Industry Background:
A radial tire is a Specific design of the vehicular tire. In this cord, piles are arranged at 90 degrees to the direction of travel. Indian tire industry transformed from nylon or bias tire to radial tires. Important tires now account for 40 percent of the replacement demand for truck and bus radials in India. There is a slowdown in economic growth and the dumping of Chinese tires hit Indian tire manufacturers.This growth is primarily driven by Increasing Import Tyres from India and Growing Automobile Industry.
Globally, a noticeable market trend is evident Finer Tolerances in the Manufacturing Process
. Major Vendors, such as Bridgestone (Japan), Michelin (France), Goodyear Tire and Rubber Company (United States), Pirelli (Italy), Apollo Tyres (India), MRF (India), Continental AG (Germany), Dunlop (United States), Yokohama (Japan) and Hankook Tire (South Korea) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Jul 2018, Michelin announced to acquire Camos for USD 1.45 billion. Michelin identifies certain opportunities to increase sales and reduce costs by unlocking up to USD 55 million synergies by 2021. After this acquisition, Michelin is expected to become a leader in the OTR segment.
In Jul 2019, Dunlop announced three new products for the trail, off-road and vintage sports sections of the market. From them, one of them is the new TT100GP styled radial tire, which aims to achieve 100 mph average speeds.
Market Drivers
- Increasing Import Tyres from India
- Growing Automobile Industry
Market Trend
- Finer Tolerances in the Manufacturing Process
- Inclusion of More Radials Which Consume Less Fuel
- Low Rolling Resistance and Focus On Better Traction and On Road Performance Which Increases Fuel Efficiency
Restraints
- Price Wars
- Stiff Competition from National and International Brands
- Cheaper Technologies
- Uncertain in Prices and Availability of Raw Material as India’s Rubber Production Is Less Than Its Demand
Opportunities
Government Has Taken Up Company’s Restructuring Seriously and Is Planning to Turn It into Profit-Making and India Will Emerging As Automobile Manufacturing Hub Which Offers Huge Opportunities
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Radial Tire Study Sheds Light on
The Radial Tire Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Radial Tire industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Radial Tire industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.