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US-based tyre major Goodyear is looking at India with “renewed interest”, expecting to grow significantly in the country which is one of its biggest markets in Asia.
Its arm Goodyear India is looking to bring in products with new technologies such as the recently launched Assurance TripleMax, in order to be among the top two-three players in passenger cars tyres segment.
“With the new government bringing in reforms, there is a positive feeling... India is now seen with a renewed interest at the corporation level, absolutely,” Goodyear India vice-chairman & managing director, Rajeev Anand said.
Outlining the company’s ambitions, he said: “We want to be in the top two to three players in the passenger car tyre market in India.”
While he did not share any figures, Anand said Goodyear India has been on a steady growth path in the last three-four years.
“We have been growing in line with the automotive sector and a little more accelerated versus (tyre) industry growth,” he added.
Goodyear, which entered the Indian market in 1922, has two manufacturing plants at Aurangabad in Maharashtra and Ballabgarh in Haryana.
Highlighting the significance of the Indian market, he said the Indian arm a very significant player accounting for 15-16 per cent of the Goodyear's Asia-Pacific business.
In the Asia region, he said China and India are the two top markets for Goodyear.
When asked if the company planned to make any fresh investments, Anand said: "There are investment requirements which are in line with market growth. Every year we have been investing."
He declined to share details stating it would be done with the approval of the company's board of directors.
Last week, the company launched its Assurance TripleMax tyre targeted at drivers of mid and premium passenger cars, which comprise about 25 of the total consumer replacement market in India.
The company claims its new product reduces braking distances by more than two meters on wet roads, while also increasing fuel savings and a high level of tyre durability.
