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OEM Update

Good times ahead for tyre market

October 21, 2009 6:44 am

Good times ahead for tyre market
 
Compared to stagnant markets in most developed countries, the Rs 22,500-crore Indian tyre market has been steadily growing, and it shows there are better times ahead.
The tyre market here has been growing by nearly 10-12 per cent YoY, thanks to the replacement segment, which accounts for roughly 75 per cent of revenues of the industry. In contrast to popular belief, it is the commercial vehicle (CV) category that has provided a much-needed fillip to the tyre industry. Arnab Banerjee, executive director, (sales, marketing & outsourcing) at CEAT, said, “CV tyre sales have a strong correlation with GDP of the country.”

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