INDIAN TIRE INDUSTRY POISED FOR CONTINUED GROWTH AFTER 2023 SURGE.

The Indian tire industry has experienced significant growth in recent years due to the thriving automotive industry in the country. With the production of over 217 million units in 2023, the industry is expected to continue growing in the coming years. Major tire producers in India include Balkrishna Industries, MRF, Apollo Tyres, Ceat, JK Tyre & Industries, Goodyear India, TVS Shrichakra, Pix Transmissions, and Indag Rubber. The industry's revenue is projected to reach over $22 billion by 2032, and exports are expected to increase to $4.3 billion by 2028. The medium and heavy commercial vehicle segment is expected to lead future growth, driven by increasing demand for logistics and transportation services. The replacement segment is also expected to play a key role in future growth, as the vehicle population continues to increase in India. The demand for Off-The-Road (OTR) tires has also increased due to infrastructure development, mining and construction growth, and the agriculture sector. [Extracted from the article]