ME Group Project

On

TYRE INDUSTRY IN INDIA

Submitted to Prof. Sanjay K Singh

GROUP 6 - SEC D
-ANKITA SINGH (PGP30184)
-ARJUN MURMU (PGP30186)
-DIVYA CHOPRA (PGP30195)
-PETER BEN NETTO (PGP29260)
-SHEFALI CHAUHAN (PGP30225)
-SHREYA PODAR (PGP30226)
-SMRUTI CHANDAN PANDA (PGP30227)

Contents
Introduction and current scenario .......................................................................................................... 3
Radialisation trends in india- currents and future .................................................................................. 4
Tyre-retreading industry in India ............................................................................................................ 5
Worldwide vs. Indian Experience in Tire Retreading: Similarities & Differences ............................... 6
Expected Future Trends in Tire Retreading in India ........................................................................... 6
Inputs ...................................................................................................................................................... 9
Sources of Demand for Tyre Industry End User ................................................................................... 9
Industry Snapshot, Leading Players ...................................................................................................... 11
Porters 5 forces analysis:- .................................................................................................................... 13
Tyre industry: Oligopolistic Nature ....................................................................................................... 13
How oligopolistic companies got into CCI Radar? ............................................................................ 14
Recent trend in the industry ................................................................................................................. 15
Longer term....................................................................................................................................... 16
References ............................................................................................................................................ 17

Introduction and current scenario

The Indian Tire Industry is a necessary piece of the Auto Sector and its fortunes are related
on those of the Automobile players. Innovation era in the Indian tire industry has seen a
decent lot of aptitude and flexibility to assimilate, adjust and alter worldwide engineering to
suit Indian conditions. This is reflected in the quick engineering movement from cotton
(fortification) remains to elite performance radial tires in a compass of four decades.
Globalization has prompted the joining of the economies of every last one of countries and
accordingly major Indian players in the tire business are seeking after worldwide methods to
improve their aggressiveness in world markets. The present segment comprehensively
attempts an outline of the Indian tire industry through an examination of its development
patterns concerning generation, fares and obtaining of mechanical capacities. As far as
innovation, spiral tire use has been making up for lost time at a fast pace in the worldwide
business. Just about all the vehicles sections have moved to spiral tires and the use of cross
handle is limited to trucks and transports just. Then again, in the residential business, the
spiral tires are constantly utilized just as a part of the traveller auto portion while whatever is
left of in any case them adhere to the cross utilize mixed bag. This is a result of the lower cost
of cross employ and its re-treadability.
For the year 2010-11 the business has timed a turnover of very nearly Rs. 30,000 Cr. of which
90-95% has originated from the household market. While there are around 40 tire makers in
India, the main 10 tire players represent around 90-95% of the aggregate tire creation in India.

Top
Players

1. MRF India Ltd

2. Appolo Tyres Ltd
3. JK Tyre & Industries
4. CEAT Ltd
5. Balkrishna Industries Ltd
6. Goodyear India Ltd
7. TVS Srichakra Ltd
8. Falcon Tyres Ltd
9. Kesoram Industries Ltd (Birla Tyres)
10. Bridgestone India Ltd

The tire business might be isolated into 6 classifications focused around the diverse auto
sections that they are produced for. The table given beneath gives the classification astute
creation for 2010-11.

Categorywise Tyre Production 2012 - 13

4.88%

4.57% 2.89%

13.78%
47.98%

25.90%

Two Wheelers

Passenger Cars

Trucks & Bus

Light Commercial Vehicle

Tractors

Others & Industrial

Radialisation trends in india- currents and future

The world tyre industry in converging towards radial trends, which is considered as one of the
biggest technological breakthroughs in the tyre industry. The Passenger Car Radial (PCR) level
is almost 100% but if we look into the Truck and Bus Radial (TBR) level, it is still way behind.
The radial technology made its debut way back in 1977. This could be credited because of a
few variables, viz. Indian streets by and large not being suitable for perfect handling of spiral
tires; (more established) vehicles delivered in India not having suitable geometry for fitment
of outspread tires (and subsequently the general, and wrong, observation that spiral tires are
not needed for Indian vehicle; unwillingness of customer to pay higher cost for outspread
tires and so on.
The circumstances has drastically changed as of late, particularly for the traveler auto tire
fragment where radialisation has crossed 98% imprint and is required to achieve 100% in two
to three years. In the Medium and Heavy Commercial vehical fragment current level of
radialisation is upto 18%, and that in the LCV section is assessed at 20%. A couple of years
back a starting was made in Radialisation of truck and transport and LCV tires and this
procedure is picking up energy.

