Radial Tire Market to See Massive Growth by 2027: Michelin, Goodyear, Bridgestone, Continental AG

A radial tire is a Specific design of the vehicular tire. In this cord, piles are arranged at 90 degrees to the direction of travel. Indian tire industry transformed from nylon or bias tire to radial tires. Important tires now account for 40 percent of the replacement demand for truck and bus radials in India. There is a slowdown in economic growth and the dumping of Chinese tires hit Indian tire manufacturers.This growth is primarily driven by Increasing Import Tyres from India and Growing Automobile Industry.

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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.

Market Drivers
Increasing Import Tyres from India
Growing Automobile Industry

Market Trend
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

Restraints
Price Wars
Stiff Competition from National and International Brands

Cheaper Technologies
Uncertain in Prices and Availability of Raw Material as India’s Rubber Production Is Less Than Its Demand

Opportunities
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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