Project report for Tyre retreading

Introduction

Project report for Tyre sales & service shop is as follows:

India tire market to grow at a CAGR of over 9% by 2023. Expanding vehicle fleet, surging new vehicle sales and booming construction industry are the major factors expected to boost demand for tires across India in the coming years. Moreover, growing urbanization and rising disposable income are likely to further steer growth in the country’s tire market until 2023.With an expanding volume share of over 50% in India tire market, the two-wheeler tire segment dominated the overall tire industry in India, followed by the market of passenger car Light Commercial Vehicles, Medium & Heavy Commercial vehicles, three-wheelers and OTR vehicles. On account of various features such as higher convenience, designing, comfort, affordability, fuel efficiency, mechanisms (automatic transmission), etc. demand for two-wheelers in the country is increasing, especially among the youth. On the other hand, factors such as availability of raw materials, wide consumer base and various untapped opportunities are attracting several M&HCV players to set up their manufacturing units in the country. Moreover, India also exports commercial vehicles across South East Asia, African and other neighbouring countries.With a volume share of more than 30% during 2016, in overall market of India, the demand for tires in the industry was widely generated from the West region of the India. The dominating presence of various Indian brands and multinational companies like MRF, JK Tyre, Apollo, TVS, Bridgestone, Michelin, Goodyear,etc. intensified the tire market of the country during 2016. Moreover, the widespread presence of well-established network of dealers and distributors, is enhancing the market share of the above mentioned renowned tire companies in India.


Market potential & Strategy

India tire market to grow at a CAGR of over 9% by 2023. Expanding vehicle fleet, surging new vehicle sales and booming construction industry are the major factors expected to boost demand for tires across India in the coming years. Moreover, growing urbanization and rising disposable income are likely to further steer growth in the country’s tire market until 2023.With an expanding volume share of over 50% in India tire market, the two-wheeler tire segment dominated the overall tire industry in India, followed by the market of passenger car Light Commercial Vehicles, Medium & Heavy Commercial vehicles, three-wheelers and OTR vehicles. On account of various features such as higher convenience, designing, comfort, affordability, fuel efficiency, mechanisms (automatic transmission), etc. demand for two-wheelers in the country is increasing, especially among the youth. On the other hand, factors such as availability of raw materials, wide consumer base and various untapped opportunities are attracting several M&HCV players to set up their manufacturing units in the country. Moreover, India also exports commercial vehicles across South East Asia, African and other neighbouring countries.With a volume share of more than 30% during 2016, in overall market of India, the demand for tires in the industry was widely generated from the West region of the India. The dominating presence of various Indian brands and multinational companies like MRF, JK Tyre, Apollo, TVS, Bridgestone, Michelin, Goodyear,etc. intensified the tire market of the country during 2016. Moreover, the widespread presence of well-established network of dealers and distributors, is enhancing the market share of the above mentioned renowned tire companies in India.


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