In a recent development, five Indian tyre makers have made it to the list of the top 30 tyre manufacturers globally, according to a report published by the Automotive Tyre Manufacturers’ Association (ATMA).
In the Tire Business Magazine’s 38th Global Tire Report by ATMA, considering the revenues generated in the year 2022, Apollo Tyres, MRF Tyres, JK Tyre and Industries, CEAT Tyres, and Balkrishna Industries (BKT) of India have got spots in the top 30 list.
“According to this report, Apollo Tyres is leading at the 13th position, followed by MRF at the 14th. The other three Indian tyre manufacturers are JK Tyre at 19th, CEAT at 22nd and BKT at 27th in the top 30 list“.
As expected, the list’s top tyre makers are famous global brands Michelin, Bridgestone, Goodyear, and Continental.
“For quite a few years, we had only three Indian companies in the top 30. CEAT made an entry in the coveted list a couple of years ago, and now BKT also finds pride in its place,” ATMA Director General Rajiv Budhraja said in a statement.
ATMA said that in the last ten years, Apollo has moved up four places, while JK Tyre has advanced six. On the other hand, CEAT moved up 13 places, while off-road major BKT jumped 14 spots. It added that MRF is ranked 3rd in Asia after Bridgestone and Yokohama in terms of the number of plants. “Indian companies have been converging with the world when it comes to R&D spending too,” ATMA said, adding that two Indian companies — Apollo and CEAT — also rank among the top 20 regarding the ranking of R&D as a percentage of sales.
The tyre industry in India is undergoing a growth phase and is currently ranked 7th position in the world. As per experts, the industry will generate around USD 22 billion in revenue by the year 2032. The Indian government’s infrastructure initiative and a thriving automobile industry are driving up demand for passenger and commercial tyres. India’s 60% market is dominated by domestic companies, namely MRF, Apollo Tyres, and JK Tyre. However, in the last 4-5 years, foreign competitors such as Michelin and Bridgestone have also carved out a niche for their products in the country.
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