A joint report by ATMA and PwC India predicts that the Indian tyre industry's revenue is expected to grow 12 times to Rs. 13 lakh crore by 2047, driven by premiumization and increased exports.

The industry's production volume is predicted to increase four times by 2047 due to the strong domestic OEM sector, replacement tyre demand, and accelerated vehicle export expansion.

The tyre industry experienced a significant increase in revenue due to various factors, including premiumization, raw material price increases, export growth, electrification, and servitization.

According to Kavan Mukhtyar, Partner and Leader - Automotive at PwC India, "India's journey towards Viksit Bharat 2047 presents a huge opportunity for the tyre industry, not only to meet the aspirations of its domestic customer base but also to exponentially scale up tyre exports, especially in the commercial vehicle and passenger vehicle segments across key markets like the US and EU".

The Indian tyre industry is poised for sustainable growth through 2047 due to emerging consumer trends, a dynamic global business environment, and sustainability imperatives. Rising economic activity and strong domestic consumption are expected to drive OEM and replacement tyre revenue by 10 per cent CAGR until FY47. The export market for Indian tyres is also expected to expand significantly by FY47.