Looking to 2024, the tire industry will continue to grow, but opportunities and challenges co-exist. Our expectation is that demand will continue to increase. There are obvious reasons for its growth, such as the growth of the automobile market, increase in car ownership and expansion of infrastructure projects across the country. (Jaglan data map)

Car Help Desk, New Delhi. Tire industry in India is developing very fast. The reason behind this is the rapid growth of the Indian automobile industry. That’s why we tell you through this news. What are the expectations for the automotive industry in the next year 2024? What is the current growth rate of the industry? Harinder Singh, President of Yokohama Asia, while talking to Jagran, answered the questions related to the tire industry.

What are the expectations for the tire industry in 2024?

Looking to 2024, the tire industry will continue to grow, but there are also many opportunities and challenges. Our expectation is that demand will continue to increase. There are clear drivers for its growth, such as the growth of the automotive market, increase in car ownership and expansion of infrastructure projects across the country. Harinder Singh said that our expectations from the industry are based on several key aspects.

Market Expansion: We expect the tire market to continue expanding, especially in segments such as SUVs and premium/luxury vehicles. This growth will be driven by increasing demand for high-performance tires to meet the needs of different road and driving conditions.

Focus on larger tire sizes: Customer preferences are clearly moving towards larger tire sizes, especially in the premium and SUV segments. Yokohama India has taken strategic steps to increase the production capacity of its Vizag plant by 22 inches. This move is in line with this trend and will strengthen our position to meet the growing needs of the market.

Better local production: Local production is expected to increase in view of tire import ban and ‘Make in India’ movement gaining momentum. Yokohama India manufactures 97% of its products in India, a testament to our commitment to local manufacturing. This once again demonstrates our commitment to support this event and contribute to the country’s self-reliance in tire production. In short, the development path of the tire industry is full of prospects. Yokohama India is set to play a key role in accelerating this growth through continuous innovation, expanded product portfolio, adoption of environment-friendly practices and commitment to customer satisfaction.

How is the tire industry growing?

Answering this question, Harinder Singh said that the growth rate of the tire industry is very high. Despite facing various market challenges, the industry has shown resilience and ability to adapt to different circumstances. The industry has made remarkable progress in the last two years. Its CAGR is 43%, which shows the high growth of the industry. This significant growth reflects the vitality and potential of the tire industry.

The similar growth rates reflect changing customer needs and preferences. It also reflects technological advancements and an increasing focus on sustainability and innovation. Our contribution to this growth is in line with our commitment to excellence. We have continued this positive trend and strengthened our position as a leading company.

What are the new tire technologies?

New tire technologies are constantly developing. It is driven by innovation and changing needs in the automotive industry. At Yokohama India, we are committed to being at the forefront of technological advancements. In this direction, we are incorporating modern innovations in our products to meet the changing needs of our customers. One of the significant advances in technology focuses on the development of specific compounds and materials designed to improve tire performance and stability. Our Earth-1 tire range is a prime example of this innovation. Constructed from carbon-treated compound, these tires are extremely strong and designed to increase life and durability without compromising performance.

Additionally, because of our focus on environmental benefits and sustainability, we use state-of-the-art technology. This helps us to use natural and organic materials in tire production. By using pharmaceutical-grade materials and skilled craftsmanship, we maintain our commitment to environmental responsibility while ensuring high standards in tire manufacturing.

Additionally, to meet the growing demand for larger tyres, especially in the premium and SUV segments, Yokohama India is investing in technology that will enable us to manufacture tires up to 22 inches in diameter. The expanded tire sizes reflect our commitment to meet the diverse preferences of our customers and provide tires to suit vehicle models and driving conditions.

Overall, the tire industry is experiencing technological advancements focused on improving durability, performance, sustainability and safety. At Yokohama India, we strive to incorporate these innovations into our tire manufacturing practices. At the same time, we want our products to be at the forefront of technological advancements and provide customers with the highest levels of performance, durability and safety.