French tyre maker Michelin is targeting at least 16 per cent market share in trucks segment in India in the next ten years, for which it will continue to invest in manufacturing, marketing and distribution.
“In the next ten years, I would expect that we should be recognised as one of the leaders in the truck tyre market in India,” Michelin President (Africa-India-Middle East) Mr Prashant Prabhu told PTI.
Asked what kind of market share the company would be aiming for in the next ten years, he said: “Michelin worldwide has 16-17 per cent market share and for us (India) to contribute to the group, we have to at least get to that level, because otherwise we bring down the group’s average.” He said the Indian operations could do better than Michelin’s global average in the truck tyre segment.
At present, the firm’s market share in India is not very significant, he said without disclosing details. The Indian truck and bus tyre market witnessed a total production of 1.56 crore units in 2010-11, as per the Automotive Tyre Manufacturers’ Association (ATMA). It is dominated by the likes of Apollo Tyres, MRF and JK Tyres.
Mr Prabhu said with an aim to be a leader in a long run, the company is investing in expanding distribution in India and building its corporate identity. It also has plans to make more investments at the Chennai plant, where it is investing Rs 4,000 crore.