BKT Tyres enters two wheeler tyre market
Snapshot: Sunny Deol named Company's Brand ambassador
Balkrishna Industries, also called BKT, is known for manufacturing off-highway tyres has entered into two-wheeler tyres segment in the domestic market. The Company is known for manufacturing tyres for agriculture, construction, industrial vehicles as well as earthmoving, port and mining, ATV and gardening application. In a bid to capture the booming Indian tyre market, the Company's brand ambassador and Bollywood Actor Sunny Deol announced its foray into this new category. He also showcased some of the new products in this respective segment.
Commenting on the foray, Rajiv Poddar, Joint Managing Director, BKT Tyres, said, “The two-wheeler tire industry has reported a compounded annual growth rate of 8.5%. Considering the tremendous potential of the market and its reach in rural India, we plan to introduce our flagship tyres at sizes that permeate more than 70% of the total market scope. We also plan to introduce tyres in other sizes to provide complete services to our buyers and gather at least a 10% market share of the Indian agricultural transportation market within the next few years.”
Two flagship pattern types -BK Pilot and BK Raftar, were launched during the event. According to the Company, both the tyres are fully-equipped with features that make a journey safer, faster and more enjoyable. While the former are front tyres equipped with features such as directional grooves for better steering, wide shoulders to establish firm on-road contact and high-performance, BK Raftar are rear tyres that combine aggressive design with rigid looks. Made of a high-performance compound, BK Raftar provides an excellent wet grip on the road.
With an estimated total market size of 840 lakh tyres per annum and a replacement market size of 360 lakhs per annum, the two-wheeler vehicle market in India will receive a great boost with the entry of BKT Tyres. The company aims to make significant headway in rural transportation through the rapid proliferation of the highest quality two-wheeler tyres across the remotest villages and areas in India. The entry of BKT in this category has been further aimed to provide continuous business opportunities to existing BKT dealers on a round-the-year basis. Furthermore, foraying into a massive market such as the two-wheeler tire segment would enhance BKT’s visibility in rural markets across India.
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