India’s domestic tyre industry revenue is projected to surge 12 times to Rs 13 lakh crore by 2047, driven by premiumisation and rising exports, according to a report released on Tuesday.

Backed by a robust domestic OEM segment, strong replacement demand, and a rapid rise in vehicle exports, the industry’s production volume is expected to grow nearly fourfold by 2047, said the joint report by ATMA and PwC India.

“During this period, the industry’s revenue is likely to grow 12 times to ?13 lakh crore by 2047,” the report stated.