Better road infrastructure along with the government’s curbs against overloading of trucks coupled with the major freight corridors is opening the way for a structural shift in the nation’s tyre industry. The traditional cross-ply tyre for trucks and buses is losing its shine and is being replaced by radial tyres. Some big companies such as Apollo Tyres, JK Tyre & Industries, Birla Tyres, Ceat, and MRF Tyres have done some major investments in Greenfield radial tyre plants along with international tyre majors such as Michelin, announcing plans to set up a Rs 4,000-crore radial tyre plant in Chennai.
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The industry of Indian tyre manufacturing in radial technology for the cars and trucks way back in the 1970s. During that period JK tyre was the creator to introduce radial tyres in India. Whereas, others felt that radial tyres are conducive for the Indian roads. Although by the turn of the century, tyre companies started feeling the need to introduce radial tyres. Radialisation of commercial vehicles, which currently stands at around 9 %, is anticipated to reach 25% in the next three years.
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Why Choose Radial Tyre as a Business?
The radial tyre has a lot of advantages. These are typically fuel efficient which is 5% higher in the case of new vehicles and 3% when it comes to old vehicles. The sidewall height as a function of the section width is called the aspect ratio. On the other hand, cross-ply tyres have an aspect ratio of 0.40 which for a radial tyre is 0.12. The lower aspect ratio leads to improved maneuverability and steering capacity. Radial tyres can also be retreated thrice in comparison to twice in the case of cross-ply tyres.
The radialisation of tyres in the commercial vehicle segment is mainly being driven by the replacement market as of now. In the OE segment, the new trucks and bus models being produced by the tyres and Volvo have begun looking for radial tyres. The industry of tyres clearly sees high demand for radial truck and car tyres.
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The Market Overview
The tyre manufacturers in India have made some major investment to the tune of Rs 25,000 crore towards creating new capacities for manufacturing of state of the art truck and bus radials. The market of the radial tyre is anticipated to reach INR 393 billion by FY 2023 increasing at a CAGR of more than 21% during FY 2018-2023. India’s radial tyres market in the section of the commercial vehicle is still in a growing stage. The passenger car segment switched to radial tyres in a short period, with radial tyre penetration level for the category reaching 98%. Additionally, the penetration level of radial tyres has also started to increase rapidly in the light commercial vehicles and truck and bus segments. This segment will be the highest growth area in the next few years.
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The higher return cost-effectiveness has been one of the major driving forces for high radilization in the Indian tyre industry. The advantage of the radial tyre includes fuel efficiency, longevity, retreading, and environmental benefits. Also, the fuel efficiency of a radial tyre is 5 % higher in cases of new vehicles and 3% when it comes to old vehicles. Also, a significant expansion of the vehicle population would transform into healthy replacement demand for radial tyres.
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Conclusion
Niir project consultancy services (NPCS) has made a project report on “Radial Tyres For Cars & Trucks – Manufacturing Plant, Detailed Project Report, Profile, Business Plan, Industry Trends, Market Research, Survey, Manufacturing Process, Machinery, Raw Materials, Feasibility Study, Investment Opportunities, Cost And Revenue” it is a detailed report that covers all the important aspects of the business. The report not only covers the present market potential but also covers future market growth.
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