Radialisation Trend in Different Segments

25%

120%

20%

100%
80%

15%

60%
10%

40%

5%
0%

20%
FY09

FY10

FY11

FY12

Passenger Car

98%

98%

98%

98%

Trucks & Bus

8%

10%

18%

18%

LCV

18%

20%

18%

20%

Passenger Car

Trucks & Bus

0%

LCV

Tyre-retreading industry in India

In the production of tires, roughly 75%-80% of the assembling expense is brought about in
tire body and staying 20%-25% in the TREAD, the allotment of the tire which meets the street
surface. Thus, by applying another TREAD over the group of the worn tire, a crisp lease of life
is given to the tire, at an expense which is short of what half of the cost of another tire. This
methodology is termed as 'tire retreading'.
Be that as it may, the assortment of the utilized tire must have some attractive level of
attributes to empower retreading. Retreading can't likewise be carried out if the tire has as
of now been over used to the degree that the fabric is uncovered/harmed. Retreading might
be possible more than once.
Sorts of Retreading
Retreading is possible by the accompanying two techniques:

Traditional Process (otherwise called 'mold cure' or 'hot cure' process) - In this process
an un-vulcanized elastic strip is connected on the buffed packaging of the tire. This
strip takes the example of the mold amid the procedure of vulcanization;
Precure Process ( otherwise called 'cool cure')- in this process a tread strip, where the
example is as of now pressed and precure is connected to the packaging. It is fortified
to the packaging by method for a slight layer of exceptionally intensified uncured
elastic (known as pad or holding gum) which is vulcanized by the application of
hotness, weight and time.

At present just 3-4 huge organizations are in the sorted out area of tire retreading .Organized
division is delegated that involving organizations which work through the franchisee course.
5

Worldwide vs. Indian Experience in Tire Retreading: Similarities & Differences

Likenesses
As is the involvement in different parts of the world, tire retreading in India has picked
up more prominent acknowledgement in the business fragment, particularly
truck/transport and light business vehicle (LCV) tires, because of operational
investment funds.
The offer of traveler auto tire retreading is on the decrease because of a few variables,
viz. fitment of outspread tires as OE fitment giving expanded mileage (urging holders
to go in for new spiral tires at the time of substitution, solid inclination of enhanced
feel of new era of traveler autos (and henceforth new tires) or more all, a developing
sympathy toward security (because of driving at expanded paces.

Contrasts
In the created nations retreading, all things considered, is just through precured
strategies, while the offer of hot/customary retreading in India is high half, with the
offer of hot/traditional retreading in select portions, in the same way as homestead
tires, being significantly higher.

Expected Future Trends in Tire Retreading in India

Tire retreading in the business vehicle portion is balanced for development later on. This
development will be supported by the accompanying positive variables and significant
advancements occurring:

Expanded level of Radialization in the business vehicle portion (because of decreased

frequency of over-burdening of business vehicles)
FDevelopment in and expanded offer of multi-pivot trucks (with the making up for lost time
of the idea of 'center point & talked' transportation, long separation development of street
cargo will be by multi-hub trucks though removes inside and around the urban communities
will be catered by more diminutive business vehicales)
National Highway Projects, particularly Golden Quadrilateral Project and Highways uniting
North-South and East -West passages (coupled with lessening in over-burdening and
enhanced state of street system, larger amount retreading will offer included monetary
profits)
Truck & Bus

Passenger Car

Motorcycle

Company

Market Share

Company

Market Share

Company

Market Share

JK Tyre

22%

Apollo

24%

MRF

28%

MRF

21%

MRF

24%

TVS Srichakra

23%

Apollo

21%

Bridgestone

19%

Falcon

17%

As seen in the above table, the T&b (Truck & Bus) portion is exceptionally aggressive with the
main 3 players having piece of the overall industry near one another. JK Tire is marginally
ahead with a 22% pieces of the overall industry. Apollo Tires is the business pioneer in
Passenger Car section with 24%. MRF which has a decent vicinity in all the fragments is the
pioneer in Motor Cycle with 28% offer.

