The motor industry in Sri Lanka has recorded enormous growth during the post war period in the country, mainly due to the increasing per capita GDP, which resulted in increasing customer affluence and proportionate increase in the spending on transportation.
The robust growth is expected to prevail with overall growth in consumption, development of road infrastructure and poor state of public transportation resulting an increase in demand for passenger vehicles. Also with the expected growth in the construction sector the demand for commercial heavy vehicles are expected to grow.
Over the past five years the tyre industry in Sri Lanka has been growing substantially due to the rise seen in the number of automobiles owing to increase in income levels, low interest rates and the growing infrastructure levels in the country.
Therefore, SC Securities (Pvt) Ltd expects the growth in demand for tyres in to positively benefit the company in the forthcoming period as CEAT Sri Lanka, is the present market leader in the radial and commercial tyre segments in the country.
Sri Lankan tyre manufactures caters to 22 % of the global solid tyre demand, with many manufactures producing specialized tyres to serve the growing technical requirements of the industrial world. Solid rubber tyres are used in forklifts and land mowers and industrial vehicles such as heavy trucks and trailers. Unlike pneumatic tyres, solid tyres are not filled with air and can endure high pressure and weight and are more durable to wear and tear.
At present, CEAT Sri Lanka manufactures half of the countries requirements with a 17 % share in the motorcycle segment in Sri Lanka, 30 % in the radial segment, 51 % in the truck/light segment, 54 % in the three wheel segment and 72 % agriculture tyre segment. Further, the company has a monthly tyre production volume of over 1,450 MT.
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