India's Tyre Industry Aims for Global Prominence, Eyes Third-Largest Market by 2030

Discover the latest insights on India's thriving tyre industry set to become the world's third-largest market by 2030.

The Indian tyre industry, under the leadership of the Automotive Tyre Manufacturers Association (ATMA), is on an ambitious path aiming to secure its position as the third-largest tyre market globally by 2030. Anshuman Singhania, Chairman of ATMA, highlighted the industry's goals at the ATMA Annual Conclave 2024, emphasizing export value, global competitiveness, and accelerated growth.

Anshuman Singhania, Chairman of the Automotive Tyre Manufacturers Association (ATMA), stated that India's tyre sector has the potential for incredible expansion, with the goal of becoming the world's third-largest tyre market by 2030. Speaking at the ATMA Annual Conclave 2024, Singhania outlined the industry's strategic plans and emphasized key points that underscore its ambition and potential.

Export Value

One of the pivotal objectives of the Indian tyre industry is to ramp up its export value to exceed $5 billion (approximately Rs 41,655 crore) by 2030. This ambitious target reflects the industry's dedication to enhancing global competitiveness and expanding its footprint in international markets.

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Global Tyre Hubs

In addition to focusing on export growth, India is striving to establish itself as one of the top three global tyre hubs. This strategic vision positions the country as a significant player in the international tyre market, aiming to leverage its manufacturing capabilities and technological advancements to capture a larger share of the global market.

Accelerated Growth

Over the past four years, Indian tyre exports have witnessed remarkable growth, nearly doubling in value. Tyres manufactured in India are now being exported to over 170 countries worldwide. Major markets including the European Union, United States, Brazil, United Arab Emirates, and the United Kingdom recognize and appreciate the quality of Indian-made tyres.

Current Status

Presently, exports from the Indian tyre industry amount to $3 billion (approximately Rs 24,993 crore), constituting over 25 per cent of the industry's turnover. This robust performance highlights the industry's capability and potential for further expansion on the global stage.

The Indian tyre industry's expansion plan reflects its solid commitment to quality, innovation, and global competitiveness. With concerted efforts and strategic initiatives, the industry is poised to realize its ambitious goals and solidify its position as a prominent player in the global tyre market by 2030.