Truck & Bus

22%
36.00%

21%
21%

JK Tyre

MRF

Apollo

Others

Passenger Cars

24%
33.00%

24%
19%

Apollo

MRF

Bridgestone

Others

Motorcycle

32.00%

17%

MRF

TVS Srichakra

28%

23%

Falcon

Others

The working of the Tire business has been clarified pictorially underneath:

Major Inputs
Raw Materials (65%)
Selling & Administration Expense
(8%)
Employee (5%)

Major Products / Services

(Volume wise)
Two - Wheeler Tyres (47.98%)
Passenger Cars (25.9%)
LCV (4.88%)
Truck & Bus (13.78%)
Others (7.46%)

End User (Vloume wise)

Original Equipment
Manufacturer (40 - 45%)
Replacement Market (45 55%)
Export (5 - 10%)

Inputs
Being a heavy raw material based industry, the raw material cost accounts to 65-70% of the
total production cost. The pie Chart given below shows the composition of raw material as a
percentage (%) of the total raw material.
Other raw material:1.

Synthetic rubber- SBR &PBR (Styrene butadiene rubber and Polybutadiene rubber)

2.

Nylon tyre cord fabric

3.

Carbon black

4.

Rubber chemicals

Raising crude oil prices affect the profitability of the company.

Raw Material Composition

6%

5%
5%
4%

44%

5%

12%

19%
Natural Rubber

Nylon Tyre Cord Fabric

Carbon Black

Rubber Chemicals

Butyl Rubber

PBR

SBR

Others

Sources of Demand for Tyre Industry End User

The tyre market can be divided into two different categories with respect to the customer
segments it serves Original Equipment Manufacturers (OEM), and Replacement Market.
1) Original Equipment Manufacturers Automobile manufacturers in India including
Hero, Honda, Maruti, Ashok Leyland and Tata Motors etc. make up the OEM market
for the tyre industry. The demand from this market coincides with end-use demand
for automobile and related equipment. As a result, the demand from OEM market is
highly cyclical in nature.
The recent onset of revival in the auto industry augurs well for the tyre manufacturing
companies like CEAT, Apollo Tyres, MRF, and Goodyear India. On the same lines,
monthly sales figures for car makers show glory figures. Compared year on year, car
9

sales in India have risen from 164,572 units in July 2013 to 183176 units in July 2014,
an impressive 11.3 percent. However, data as provided in the last three years in the
table show a declining market for the tyre industry. The total tyre sales to OEMs are
on an average 40-45% of the total sales.

Sl No

Category

FY 11-12
(Over 10-11)

FY 12-13 (Over
11-12)

FY 13-14
(Over 12-13)

M&HCV

0.11

(-)28%

(-)21%

LCV

0.31

0.02

(-)14%

P.Vehicles

0.05

0.03

(-)5%

3.1 P.Car

0.03

(-)4%

(-)5%

3.2 UVs/SUVs

0.19

0.52

(-)1%

3.3 Vans

0.09

0.01

(-)18%

0.16

0.01

0.07

4.1 Motorcycle

0.14

(-)1%

0.05

4.2 Scooter(2W)

0.25

0.14

0.21

4.3 Scooter(3W)

0.1

(-)4%

(-)1%

4.4 Moped

0.11

0.01

(-)8%

Tractor

0.17

(-)10%

0.22

2-3 Wheeler

10

Sales in Tyre Industry

Sales in Tyre Industry in Cr.

35000
30000
25000
20000

15000
10000
5000
0
0

5000

10000

15000

20000

Automobile Sales in '000

2) Replacement Market Individual end customers who replace old tyres of their
vehicles for new ones comprise the replacement market. Demand in the replacement
market depends on a variety of factors viz. on-road vehicle population, road
conditions, vehicle scrappage rules, overloading norms, retreading intensity and miles
driven. Compared to the OEM market, because of presence of far higher number of
buyers, it is generally a higher-margin business for tyre manufacturers. Moreover, it is
less cyclical. On an average, replacement market accounts for 45-50% of the total
sales.

