DavidNancy - China Automobile Expert-CNAUTO

Group photo of agency representatives ICRA, a domestic tire demand assessment agency, said it expects 7-9% growth in 2022-23, but industry margins are expected to come under pressure due to higher investment prices. Gradual easing of supply constraints for passenger cars, increased growth momentum from commercial vehicle manufacturers and steady renewals are expected to support domestic growth during this period. ICRA said in a statement, “OEMs are expected to grow domestic tire demand by 7-9% in fiscal 2023, driven by recovering demand in most product segments and steady growth in replacements.” Debbadi, Vice President and Sector Head, ICRA, said that the tire industry continues to post record sales (consolidated sales for ICRA’s sample of tire manufacturers), driven by growth in domestic demand and exports, as well as cash growth. She added, “Although domestic demand was relatively subdued in the third quarter of 2022, industry sales grew 12.5% y...

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Domestic demand for tyres to grow 7-9 pc this fiscal: ICRA