Radial Tire Market to See Massive Growth by 2027: Michelin, Goodyear, Bridgestone, Continental AG
Globally, a noticeable market trend is evident Finer Tolerances in the Manufacturing Process . Major Vendors, such as Bridgestone (Japan), Michelin (France), Goodyear Tire and Rubber Company (United States), Pirelli (Italy), Apollo Tyres (India), MRF (India), Continental AG (Germany), Dunlop (United States), Yokohama (Japan) and Hankook Tire (South Korea) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Jul 2018, Michelin announced to acquire Camos for USD 1.45 billion. Michelin identifies certain opportunities to increase sales and reduce costs by unlocking up to USD 55 million synergies by 2021. After this acquisition, Michelin is expected to become a leader in the OTR segment.
In Jul 2019, Dunlop announced three new products for the trail, off-road and vintage sports sections of the market. From them, one of them is the new TT100GP styled radial tire, which aims to achieve 100 mph average speeds.
Increasing Import Tyres from India
Growing Automobile Industry
Finer Tolerances in the Manufacturing Process
Inclusion of More Radials Which Consume Less Fuel
Low Rolling Resistance and Focus On Better Traction and On Road Performance Which Increases Fuel Efficiency
Stiff Competition from National and International Brands
Uncertain in Prices and Availability of Raw Material as India’s Rubber Production Is Less Than Its Demand
Government Has Taken Up Company’s Restructuring Seriously and Is Planning to Turn It into Profit-Making and India Will Emerging As Automobile Manufacturing Hub Which Offers Huge Opportunities
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