14% Rise in Tire Production

Iranian firms manufactured more than 111,000 tons of tires and inner tubes during the first half of the current Iranian year (started March 20), which indicates a 14% rise over last year’s corresponding period, according to the deputy head of Producers and Consumers Rights Protection Organization, Vahid Menaei, Mehr News Agency reported. The Canada-based market research and consulting service provider TechSci Research earlier this year predicted that Iran’s tire market is likely to grow at a CAGR of over 12% during 2016-21 amid an anticipated economic revival due to the lifting of anti-Iran nuclear sanctions in addition to the expansion of the domestic auto market.