India’s tyre exports hit an all-time high of 25,051cr in FY24-25 | Chennai News – Times of India

Chennai: Tyre exports from India hit an all-time high of Rs 25,051 crore in FY24-25, up 9% compared to Rs 23,073 crore clocked in the previous fiscal, showed data released by the ministry of commerce. This has come despite significant headwinds due to global geopolitical situation as well as the new US tariff regime under consideration.According to the industry apex body Automotive Tyre Manufacturers Association (ATMA), with an estimated annual turnover of Rs 1 lakh crore, 25% of the tyre industry’s turnover is exported, among the highest in manufacturing. Said Arun Mammen, chairman, ATMA: “The tyre industry exports to 170 countries across the world.India mostly exports off-the-road (OTR), farm and industrial tyres to the US.” The industry, he added, “is closely monitoring the situation regarding potential US tariffs. At the same time, the Indian tyre industry remains committed to diversifying its export markets,” he said. Indian tyres have a major footprint in the United States, European Union, Latin America, and Southeast Asia. The US remains the top export destination, accounting for 17% of India’s tyre exports by value, followed by Germany (6%), Brazil (5%), UAE (4%), and France (4%). Segment-wise, farm/agricultural tyres and OTR tyres comprise nearly 60% of the total tyre export value.Indian tyre companies have been ramping up production and R&D spend in the last three to four years, investing around Rs 27,000 crore across greenfield and brownfield projects. According to a PwC Vision document, the Indian tyre industry is expected to grow at a CAGR of 11% to 12% until 2047.