Industry Snapshot, Leading Players

Madras Road Factory (MRF), Apollo tyres, JK Tyre and Industry are the leading players in the
tyre industry which also includes multinationals like CEAT and Goodyear India along with
Indian players like Balkrishna Industries Ltd.
MRF is a market leader in the Indian Tyre Industry with a market share of ~30%. It has total
turnover of Rs. 8589.68 Cr. with average margin of 3.37% which is lower than industry average
of ~4%. Its Net Sales has grown strongly with a 5 year CAGR of close to 18%. It also has one of
the highest Net Profit growth rates with a growth of 68.3% CAGR over the last 5 years.
However, in terms of net sales growth and highest profit margins, Balkrishna Industries Ltd.
is far ahead from other industry players. Its Net Sales has grown strongly with a 5 year CAGR
of 27.87%. It also has highest profit margin of 10.55% (5 year average) in the industry. This is
because it operates in Off-the-Road tyres, a niche segment.

11

Company
JK Tyre &
Industries
Apollo Tyres
MRF
Balkrishna Inds
CEAT
Goodyear India

Net Sales
(FY 2011)
in Rs. Cr.

Net Sales
Growth Rate
(5 year CAGR)

Net Profit
(FY 2011)
in Rs. Cr.

Net Profit
Growth Rate
(5 year CAGR)

Net Profit
margins (6
year average)

4810.0

18.28%

61.35

38.40%

1.57%

5490.5
8589.7
1996.9
3468.9
1343.7

16.00%
18.19%
27.87%
14.74%
10.14%

198.34
347.40
185.63
27.72
74.80

21.78%
68.30%
21.77%
108.00%
52.66%

4.46%
3.37%
10.55%
2.28%
4.61%

Sales & Profit (FY 2011) in Rs. Cr.

10000

400
350
300
250
200
150
100
50
0

8000
6000

4000
2000
0
JK Tyre & Apollo Tyres
Industries

MRF

Net Sales (FY 2011) in Rs. Cr.

Balkrishna
Inds

CEAT

Goodyear
India

Net Profit (FY 2011) in Rs. Cr.

Sales & Profit Growth Rates (%)

120.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%

30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
JK Tyre &
Industries

Apollo
Tyres

MRF

Balkrishna
Inds

CEAT

Goodyear
India

Net Profit Growth Rate (5 year CAGR)

Net Sales Growth Rate (5 year CAGR)
Net Profit margins (6 year average)

12

Porters 5 forces analysis:Buyers: The Indian tyre sector has excess of 40 players. The buyers have many options to
choose from and can clearly articulate their needs. Further, there is no significant switching
costs involved. Tyre companies cannot pass on the increased raw material prices fully to the
buyers. Hence, bargaining power of buyers is HIGH.
Suppliers: The main raw material for tyre industry is natural rubber. The production of rubber
is not increasing as much as the demand is. As a consequence, India is now short of natural
rubber. In this context, it can be said that bargaining power for rubber manufacturer is high.
In other words, bargaining power of suppliers is HIGH.
Competition: Only 10 of the 40 players in the tyre industry hold 95% of the market share. In
every category like passenger cars, two wheelers etc. top 3-4 players command close to 80%
market share. However, the individual market share of companies are quite close and no tyre
company can pass on price rise to any OEM due to fear of loss of market share. Competitive
rivalry is medium.
Substitutes: If domestic tyre prices are dearer than the overseas market, the OEM may as
well start buying tyres from overseas markets like China. This usually happens when rubber
prices significantly increase in domestic market. On the other hand, consumers who buy tyres
in the replacement market do not have such a liberty. Threat of substitutes is medium.
Entry barriers: Being a highly capital intensive industry, the margins in tyre industry is low. It
is difficult for new players to enter and sustain in this competitive industry. However,
automobile OEMs do have the ability to backward-integrate. They have the required
expertise, funds and brand image. TVS Srichakra is an example of an auto player backward
integrating into tyre manufacturing. Entry barriers are medium.

