JK Tyres & Industries stated on Tuesday that the industry is anticipated to increase at a double-digit rate due to a rebound in demand for compact automobiles and two-wheelers in India during the past two years.
“The last couple of years back, when the auto sector was experiencing a slight slowdown because of Covid, the tyre industry had seen a bit of a hard patch. But now that the economy is doing better, the markets for compact automobiles and two-wheelers are also resuming in full force,” according to Raghupati Singhania, Chairman and Managing Director of JK Tires & Industry.
The government’s efforts to increase domestic production have also greatly benefited the sector, and demand is still robust in the majority of domestic vehicle markets, he added.
According to Singhania, “Over the next two to three years, demand for tyres in the country is likely to grow stronger,” given the upswing in economic activity and the significant push planned for infrastructural construction.
He pointed out that increased economic activity, better roads, and motorways have all contributed to an increase in the movement of commercial vehicles, which has contributed to the expansion of the trucking industry, which is anticipated to grow by 5% to 7% this year compared to last.
