2008-11-14 06:46:17 -
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Report Summary
The Indian Tyre Industry produced 736 lakh units of tyres (11 lakh tonnes) garnering Rs. 19,000 crores in FY 07. MRF Ltd. was the market leader (22% market share) followed closely by Apollo Tyres Ltd. (21%). The other major players were JK Tyre & Industries Ltd (18%) and Ceat Ltd. (13%). The industry tonnage production
registered a 5 year CAGR of 9.69% between FY 02-07.
Truck & Bus tyre category (accounting for 57% of the tonnage production) recorded a 5 year CAGR of 7.85% (a rate slower than that of the industry) while Light Commercial Vehicle (LCV), Motorcycle and Car tyre categories grew at 15%, 16% and 14% respectively (at rates faster than that of the industry). Off the road (OTR) tyres (customized tyres which fetch a higher margin compared to other tyres) category is growing at a fast pace. The OTR tyre category registered a 5 year CAGR of over 20% in the last five years. Most of the top players are increasing their capacity for the production of OTR tyres so as to improve their product mix, for e.g. CEAT Ltd. is increasing its OTR capacity at its Nasik plant from 60,000 to 1,00,000 tyres by end 2008, JK Tyre & Industries is expanding its OTR capacity from 25,000 tyres to 42,000 tyres by end 2008, even smaller player like Falcon tyres is making its foray into the OTR category.
The exports from the country clocked a CAGR of 13% in unit terms and 18% in value terms in the period FY 02¬07. Most of these tyres that are exported are of cross ply design. With radialisation catching up in some of these markets, the manufacturers will need to graduate to radial tyres so as to protect their share in the export market. Radialisation of tyres is still minimal in India. Only the car tyre market has moved to radial tyres (95%) but in all other categories cross ply tyres are still preferred. Poor road conditions, overloading in trucks, higher initial cost of radial tyres and poor awareness levels in tyre users are the main reasons for the non transition of the domestic market to radial tyres. However, going ahead, radialisation in truck & bus tyres may increase due to government's focus on infrastructure development.
Report Outline
Chapter 1 Introduction
1.1 Evolution of Indian Tyre Industry
Chapter 2 Tyre Basics
2.1 Structure of a tyre
2.2 Performance parameters of Tyres
2.2.1 Tyre Infl ation
2.2.2 Rolling Resistance
2.2.3 Tyre Noise
2.3 Manufacturing Process
2.4 Tyre Technology
Chapter 3 Classifi cation
3.1 Tyre Market
3.2 Tyre Design
3.3 Tyre Category
Chapter 4 Characteristics & Demand Drivers
4.1 Characteristics
4.1.1 Raw material intensive
4.1.2 Cyclical
4.1.3 Competition
4.1.4 Wide Distribution network
4.1.5 Capital Intensive
4.1.6 Low Bargaining Power
4.1.7 Branding
4.1.8 Technology
4.1.9 Margins
4.1.10 Duty Structure
4.1.11 Porter Model
4.2 Demand Driver
Chapter 5 Tyre Production & offtake
5.1 Category-wise production
5.2 Market-wise offtake
Chapter 6 Market Growth
6.1 Category-wise tyre production growth
6.2 Market-wise offtake growth
6.2.1 Truck & Bus tyre
6.2.2 LCV tyre
6.2.3 Cars
6.2.4 Motorcycle
6.3 Total Exports
6.4 Imports
Chapter 7 Market Competition
7.1 Overall Market Share
7.2 Category-wise Leaders and followers(FY07)
7.3 Category-wise Market Gain/Loss FY07 over FY06
Chapter 8 Cost
8.1 Raw Material Expense
8.1.1 Natural Rubber
8.1.2 Nylon Tyre Cord Fabric
8.1.3 Carbon Black
8.1.4 Styrene Butadiene Rubber
8.1.5 Poly Butadiene Rubber
8.2 Power & Fuel expense
8.3 Employee Expense
8.4 Selling Expense
8.5 PBDILT
Chapter 9 Outlook
9.1 Projected growth
9.2 Projection Methodology
9.2.1 OEM Market growth
9.2.2 Replacement market growth
9.2.3 Export market growth
9.2.4 Limitation of the projection methodology
9.3 SWOT Analysis of Indian Tyre Industry
Chapter 10 Company Profi le
10.1 Apollo Tyres Ltd.
10.2 Ceat Ltd.
10.3 MRF Ltd.
10.4 Goodyear India Ltd.
10.5 JK Tyres & Industries Ltd.
Annexure 1 Industry tyre production
Annexure 2 Industry tyre exports
Annexure 3 Player-wise tyre production FY07
Annexure 4 World Tyre Market
Figures
2.1 Structure of a tyre
2.2 Tyre Infl ation
3.1 Classifi cation of tyre
3.2 Tyre Design
3.3 Growth trend for tyre segments
4.1 Cyclicality in demand
4.2 Market share of players FY07
4.3 Porter Model
4.4 OEM market tyre demand & production
5.1 Shares of different types of tyres produced
5.2 Market-wise offtake
5.3 Market-wise offtake of tyres for different types of vehicles
6.1 Category wise Growth %
6.2 Market-wise offtake growth for trucks & bus tyres
6.3 Market-wise offtake growth for LCV tyre
6.4 Market-wise offtake growth for car tyres
6.5 Market-wise offtake growth for Motorcycle tyres
6.6 Destination-wise % distribution of export sales value
6.7 Trend in tyre exports
6.8 Category-wise Tyre Exports in Units FY07 & FY02
6.9 Category-wise Tyre Imports (Units) (FY07)
7.1 Overall Market Share
7.2 Category-wise Market Gain/Loss (FY07 over FY06)
8.1 Components of Raw Material Cost
8.2 Natural Rubber: International & Domestic Price Trends
8.3 Caprolactum Price
10.1 Apollo Tyres Ltd. Share Price
10.2 Ceat Ltd. Share Price
10.3 MRF Ltd. Share Price
10.4 Goodyear India Ltd. Share Price
10.5 JK Tyres Share Price
Tables
3.1 Features of Cross Ply & Radial tyres
4.1 Raw Material cost of tyre manufacturers
4.2 Imported Raw Material as a percentage of total Raw Material consumed
4.3 Segment-wise market share in the automobile Industry
4.4 Selling & marketing expense as percentage of Operating Income
4.5 PBDILT & PAT margin of different players
4.6 Duty Structure
6.1 Tyre Imports
6.2 Category-wise Indian & Chinese prices of tyres
7.1 Category-wise Leaders and Followers (FY07)
8.1 Raw Material Expense
8.2 Natural Rubber: Global Production
8.3 Natural Rubber: Global Consumption
8.4 Natural Rubber: Domestic Demand and Supply Scenario
8.5 NTC: Domestic Demand & Supply
8.6 Carbon Black: Domestic Demand & Supply
8.7 SBR: Domestic Demand & Supply
8.8 PBR: Domestic Production & Consumption
8.9 Power & Fuel Expenses as a % of total sales
8.10 Employee Expenses as a % of total sales
8.11 Selling Expenses as a % of total sales
8.12 PBDILT as a % of total sales
9.1 Expected tonnage growth in tyre categories vis-¨¤-vis past tonnage growth
