Pirelli to Add a New Truck Tire Brand
The
renowned Italian tire maker is planning to add “Formula” truck tire brand in
United States
United
States: The
American subsidiary of Pirelli, Pirelli Tire North America, is rolling out an
all new commercial vehicle tire range under the brand name, Formula, to its
truck tire portfolio for the customers based in the United States and Canada.
Pirelli would sell its new
tire range with the assistance of TP Commercial Solutions L.L.C., the marketing
firm of the company, which is responsible for dealing in radial truck,
agricultural and OTR tire lines by Pirelli.
TP Commercial Solutions is
showcasing the range of Pirelli as well as Formula brand tires at the Mid
America Trucking Show (MATS), which initiated on 25th March, 2017 in
Louisville, United States. The range of Pirelli tires have continuously been
undergoing a rigorous Research & Development (R&D) and several pilot
trials since the past year to test its efficiency as per the specific needs of
the U.S. customers, according to Clif Armstrong, President, TP Commercial
Solutions.
Among the latest products,
three most advance tires would be, Pentathlon, i.e. the premium long-haul
product by Pirelli, the G:85 On/Off road tire line and finally, the FH:01 Motor
Coach tires for buses.
"All of these products
offer best-in-class benefits for North American fleet needs" Mr. Armstrong
said. "We look forward to building relationships and discussing our
products' features and benefits in-depth at the show."
As per TechSci Research, the company’s
decision to introduce a new truck tire range would strengthen its current tire
portfolio in the country’s market. Moreover, considering the growing demand for
commercial vehicle tires in the country, the company would be able to tap a
major segment of specific consumers over the coming years.
According to a recent report published by TechSci Research, “United
States Tire Market Forecast and Opportunities, 2021’’, demand for tires in the United States is forecast to grow at a CAGR of
over 5%, in volume terms, during 2016-2021. The vehicle fleet of the country is
dominated by passenger car segment, followed by light commercial vehicles,
medium and heavy commercial vehicles, off-the-Road (OTR) vehicles and
two-wheeler segment. As a result, the passenger car tire segment held the
largest volume share in the country’s tire market in 2015, and its dominance is
anticipated to continue during the forecast period as well. Leading global tire
companies operating in the United States include Bridgestone, Goodyear,
Michelin, Cooper, Continental, Sumitomo, Hankook, Yokohama, etc. The report
also portrays huge potential of tire market in Southeast and Midwest regions of
the country. The vast demand for tires from these regions can mainly be imputed
to the large automobile fleet size, high population density coupled with the
rapid urbanization in the area.