Tyre Market Share in Commercial Vehicles 🚚🚜🛞
In a way, commercial vehicle growth can be an indication of economic growth. Vehicle sales can be a key indicator since they provide a snapshot of consumer demand for big-ticket items.
Commercial Vehicles include trucks, vans, coaches, buses etc used for commercial purposes. As per some estimates, commercial vehicle sales will likely cross 4.5 lakh units in FY23. Below attached are the domestic vehicle sales for the month of November.
A rise in vehicle sales will correspondingly lead to a rise in tyre sales which is a primary source of revenue for Tyre companies.
Let us look at the tyre market share in India for the Commercial vehicle segment:
Others-13%
