Tire exports estimated to grow by 15 percent in FY 2022-23: ATMA

Tire exports from the country are expected to grow by 15 per cent in the current financial year (2022-23). Satish Sharma, chairman of industry organization Automotive Tire Manufacturers Association (ATMA), expressed this estimate on Tuesday. The country’s rapid integration with global supply chains and a globally favorable regulatory environment have led to a growing market for tires manufactured in India, he said. Tire exports from India grew by 50 per cent last year, the organization said in a statement quoting Sharma. We expect a growth of about 15 percent in exports in the current financial year.

He said this at the Organization’s Partnership Conference-2023. Quoting commerce ministry data, ATMA said tire exports from India grew by 15 per cent to Rs 17,816 crore during the first nine months of the current financial year i.e. April-December period. A year earlier it was Rs 15,507 crore in the same period. Sharma said, the consistent support of the raw material partners to the Indian tire industry has helped it maintain growth in both the domestic and export markets. It stood by the industry at a time when supply chains were disrupted first by Covid and then by geopolitical concerns. India’s tire industry is poised to meet the demands of a growing economy, Sharma said. The industry has completed an investment of Rs 35,000 crore in the last three years to create new capacity and increase production.

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