New Delhi, Aug 30 India’s tyre exports have bounced back in the first quarter (April-June) of the current financial year with a 17 per cent jump to Rs 6,219 crore, according to a statement issued by the Automotive Tyre Manufacturers Association (ATMA).
Tyre exports had declined by 14 per cent in the same quarter of the previous year due to a decline in demand in the international market.
Arnab Banerjee, Chairman of Automotive Tyre Manufacturers Association (ATMA) said that sustained focus on R&D and development of advanced technology products aided by competitive pricing and branding efforts helped Indian tyre manufacturers drive growth in exports despite a challenging environment. Improving demand prospects in key export destinations and expected monetary easing also helped growth, he said.
The rise in exports reflects the Indian tyre industry’s enhanced integration with global supply chains, he added.
During Q1FY25, the US was the largest export destination for Indian-manufactured tyres, accounting for a 17 per cent share. Other large export destinations included Brazil, Germany, France, and Italy. Indian-manufactured tyres were exported to more than 170 countries.
Banerjee said that the country’s globally aligned regulatory environment for tyre manufacturing also augurs well for increasing the market for India-made tyres.
In terms of numbers, Passenger Car Radial (PCR) tyres accounted for the largest exported category from India, closely followed by Motorcycle and Farm machinery tyres in the first quarter of 2024-25.
In Q1, motorcycle tyres experienced the highest growth in export volumes, 38 per cent, followed by Truck & Bus Radial (TBR) tyres, 31 per cent.
Banerjee observed that the downside risks to Indian tyre exports continue which include global supply chain disruptions, geopolitical tensions, the West Asia conflict that has led to rising shipping costs.
However, the industry is committed to meeting the challenge through continued focus on manufacturing sustainable tyres with superior performance. Innovations such as eco-friendly and fuel-efficient tyres have particularly resonated with global consumers, he added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor