Project Report For Tyre Manufacturing
Project report for Tyre Manufacturing is as follows.
Over the next few years, the tyre market in India will grow at a rate of more than 9% per year. People in India are going to need more tyres in the next few years because there are more cars on the road, more people buying new cars, and growing construction industry.
As a result, the tyre market in the country is expected to keep growing until at least 2023. This is because more people are moving to cities and they have more money. Two-wheeler tyres accounted for more than half of all tyres sold in India.
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The tyre (or tyre) is the round and ring-shaped component of a vehicle that makes contact with the ground. Tyres are mounted on rims and pressurised air is pumped into them. Natural rubber has been the most extensively utilised material in the manufacture of tyres since their creation.
However, contemporary tyres use elements such as synthetic rubber, cloth, steel wires, and carbon black, among others. Tyres are used on a broad variety of locomotives, from from bicycles to aeroplanes.
India also sells commercial vehicles to countries in South East Asia, Africa, and other nearby areas. With more than 30% of the total market share in India in 2016, the demand for tyres in the industry came mostly from the West.
Indian and foreign brands like MRF, JK Tyre, Apollo, TVS, Bridgestone, Michelin, Goodyear, and others dominated the tyre market in India and the rest of the world in 2016.
This made the tyre market more competitive in 2016. Furthermore, the well-known tyre companies in India have a lot more market share because of their well-established network of dealers and distributors.
Product Cost Breakup
Reveneue Vs Expenses
India’s tyre market is expected to reach 177 million units by 2020. The market is estimated to expand at a CAGR of 3.6 percent during the forecast period of 2022-2027, reaching 218 million units by 2026.
Tyres are a critical component of every automobile. They bear the vehicle’s weight, absorb road surface impact, and adjust or maintain direction.
They are mostly employed in the automobile industry, which is one of India’s fastest-growing sectors. India is anticipated to overtake China as the world’s third-biggest automobile market by 2026, according to Invest India. Automobile manufacturing is expanding, which boosts demand for tyres and helps the tyre sector thrive. The growing export of vehicles such as tractors, buses, heavy trucks, and automobiles also contributes to the market’s development. Additionally, the Indian government’s emphasis on growing output and favourable government programmes are boosting market development. Government programmes such as Atmanirbhar Bharat Abhiyan-Self Reliant India give a cost-effective and compressive package of INR 51,000 crores to boost automobile manufacture in the nation, hence bolstering the tyre sector.
Additionally, the market is growing due to the flourishing automobile sector. Gross domestic product (GDP) growth and rising demand for automobiles are propelling market expansion. India is a significant market for tyres. Domestic automotive sales are also boosting the market’s development. The growing infrastructure sector is assisting in the market’s expansion.
The emergence of a middle class with higher living standards has boosted the market for automobiles and two-wheelers, hence accelerating market development. Additionally, the growing demand for automobiles in rural regions benefits the industry. Additionally, tyre manufacturing, even in the most distant regions of the nation, is moving the sector forward.
The large market for two-wheelers in India results in increased domestic tyre manufacturing, which in turn stimulates market development.