Indian Tyre Industry Sets Ambitious Goal To Become Top Global Exporter By 2030

ENA Sectors 2024-02-20 15:20:18 New Delhi, Feb 20 (KNN) In a bold vision for the future, the Indian tyre industry is charting a course to significantly boost its export value and secure a spot among the top three global tyre hubs by 2030. Anshuman Singhania, Chairman of the Automotive Tyre Manufacturers Association (ATMA), revealed this ambitious target during the ATMA Annual Conclave 2024, the premier event representing India's vibrant tyre sector, reported FE. Over the past four years, tyre exports from India have surged, nearly doubling in volume and expanding to encompass more than 170 countries worldwide. Singhania emphasised that Indian-made tyres are gaining recognition for their quality in key markets such as the EU, US, Brazil, UAE, and UK. Currently, exports stand at USD 3 billion (Rs 24,993 crore), comprising over 25 percent of the industry's turnover. Citing figures from the Ministry of Commerce, ATMA highlighted the remarkable growth trajectory of tyre exports, which soared from Rs 12,844 crore in FY2020 to Rs 23,125 crore in FY2023. Notably, the United States emerges as the largest market for Indian tyres, constituting nearly a quarter of total exports. Despite global economic challenges stemming from recessionary conditions, rising interest rates, and geopolitical tensions, the tyre industry remains resilient, forging strategic alliances with suppliers, government entities, and industry associations to surmount obstacles. ATMA underscores the potential of Free Trade Agreements (FTAs) to bolster tyre exports, advocating for negotiations with major importing regions like Latin America (Colombia, Brazil, Argentina) and Africa (Nigeria, Ghana, etc.). Singhania stressed the importance of collaborative efforts to navigate international markets successfully. We have petitioned the Government to negotiate FTAs to promote tyre exports from India. Strategic partnerships, market insights, and compliance with international regulations have positioned the industry favourably, remarked Singhania. Moreover, Singhania urged automotive Original Equipment Manufacturers (OEMs) to prioritise the use of Indian-manufactured tyres in vehicles destined for export markets, enhancing the industry's global profile. With cohesive support from stakeholders across the ecosystem, Indian tyre companies are poised to assert themselves as major players in the global tyre sector. (KNN Bureau) 36753 https://knnindia.co.in/news/newsdetails/sectors/indian-tyre-industry-sets-ambitious-goal-to-become-top-global-exporter-by-2030 2024-02-20 15:20:18 knnindia.co.in Indian Tyre Industry Sets Ambitious Goal To Become Top Global Exporter By 2030