1)Commercial Vehicles – 

Source – Nirmal Bang, Page no – 18

2)Passenger Vehicles – 

Source – Nirmal Bang, Page no – 20

3) Two wheelers –

Source – Nirmal Bang, Page no – 21

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