Tyre industry: Oligopolistic Nature

1. Very few producers , homogeneous market , pure oligopoly
2. Huge investment to start oligopolistic markets
a. The established companies discourage the new entrants in various ways. The
existing firms may have a number of advantages like access to inputs or
processes, cost advantage, exclusive dealerships and arrangements to get
inputs at lower prices. Moreover, the new firms will take time to establish their
brand in the market. The barriers may take the form of technology
patents.Even the Governments may put up barriers such as limits to the
number of licenses issued. In these ways entry for new producers becomes
difficult.
3. They face indeterminate demand curve

13

a. There is a lot of interdependence among the oligopoly producers. The

decisions of producers depend on the decisions and strategies followed by
other competitors. This interdependence makes it makes it difficult to draw a
definite demand curve like that of perfect competition and monopoly. For
example, an oligopoly firm lowers the price of its product. It not sure how the
competitors will react. They may reduce the price to the same extent or even
lower to capture the market. Thus demand curve is indeterminate.
This is because these companies that are dominating the market have enough power and
resources not to let new companies to steal their piece of the pie. They are competing among
each other and there are huge amounts of money involved in this fight. Also it is very hard
to exit the market for a company because exit of the company from this market can actually
make lots of economic problems for economy in the country where company is situated.
There are even other barriers for new companies to enter the market and one of them is legal
barrier.
Sometimes these companies that are the oligopoly collude in a cartel, that is a secret (against
the law in most countries) cooperation with each other so they can control the market and
keep prices high. When cartel is in action producing results are similar that to a monopoly,
sometimes they are anti-competitive only by default, because they fear that direct
competition would damage all of them. Their actions, therefore, try to take account of the
reaction of other oligopolists; this usually happens when cartel is secret. Since it is uncertain,
how will each company behave, whether they will cheat on cartel to make bigger profit or
they will not, the behavior of an oligopoly is hard to predict. If companies realize that cartel
is not working and other companies are breaking the rules of the cartel and cheat a price war
breaks out. Oligopolists will produce and price much as a perfectly competitive industry
would; at other times they act very like a monopoly. Some small firms may operate at the
periphery in national markets dominated by a few, with their actions failing to elicit any
reactions, but a giant firm must anticipate reactions from its fellows when it introduces a
change.

How oligopolistic companies got into CCI Radar?

The Competition Commission of India (CCI) has launched a probe by the director general to
investigate alleged pricing collusion by the countrys top five tire makers.
The order was issued in June of this year in response to a complaint from the All India Tyre
Dealers Federation (AITDF) in 2013.According to the eight-page order, AITDF accused Apollo
Tyres, MRF, Ceat, JK Tyres and Birla Tyres of engaging in price parallelism in the replacement
market. According to the AITDF, these five tiremakers together contribute to 90% of Indias
tire production.The federation also accused the All India Tyre Manufacturers Association
(ATMA) of patronizing such practices.

14

According to the federation of dealers, tiremakers have been consistent in increasing product
prices to counter any sharp rise in the costs of natural rubber, but a decline in prices of raw
material does not lead to a corresponding cut in tire prices.
ATMA said that natural rubber is not the only raw material used in tiremaking, and that the
pricing of tires could not possibly be governed by the price of natural rubber.ATMA also
pointed out that dealers lodged a similar complaint in 2008 that could not be substantiated.
After hearing both sides, a four-member CCI panel found merit in the complaint, according to
The Hindu Business Line.
Quoting AITDFs petition, it said the rise in natural rubber prices to 240 a kg sent tire prices
soaring by 18-25% in 2011-12. However, a subsequent drop in rubber prices to 145 a kg did
not result in a cut in tire prices.On the contrary, tire prices of all companies remained firm
and comparable between 2012 and 2014.

