The Indian tire industry is expected to double its sales by the beginning of this year. According to Crisil Market Intelligence Analytics It is estimated that the Association of Automotive Tire Manufacturers said earlier this year that the business will start year 2022 at 90 From 2032 to 2032, the dollar grows to $22 billion by 2032.

Mumbai: Strong growth in construction equipment and mining JK Tire Industries Chairman and CEO Raghupati Singhania said this would be a “complete opportunity” for the tire industry, in addition to continued strong demand from the passenger car segment.

With all vehicles in three sectors (construction and mining) using more expensive and larger tires, high-end passenger cars are benefiting the demand for radial tires, making a significant contribution to their value, he told The Economic Times on the sidelines of the Auto Expo on Wednesday. In the tire market

Construction equipment sales are expected to surpass the all-time high of 107,779 the platform in fiscal 2023 to reach 1.25 million to 1.30 million units by the end of the year, driven by road construction projects, The Economic Times reported on Tuesday.

Singhania expects the passenger car segment to continue its growth momentum, boosting tire sales. By the end of the year, sales in this segment could reach a record 4 million units. “The automobile market is unlikely to cool down and will continue to grow. it is likely to grow by 6% to 8% in FY24. With the base growing, even a small increase will help,” he said.

To continue this trend, the market leader in truck and bus radial tires has started expanding. It plans to invest Rs 11 billion in capital expenditure over the next two years for capacity expansion and maintenance of existing infrastructure.

Of this, Rs. 5.3 billion will be spent on passenger car radials to expand capacity by 35% from the current capacity of 900,000 tires per annum. Rs. 2.36 billion will be spent on radial capacity expansion for trucks and buses.

JK Tire said it has raised up to Rs 50 crore through a qualified institutional placement, which opened for subscription earlier this week.

Earlier this year, the Automotive Tire Manufacturers Association cited Crisil Market Intelligence Analytics estimates that the Indian tire industry will more than double its revenues from $9 billion in the fiscal year starting 2022 to $22 billion in the fiscal year 2032.