Raghupati Singhania, chairman and managing director of JK Tyres, said on Tuesday that the domestic tire industry is expected to register a double-digit growth in the next fiscal as the automobile sector as a whole recovers. He pointed out that JK Tyres launched its tire brand Levitas last Tuesday To cater to the luxury car market, Ultra is also following the growth path of the industry and is also expected to register double-digit sales growth in the next fiscal year.

“The tire industry has gone through a difficult period over the last few years as COVID-19 has shrunk slightly in the automotive sector. Now, with economic activity becoming more vibrant, improvements in the tire industry are coming full circle.” Singhania said.

He pointed out that demand in most segments of the domestic automotive industry remains strong.

Sinhania said the industry has also benefited greatly from the government’s efforts to develop local manufacturing.

He noted, “Domestic demand for tires is expected to increase over the next two to three years, driven by strong economic activity and infrastructure growth.” Singhania said the domestic industry is expected to achieve double-digit growth despite the headwinds and challenges facing the global economy this year.

He noted that the trucking business is expected to grow by 5 to 7 percent as commercial vehicle traffic is expected to increase as economic activity strengthens.

As a result, we expect demand for tires to increase as well,” said Singhania.

Similarly, the good performance of the passenger car industry will also help the tire industry grow, he added.

The slowdown in entry-level cars is a difficult but temporary phase, he said.

Singhania said, “The two-wheeler market has slowed down but we are hopeful that it will come back. As a result, the tire industry is expected to grow in double digits in the next fiscal, so we plan to grow accordingly.” .

As far as prices of raw materials are concerned, he pointed out that the situation has eased and the industry seems to be less concerned about next year.

Singhania is in the process of launching Levitassss Ultra This range of tires has been specifically designed to offer customers in the luxury segment unmatched performance on all key parameters.

He said that with the healthy recovery of the economy, the Indian automobile industry is witnessing an increasing demand for luxury cars and the market has grown by almost 50%.

JK Tires said that with the development of Levitas With the launch of Ultra, JK Tires is ready to capitalize on the growing market demand.

The new tire line is available in seven sizes and features a five-star fuel economy rating.