The tyre exports from the country has registered a 11.7 per cent growth during the first half (April-September) of FY 2024-25, reaching ₹12,131 crore in value, according to Automotive Tyre Manufacturers Association (ATMA), quoting data from the Commerce Ministry.
ATMA attributed the growth to sustained investments in domestic R&D and manufacturing capabilities. Favourable demand prospects in global markets, coupled with anticipated monetary easing, provided a further boost.
Resilience of tyre industry
The rise in tyre exports in the first half of the year, despite a tough external environment, is a testament to the resilience of the Indian tyre Industry to ride through a challenging environment and carve a niche for itself, said Arnab Banerjee, its Chairman.
The compelling value proposition offered by the Indian tyre manufacturers on quality is being appreciated globally leading to a resurgence in demand after de-growth witnessed in export in the first half of the previous year, he added.
In volume terms, tyre exports rose 6 per cent with motorcycle tyres export going up 37 per cent. Nearly 3.5 million motorcycle tyres were exported during the first half. Colombia was the largest importer of motorcycle tyres from India.
Passenger Car Radials (PCR) and Truck and Bus Radials (TBR) witnessed 18 and 19 per cent growth respectively in the first half of the year.
The US emerged as the largest importer of tyres from India accounting for 15 per cent of tyre export in value terms, followed by Brazil, Germany, UAE, France and Italy.
Notwithstanding the upbeat performance, downside risks remain due to geopolitical tensions, supply chain disruptions and rising shipping costs. However, Indian tyre manufacturers are well-positioned to navigate these challenges with their focus on quality and innovation, ATMA said.