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Tyre demand in FY21-24 may be insufficient to absorb capacities created in current capex cycle: India Ratings
The institutional tire industry relies on more stable alternative markets and is therefore somewhat insulated from the cyclicality of auto sales. Mumbai: Growth in tire demand in FY2021-24 may not be sufficient to absorb the new capacity generated by the current capex cycle, and overall capacity utilization may remain as high as 20%, ratings agency India Ratings said.-Ra) revealed. Ind-Ra While original equipment manufacturers are also expecting a sharp decline in (OEM) sales by 20-25%, the tire industry will still see a mid-single digit decline in sales as alternative markets continue to support the industry. Based on the industry segmentation, the agency expects to reach 2023-24 2000 with 70-75% capacity utilization for two or three wheelers and 80-85% capacity utilization for passenger car radials. Setting up or adding additional capacity. By FY 2023-24, Trucks and Buses, Trucks and Buses (TB) expects capacity utilization in the sector to be 65-70%. In a press release, Ind-...
Nelson
50
May 31, 2024
CEAT to supply tyres to Royal Enfield for its 650cc Interceptor range
The dealer cruiser segment has been growing steadily over the last few years and Jyotiiot Banerjee, Vice President, OEM Business, CEAT, says that entering the 650ccc+ category is a great opportunity for the premium segment to grow. Tire maker CEAT on Friday, he said it will supply the Zoom Cruz 650cc Interceptor range of tires to niche bike maker royall Enfield. With the Zoomm, Cruz tires, CEAT 650cc has entered all two-wheelers and twin-engine cylindrical motorcycle segments segment, the company said. The tires are available in two sizes: 100/90-18 and 130/70-18. CEAT and Royal Enfield previously supplied tires for Royal Enfield Bullet, Classic, Himalayan and Meteor motorcycles. The first company to supply original tires was the Interceptor 650cc Indian manufacturer range. “We have a close relationship with Royal Enfield and bikes like the Bullet Classic & Himalayan are already using our products. Amit Tolani, Chief Marketing Officer, CEAT Tires Ltd. R...
WallisRoland
51
May 31, 2024
DGFT curbs import of tyres if alternative made in India, seeks undertaking from importers
If New Delhi takes restrictive measures, Reuters will face fines for not doing so. Mumbai: Traders seeking licenses to import tires must submit an undertaking stating that they will only buy tires that are not made locally. If New Delhi tries to restrict imports and encourage local manufacturing, it will be penalized. The Directorate General of Foreign Trade (DGFT) has asked importers to provide relevant records for the last three years. In the last three years, they were allowed to import only 40% of their average trade volume. The Economic Times reviewed the text of the commitment. DGFT in 2019 “We request you to import only non-Indian tires as per the license issued by the agency,” the year to importers said in a letter Sources told The Economic Times that around 170-200 traders have filed affidavits for import licenses so far. India had brought tire imports under the restricted category in June to prevent dumping, especially from China. The company now needs...
GilesAntoinette
45
May 31, 2024
JK Tyre to supply UX Royale radial tyres to Hyundai Motor India for Creta’s top-end variants
JK Tires says, “This tire provides excellent ride comfort, crisp handling and low noise at all speeds.” Mumbai: JK Tire UX will supply UX Royale radial tires to Hyundai Motor India through an exclusive partnership for the Korean automaker’s compact SUV Creta premium model, according to a statement on Wednesday. The tires offer excellent ride quality, crisp handling and low noise at all speeds, JK Tire said in a statement. VK, Technical Director, JK Tyres and Industries “We are proud to further strengthen our partnership with Hyundai India in Crete. Through this partnership, we aim to deliver high quality tires with cutting edge features.” He said. He said the company’s best-in-class technology in radial tires and testing mechanisms will ensure the safety of customers driving the Creta in different terrains. He said, “We believe the association will further strengthen our market presence and look forward to continuing to enhance ou...
HenryKatte
50
May 31, 2024
Bridgestone India launches new tyre for commercial vehicle segment
Associated Press. MUMBAI: Tire maker Bridgestone India on Friday launched the V-Steel Mix M721 is a new tire for the commercial vehicle segment, aiming to establish a strong presence in the variable speed drive axle tire category. The company said the latest product is designed for general cargo, long-haul and highway use. Bridgestone India said its new product addresses tire fuel efficiency and shred resistance. “The focus in the commercial vehicle segment is to optimize total operating costs and achieve higher profitability. V-STEEL Mix M721 targets the largest general cargo segment of the commercial vehicle segment to reduce costs by increasing tire mileage by 15%. Parak Satpute, Managing Director, Bridgestone India “For fleet operators, it is per kilometer (CPK).” Pune-based Bridgestone India (a subsidiary of Japan’s Bridgestone Corporation) last month announced a survey of fleet management companies India In order to strengthen its position in t...
