New Delhi, Sept 13:
Tyre major Bridgestone India expects single high-digit sales growth over next two years with demand from both the aftermarket and OEMs remaining robust in the domestic market, according to a top executive.
The Pune-based company, which launched a new range of tyres for passenger vehicles on Tuesday, said it anticipates to grow better than the industry on the back of new products and enhanced production capacity.
“We estimate that the overall tyre market (OEM and aftermarket) will continue to grow at 5-6 per cent and we want to gain market share. So we definitely want to grow higher than the industry,” Bridgestone India Managing Director Parag Satpute told PTI in an interaction.
He noted that barring the COVID period, which led to disruptions all around, the company has continued to post a strong growth enabling it to take top position in the domestic passenger vehicle segment with a market share of around 20 per cent.
Elaborating on the market scenario, Satpute said the tyre industry after witnessing disruptions, has now returned to the pre-COVID level.
“We believe that the tyre industry, like any other industry, is dependent on the economic growth. So, in the short to mid-term we expect demand in the industry to remain healthy,” he noted.
The company caters to the domestic market from its two plants in Madhya Pradesh and Maharashtra with a daily rollout of around 30,000 tyres per day.
Satpute stated that the company has invested close to Rs 2,000 crore on expanding production capacity and upgrading technology across its two plants in the country.
The company on Tuesday launched Sturdo tyre range for the passenger vehicles segment. The company claimed that the tyre comes with a special tread compound that extends tyre life by up to 29 per cent.
The tyre would be available in 27 sizes, ranging from 12-16 inches, catering to hatchbacks, sedans and certain other models in the market. Bridgestone India commenced operations in 1996. (PTI)
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