CEAT Targets Premium Car Tyre Market Growth
CEAT aims to dominate the premium car tyre segment with new product launches, targeting 25-30% market share in 3-5 years. The company is introducing ZR-rated, CALM Technology and Run-Flat tyres to cater to the growing demand for high-performance tires.
New Delhi, Mar 19 (PTI) Tyre maker CEAT Ltd is seeking to strengthen its play in the premium ultra-high performance and luxury four-wheeler segment that is expected to significantly grow in the next three to five years, company MD and CEO Arnab Banerjee said on Wednesday.
The company, which launched three new products ZR-rated, CALM Technology and Run-Flat tyres, is preparing itself to address an emerging trend in the premium 17-inch plus tyre segment, he told PTI.
"The saliency of this segment is about 8-10 per cent today in the aftermarket and it is going to grow much faster than the rest of the market. It could be as high as 25-30 per cent in three to five years time," Banerjee said.
The launch of ZR-rated tyres, CALM Technology and Run-Flat tyres, strengthens CEAT's position as a premium, technology-driven brand, he added.
When asked about the role the new products are expected to play in the company's overall growth roadmap, Banerjee said, "This is an emerging trend and if we have to go for market leadership in future a strong position in this segment is important."
He further said, "If you look at our market share overall, it is about 16 per cent. We are the number three player. So we need to have at least 16 per cent or more share in this segment."
In the passenger car radial tyre segment, Bridgestone is the market leader followed by Apollo Tyres and CEAT.
The company said its new premium tyre range will be available across key markets, including Delhi-NCR, Mumbai, Kolkata, Pune, Chandigarh, Uttar Pradesh, Bengaluru, Tamil Nadu, Coimbatore, Madurai, Kerala, Hyderabad, Guwahati, and Ahmedabad from April.
The company, which launched three new products ZR-rated, CALM Technology and Run-Flat tyres, is preparing itself to address an emerging trend in the premium 17-inch plus tyre segment, he told PTI.
"The saliency of this segment is about 8-10 per cent today in the aftermarket and it is going to grow much faster than the rest of the market. It could be as high as 25-30 per cent in three to five years time," Banerjee said.
The launch of ZR-rated tyres, CALM Technology and Run-Flat tyres, strengthens CEAT's position as a premium, technology-driven brand, he added.
When asked about the role the new products are expected to play in the company's overall growth roadmap, Banerjee said, "This is an emerging trend and if we have to go for market leadership in future a strong position in this segment is important."
He further said, "If you look at our market share overall, it is about 16 per cent. We are the number three player. So we need to have at least 16 per cent or more share in this segment."
In the passenger car radial tyre segment, Bridgestone is the market leader followed by Apollo Tyres and CEAT.
The company said its new premium tyre range will be available across key markets, including Delhi-NCR, Mumbai, Kolkata, Pune, Chandigarh, Uttar Pradesh, Bengaluru, Tamil Nadu, Coimbatore, Madurai, Kerala, Hyderabad, Guwahati, and Ahmedabad from April.
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