Project Report For Tire sales & service
The project report for Tire sales & service is as follows.
During the period 2016-2021, the Indian tyre market grew at a softer pace. Following China, Europe, and the United States, India is the globe’s #4 biggest tyre marketplace. The industry in India is now mainly pushed by the increased radialization of tyres, particularly in heavy vehicles. Furthermore, the tyre business has a large customer base as they are utilised in various types of vehicles such as commercial vehicles, minibuses, armoured trucks, motorbikes, lorries, and so on. Tyre demand is largely driven by two end-user segments: OEMs and the replacement market. Presently, the replacement industry controls the tyre business, make up a majority of overall sales.
The OEM segment’s market is influenced by the trend of new car sales, while the replacement industry is influenced by user behaviour and replacement periods. The tyre business in India is highly consolidated, with the top ten producers contributing for roughly 80% of the entire market. MRF, Apollo Tyres, and JK Tyres are the major competitors at the moment. According to IMARC Group, the Indian tyre industry would hit 211 million units by 2026.
Market potential & Strategy
Our most recent project report delves deeply into the Indian tyre industry, considering all critical elements. This includes a macro assessment of the business as well as micro data on industry performance, current trends, major market determinants and constraints, SWOT analysis, Porter’s five forces study, value chain analysis, and so forth. This project report is a must for new entrepreneurs and investors, in or plans to enter the Indian tyre industry in any way.
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