INDUSTRY BACKGROUND:

The global tyre market is highly dependent on the well-being of the

automotive industry due to its strong association with the automotive
sector. It is also dependent on other factors such as raw materials,
their supply and unpredictable costs, the global tyre market is
expected to reach heights in the future due to the enormous demand
produced by cars, buses and trucks coupled with rising demand for
low resistance tyres. The Global Tire Market is primarily categorised
based on vehicle model, demand classification, radial vs. bias, and
regions, The market has been divided into the segments of passenger
car tyres, light commercial vehicle (LCV) tyres, medium & heavy
commercial vehicle (M&HCV) tyres, two-wheeler tyres, three-
wheeler tyres and OTR tyres.
The largest share was in passenger car tyres, and the segment is also
likely to rise at an impressive pace during the forecast period, as
demand for passenger cars has increased in all regions around the
globe. In terms of the demand segment, with an approximate market
share of over 70%, the replacement market has dominated the Global
Tire Market and is expected to maintain its dominance through 2025.
However, due to growing vehicle production and technological
developments in the automotive industry around the globe, the market
share of OEMs is expected to increase in future years. The market is
mainly accounted for by radial tyres in terms of technology form, and
the segment is expected to retain its dominance during the projected
timeline.
COMPANY PROFILE
MRF is the largest tyre manufacturer in India and is ranked among the
Top 20 Global Manufacturers in India with 9 state-of-the-art factories.
It is also India's largest supplier of original equipment (OEM) tyres
with an extensive selection of tyres, from two-wheelers to fighter
aircraft. The MRF Tyres were produced in 1946. The business is
headquartered in Chennai. The actual name of the company is Madras
Rubber Factor Limited, but it is known by its abbreviation, i.e. MRF.
The company is a multinational company and is also the country's
largest tyre producer. They are also the 14th largest tyre manufacturer
in the world. The company's product range includes: tyres, treads,
tubes, conveyor belts, paint and toys. But very few people know that
it started with a very small sum of Rs 14thousand. MRF Tyres had
modest beginnings and the journey began in Madras with the
manufacture of toy balloons. In 1952, when it began selling tread
rubber, the company's first big step towards becoming a giant in the
tyre industry From that point MRF Tyres, there has been no going
back as the business went through many new avenues and expanded
by leaps and bounds. It currently has more than 2 billion dollars in
sales. The company has adistribution networks across the world, the
company has a strong pan-Indian presence. Currently, they have 8
processing units and 4 warehouses. The export history of the company
dates back to the 1960s, when tyres began to be exported to the USA
and Lebanon. In 1961, they also opened their first overseas office in
Beirut. They currently have a foothold in 65 countries and 180 offices
worldwide.