Premium Industrial NewsIndia Tire Sector Sees Sustained Growth
India Tire Sector Sees Sustained Growth
Industry Segment: Industrial Manufacturing | Word Count: 82 Words
NEW DELHI, INDIA--July 15, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--After two years of contraction, demand for tires made in India is poised to grow 13%-15% in the original equipment manufacturer (OEM) segment and 7%-9% in the replacement market segment in 2021-22, according to Indian rating agency ICRA. "Tire demand has been relatively more resilient compared to other auto components, as the replacement demand in the tire industry insulates it from cyclicality to a large extent," ICRA Vice President and Co-Group Head Srikumar Krishnamurthy said.
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