The ongoing slowdown has prompted the Indian tyre industry to adopt a robust de-risking strategy, which has helped the segment operate smartly amidst the unfavorable circumstances. The industry is innovating to look at the efficient and cost-competitive products in the midst of considerable fluctuation in the prices of raw materials.
The flexibility in the operations is helping the tyre industry adapt to the changing dynamics of various segments in the automotive space, which includes the proliferation of electric buses, e-rickshaws, quadricycles, etc. Many players, including Apollo Tyres and JK Tyres, are already operating in the international markets, chalking out a definitive strategy to turn global, while diversifying their presence.
The Indian tyre industry is utilizing its capacities, while monitoring the scope of growth in the two-wheeler segment and change in preference in the commercial space, says Pawan Kumar Ruia, the Chairman and MD of Ruia Group. The efficient production and the upscaling of activities at the OEM end is ensuring considerable growth despite several challenges.
The tyre manufacturers are addressing the requirements of the customers, which hint at a growing market. The specially formulated schemes, combining technology and market knowledge, are helping the tyre manufacturers get a larger share of the market in the long run.
Working closely with OEMs has helped the major players in the segment in getting the configuration right to seta new standard in a challenging environment. It has also addressed various requirements of the respective industries, including wear resistance, grip, comfort, noise, etc. According to Pawan Ruia, Chairman of Ruia Group, the journey from increasing the market presence to offering appropriate solutions to the customers has boosted the tyre industry in a significant way.
The tyre industry has responded to the tightening regulations and infrastructure changes in the best possible way to continue the growth even during the toughest of times. The trend is likely to continue as the tyre industry aims at making a better impact in the coming months.