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OEM Update

Indian tyre industry Growth expected at a CAGR of 8.21% till FY13

July 31, 2009 10:41 am

Indian tyre industry Growth expected at a CAGR of 8.21% till FY13
 
The Indian Tyre Industry Report gives current status and emerging trends in the industry. The industry was on a smooth ride till FY08. The tonnage production registered a 5-year Compounded Annual Growth Rate (CAGR) of 8.02 per cent between FY03-08. The largest category of Truck & Bus (T&B) tyres recorded a 5-year CAGR of 5.90 per cent while Light Commercial Vehicle (LCV), motorcycle and car tyre categories grew at 13.34 per cent, 12.27 per cent and 13.98 per cent, respectively in this period.
  
However, as the economy in general and automobile industry in specific slowed down in FY09, the tyre demand too came under pressure. In the first nine months of FY09, the industry managed a tonnage growth of only 2.19 per cent against a growth of 7.38 per cent in the same period last year. The tyre off-take to the Original Equipment Manufacturers (OEMs) declined by 6.17 per cent during this period. The T&B tyre category was the worst affected with the total off-take of these tyres declining by 0.01 per cent in the first nine months. Also, in the face of global slowdown and stiff Chinese competition, the export market off-take declined by 9.82 per cent during this period.
 
On the face of these demand-side pressures, the tyre industry saw production adjustments from all the major players in the last couple of months. The government too tried to provide external stimulus by effecting 6 per cent excise duty cut across industries (the excise duty for tyres was brought down from 14 per cent to 10 per cent w.e.f. December 7, 2008, and then further reduced to 8 per cent w.e.f. February 25, 2009.
 

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