Continental bets on India's 33-million-unit replacement tyre market, investment on track to enhance local capabilities
Continental Tires India plans to enhance its local manufacturing capabilities by investing €10 million to upgrade its Modipuram plant, enabling production of tyres up to 23 inches. This move targets the growing demand for high-value replacement passenger car tyres, particularly for SUVs, which now comprise nearly 60% of new passenger vehicles in India. The investment is expected to be completed by mid-2024, positioning Continental to capitalize on a projected 6% annual growth in the replacement tyre market, especially in the premium segment.