India’s leading tyre manufacturer, the US$ 2.34 billion Apollo Tyres Ltd, marked its entry into the Malaysian market today with the introduction of its commercial vehicle range at the Malaysian International Bus, Trucks and Components (MIBTC) Expo 2013. While Apollo’s commercial vehicle radial and cross-ply – tyres are being showcased at the MIBTC Expo, the company is also introducing its passenger vehicle range in the Malaysian market.
The entry into Malaysia is part of Apollo’s focus on the ASEAN region, towards which the company had recently announced making Bangkok its ASEAN hub. In the past fiscal for Apollo Tyres, the ASEAN region contributed 40% to the total exports out of India. The company would like to ride on the increase in demand for truck tyres due to the Malaysian Government’s Economic Transformation Programme, and the large infrastructure projects being initiated under this programme.
Malaysia is approx 750,000 tyres a year commercial vehicle market, where Apollo has been testing its products and seeding the market for some time now. The company believes that it will be able to bring in a better value proposition for the commercial vehicle customers in Malaysia.
Apollo Tyres is the leader in the truck cross ply segment in India with a market share of close to 30%, while in the truck radial category, the Endurace brand from Apollo’s stable is one of the fastest growing tyre brands in India. Apollo is also the largest producer of passenger vehicle tyres in India.
