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Nirmal Bang Report
We expect healthy overall growth in tyre demand over FY21-23, as demand from original equipment manufacturers is expected to grow at a strong 18-20% compound annual growth rate during the same period.
Higher demand will be seen across all the automobile segments over a pandemic-hit low base of FY21 amid expectations of Covid-19 vaccines and improvement in demand cycle amid improving economy and consumer sentiments.
We are already seeing a ‘V’ shaped recovery in most of the auto segments and we expect OEM demand growth from passenger vehicles, two-wheelers, and tractor segments in the medium term and from commercial vehicles, PVs and two-wheelers in the long term.
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