Based on data released by the Ministry of Commerce tyre exports grew from Rs.14,101 crore in FY2021 to Rs. 21,178 in the last financial year.
View PhotosTyre exports grew from Rs.14,101 crore in FY2021 to Rs. 21,178.
Tyre exports from India have continued to grow in recent years. The latest data released by the Ministry of Commerce revealed that the total value of tyre exports grew by 50 per cent in the last financial year to ₹ 21,178 crore from the previous high of ₹ 14,101 crore in FY2021. As per the Automotive Tyre Manufacturer Association(ATMA), tyre exports from India have grown by almost 70 per cent despite the pandemic-related disruptions in the last two fiscal years.
At present, tyres manufactured in India are exported to over 170 countries across the world with the the US, Germany, Brazil, UK and France accounting for the biggest numbers. The five countries combined export roughly accounted for 40 per cent of total tyre exports from India with the US being the largest market at 19 per cent.
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Satish Sharma, Chairman of ATMA attributed the growth in tyre exports to the abilities of the Indian tyre industry to meet buyer expectations. Sharma also reportedly said that the industry had received help from the central government’s Atma Nirbhar policy and the curb on indiscriminate tyre imports.
Commenting on the industry performance, Anant Goenka, Managing Director, CEAT Ltd, said, “When it comes to the international tyre market, India has, over the past few years, established a good brand equity for itself by offering high-quality tyres at competitive prices. The data reflects how Indian manufacturers are capitalizing on the advantage by increasing their footprint with high-quality tyres for the international market, especially the EU and US passenger car segment.”
CEAT aims to further grow its export revenues with a target of getting 25 per cent of its total revenue from outside India.
Goenka added that CEAT aims to further grow its export revenues with a target of getting 25 per cent of its total revenue from outside India. Exports currently account for 18 – 20 per cent of the company’s revenue.
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carandbike reached out to other tyre manufacturers as well and we are still waiting for them to respond.
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According to ATMA, the Indian tyre industry has the potential of doubling its exports in the next 3-4 years though a big concern remains sourcing natural rubber which depends on pre-import conditions.
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