Michelin Expand its Commercial Vehicle Tire Portfolio
India: World’s leading vehicle tire
manufacturer, Michelin, has launched it’s ‘X Guard’ radial truck tire in India,
which is priced at about USD277. Initially, Michelin X Guard tire would be
available across eight states of the country targeting the medium & long
haul and general goods carriers price sensitive transporters.
"The new Michelin X Guard is
a demonstration of the commitment of the Michelin Group to bring the most
advanced tyre technologies to India," Michelin India Commercial Director
Mohan Kumar said in a statement. He further added that the Indian market is
evolving rapidly and it was important for the company to adapt as per the
changing needs of Indian consumers.
"Michelin X Guard, built
exclusively for the Indian market, is a paradigm shift from the Indian
consumer's view point. This product is a true reflection of the 'more for less
for more' philosophy that combines the best of Michelin proprietary
technologies to deliver a high quality product, but at an attractive market
price," Kumar said. He also stated that the company expects this new
product to attract a wide customer base to the Michelin brand.
The company is strategically
moving forward by limiting the quantities of this new product among eight
states during the coming year and then expand the distribution range to the
entire country. The tire is being sold through authorised Michelin dealers across
Haryana, Madhya Pradesh, Maharashtra, Gujrat, Karnataka, Telangana, Andhra
Pradesh and West Bengal at a price of nearly USD277.
According to a recent report published
by TechSci Research, “India
Tire Market Forecast & Opportunities, 2021’’,
the country’s tire market is forecast to witness a CAGR of over 9% during
2016-2021. Though the replacement tire demand had a majority share in 2015, the
OEM tire demand is expected to outpace replacement tire demand during
2016-2021. In 2015, Northern region accounted for the largest share in India’s
tire market, followed by Southern, Eastern and Western regions of the country.
As
per TechSci Research, by expanding its commercial vehicle tire portfolio,
Michelin would be able to tap huge opportunities for growth as the commercial
vehicle tire market is expected to incline at a rapid pace across the country, in
coming years. Moreover, the company can extract a fair share in the Indian tire
market through increasing its customer base in commercial vehicle tire segment.