AgathaStilwell
43
May 31, 2024
Ceat expedites investment in capacity as tyre demand makes a sharp recovery
“Utilization is high, we’ve invested a lot, expansion is underway, and the timing is just right. Mumbai: Ceat executives said it will move quickly to expand capacity and resume frozen capital expenditure on the back of a significant recovery in tire demand. The p 350 is part of a Rs 350 crore four-year capex plan implemented last year by RPG The group of tire makers plans to invest around 120 months in the next 18-24 To increase capacity, Rs 100 crore. Even after 10 lakh. After Rs 100 crore, production remained unchanged because of the COVID-19 pandemic. Anant Goenka, Managing Director, Ceat LTD, told The Economic Times that the plant production was high, the limited production capacity of tires for agricultural equipment and the temporary underutilization of tires during Diwali. We have invested a lot and are currently expanding. Fortunately, the timing is perfect. Geyinka said. When the virus broke out last April, Goenka said, the company was concerned about ...
PayneRamsden
47
May 31, 2024
Ceat Tyres launches label-rated tyres in India
NEW DELHI: Ceat Tires Labell on Monday launched-India Tire Ratings in line with the international rating system widely used in the tire industry to help customers make informed decisions before buying tires. Under the program, Ceat will introduce Performance Index Ratings for its premium-Fuelsmarrt & Securadrive tire range. These ratings are based on important tire performance indicators such as rolling resistance, wet grip and tire noise levels, the company said in a statement. Higher rolling resistance ratings mean better fuel efficiency, higher wet grip ratings mean better tire braking ability, and lower noise levels mean a better driving experience. Commenting on the move, Amit Tolani, Chief Marketing Officer, Ceat Tires, said: “Ceat’s goal is to help consumers make informed choices, and that’s what sets ceat apart from its peers. So we think this system is good for the ‘customer game’. It plays an important role in making the right decis...
ToddJim
59
May 31, 2024
Bridgestone India launches new tyre for commercial vehicle segment
Bridgestone India says the agency’s new product addresses tire fuel efficiency and chip resistance cutting. Mumbai: On Friday, tire maker Bridgestone India launched V-Steel Mix M721 is a new tire for the commercial vehicle segment, aiming to establish a strong presence in the variable speed drive axle tire category. The company said that the latest product is designed for general cargo, long-haul and highway use. Bridgestone India said its new products address tire fuel efficiency and crush resistance. “The focus in the commercial vehicle segment is to optimize total operating costs and achieve higher profitability. V-STEEL Mix M721 targets the largest general cargo segment of the commercial vehicle segment to reduce costs by increasing tire mileage by 15%. Parak Satpute, Managing Director, Bridgestone India “For fleet operators, it is per kilometer (CPK).” Pune-based Bridgestone India (a subsidiary of Japan’s Bridgestone Corporation) last...
LydiaElsie
56
May 31, 2024
CEAT Shoppes outlets to act as full-fledged customer service centres
Associated Press. MUMBAI: CEAT Tires said Wednesday that its service outlet Shoppes will now act as a full-fledged customer service center. RPG Currently, the group’s tire manufacturing unit operates 200 dealerships in India has been offering computerized wheel alignment, balancing and nitrogen filling services. Customers will now be able to resolve customer issues quickly and easily through the approved service network, the company said in a press release. He added that customers can get claim resolution and replacement in minutes through on-site claim resolution services and through warranty registration, customers can benefit from special warranties on all car, utility vehicle and tire lines. Amit Tolani, Chief Marketing Officer, CEAT Tires “In CEAT, we want consumers to have a hassle-free experience when buying tires. When customers buy tires, they get an unconditional warranty. In recognition of this, customers can now walk.” ” he said. Ltd: The...
QueenaOwen
40
May 31, 2024
Michelin to hike tyre prices in India by 8 per cent from March
Michelin agents serve all major market segments, including passenger cars and two-wheelers. French tire giant Michelin on Tuesday said it will increase the prices of its tires in India by 8 percent from next month to offset rising investment costs. Tire prices in Africa, India and the Middle East will rise by up to 8%, Michelin said in a statement. The price adjustments address the issue of rising tire prices. Tire makers increase the cost of raw materials, particularly natural rubber costs, global transportation costs and other market factors. “The price increase will take effect every month in March 2021 and will apply to all Michelin Group brands.” /p Michelin serves all major market segments across the country, including passenger cars, two-wheelers and commercial vehicles. Headquartered in Clermont-Ferrand, France, Michelin employs more than 12,000 people, operates 69 tire manufacturing plants in 170 countries, and in 2019 produced about 200 million tire...
MavisDorothy
51
May 31, 2024
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