Tuesday, September 14

Tag: vehicles both commercial and personal

Tire industry lacking investments despite growing demand
News

Tire industry lacking investments despite growing demand

Currently, the market size for automotive tires has almost reached Tk5,000 crore from Tk3,000 crore in 2015 With an increasing number of vehicles both commercial and personal, the demand for tires is increasing at a rate of an average of 9% a year, according to industry insiders. On account of rising automobile sales, foreign investments and government support in the form of relatively lower import duties, the tire market shows a huge potential-- especially for local entrepreneurs and this industry still remains largely dependent on imports. At present, the country imports tires from various parts of the globe, from countries like India, Japan, China, Indonesia and also from a few European brands. There are a few tire manufacturers coming into the market but most are involved w...