Latest News | CEAT Looks to Strengthen Play in Premium Car Tyre Segment
Get latest articles and stories on Latest News at LatestLY. 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.
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 above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)