Recent trend in the industry

The tyre manufacturing companies are getting the benefit of falling rubber prices, and with
the pick-up in auto demand they will have the advantage of both lower raw material price
and higher sales volume growth. Moreover, the replacement market is already giving a good
business. So the outlook for the industry is robust going forward
, the raw material prices are expected to remain stable for the next 6-8 months. This will auger
well for the company in terms of better profit margins going forward. In order to meet the
expected demand by the OMCs, the tyre companies have already initiated the process to
meet such demand. This can be justified by the recent data from the state-run Rubber Board
showing rising rubber import on the back of increasing overseas purchase of rubber by the
tyre makers mainly due to a steep fall in the international rubber prices.
During the period between April 2014 and July 2014, the rubber import has increased by 47
per cent to 133,789 tones as against 90,580 tonnes in the same period of FY14
A revival in India's auto industry could lift imports of natural rubber for making tyres by a
quarter this fiscal year, which would take inbound shipments to a record and may provide
some support for global prices languishing at multi-year lows.
International prices of natural rubber have fallen by more than a quarter this year because of
worries about weak economic growth in top consumer China and oversupply in the top
Southeast Asian producers, Thailand and Indonesia.
"The growth in imports will continue in coming months," George Valy, president of the
Indian Rubber Dealers' Federation, told Reuters. "Imports could rise to 400,000 tonnes this
year as prices are lower in the world market and demand is rising."India, which buys most of
its natural rubber from Thailand, Malaysia, Indonesia and Vietnam, imported 325,190 tonnes
in the last fiscal year to March 31.
Shipments in the first four months of the current fiscal year jumped nearly 48 percent from a
year before to 133,789 tonnes.
15

Tyre makers are the biggest consumers of natural rubber and they are getting a boost as
Indians buy more cars and other vehicles amid optimism about the economy under the new
government of Narendra Modi.Car sales grew for the third month in succession in July and
are expected to rise between 5 and 10 percent this fiscal year, according to the Society of
Indian Automobile Manufacturers.
"First signals of economic turnaround are in sight with the car industry registering growth in
the last two months," said Raghupati Singhania, managing director at JK Tyre & Industries Ltd
"Commercial vehicles are also showing signs of improvement. This augurs well for the tyre
industry and coming quarters should see improved performance in terms of volumes and
profitability."
India is the world's fifth-largest natural rubber producer but its imports have quadrupled
in the past six years due to the rapid expansion of its auto industry.Automotive Tyre
Manufacturers Association, estimates natural rubber consumption could hit a record above 1
million tonnes in 2014/15, up from 981,520 tonnes last year.
"In the second half of the year, we are expecting higher growth in tyre sales than in the first
half due to festivals as India celebrates the religious festivals of Dussehra and Diwali in the
next two months, when buying of vehicles is considered auspicious.
Tyre sales in the truck and bus segment is expected to rise by 3-4 percent in the current
financial year, while sales in the two-wheeler and passenger car segment could grow 6-8
percent.
The rubber price trend has boosted margins at tyre makers such as CEAT Ltd (CEAT.NS: Quote,
Profile, Research), Apollo Tyres (APLO.NS: Quote, Profile, Research), JK Tyre and Industries,
MRF Ltd (MRF.NS: Quote, Profile, Research) and Balkrishna Industries BKLI.NS, as natural
rubber accounts for more than 40 percent of the cost of a tyre.

Longer term
Despite growth in the Indian market, the near-term support for global rubber prices could be
limited since they are dominated by demand from China, which has imported 2.45 million
tonnes of natural and synthetic rubber so far this year.
In addition, Thailand, which produces around a third of the world's natural rubber and exports
around 90 percent of its output, is sitting on huge private and public stocks put at half a million
tonnes at the end of 2013, including 200,000 tonnes bought by the government to support
the market in 2012/13.
Thailand's military government is now trying to encourage farmers to cut down more
rubber trees to restrict supply and help shore up prices.
However, the predicted surge in Indian demand could spur rubber imports and help prices
more over the longer term.
India is forecast to be the world's third-largest car market by 2018, up from sixth now,
according to IHS Automotive. "With the rapid growth in the auto industry, the demand-supply
mismatch will increase," Valy of the rubber federation said.
And as that happens, tyre makers could be forced in coming years to snap up more cargoes
overseas.

16

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df
6. http://www.mbaskool.com/fun-corner/top-brand-lists/7957-top-10-tyre-companies-inindia-2013.html?start=1
7. http://cci.gov.in/images/media/presentations/16indiantyre_ndelhi10dec04_200804101901
19.pdf
8. http://www.atmaindia.org/index.htm

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