Five Indian companies featured among the top 30 tyre manufacturers globally, according to a report by Automotive Tyre Manufacturers’ Association (ATMA).
In the ‘Tire Business Magazine’s 38th Global Tire Report’ by ATMA based on revenue in 2022, Apollo, MRF, JK Tyre, CEAT, and Balkrishna Industries (BKT) from India featured in the top 30 list.
As per the report, Apollo is at the 13th position and MRF at the 14th, JK Tyre at 19th, CEAT at 22nd and BKT at 27th in the top 30 list.
Michelin, Bridgestone, Goodyear, and Continental continue to occupy the top four spots, the report said.
“For quite a few years, we had only three Indian companies in the top 30. CEAT made an entry in the coveted list a couple of years ago and now BKT also finds a pride of place,” ATMA Director General Rajiv Budhraja reportedly said in a statement.
ATMA said in the last 10 years, Apollo has moved up four places, while JK Tyre has advanced six places. On the other hand, CEAT moved up 13 places, while off-road major BKT jumped 14 places.
MRF is ranked 3rd in Asia after Bridgestone and Yokohama in terms of the number of plants, it added.
“Indian companies have been converging with the world when it comes to R&D spending too,” ATMA said, adding that two Indian companies — Apollo and CEAT — also rank among top 20 when it comes to the ranking of R&D as percentage of sales.
Earlier report suggests that The Indian tyre industry is on course to more than double its revenue to $22 billion by fiscal 2032 from $9 billion in fiscal 2022, according to a report by ATMA based on a comprehensive study by CRISIL Market Intelligence & Analytics (MI&A) Consulting.
