New Delhi: Japanese tire major Bridgestone expects revenue to grow 25 per cent between 2024 and 2026 in India, its fastest-growing market globally, according to senior company officials.
The company, which on Wednesday launched its premium range of passenger vehicle tires 'Turanza 6i' specially developed for the Indian market, will increase its tire production to 40,000 per day from the current 30,000 per day in the next four to five years.
“The size of the business (in India) out of our total global portfolio is limited today. However, it is the fastest growing business portfolio in our global business. That is why it has been given a lot of attention and strategic focus in India Is." Hiroshi Yoshizen, managing director of Bridgestone India, told in an interview.
He said Bridgestone is already the leader in the aftermarket segment of passenger vehicle tires in India with about 20 per cent share and the company aims to further strengthen its position.
When asked about the growth outlook in India, Rajarshi Moitra, Chief Commercial Officer, Bridgestone India, said, “Our revenue growth last year (2023) was 9 per cent and in the period between 2024 to 2026 we see our revenue growth overall at 25 per cent. The percentage is expected to increase." ,
Bridgestone India does not publicly share its revenue figures.Moitra said that the market has declined in the January-March quarter this year.
"But our estimate is that the market will grow again at 4.5-5 percent in the second half of the year. Against this expected growth, if (Bridgestone) is to gain market share, we are looking at 6 percent. - Plus per cent growth as the balance of the year aspires,” he said.
On the company's investment and capacity expansion plans, Yoshizen said that part of a long-term investment of USD 300 million "for manufacturing expansion and capacity addition" announced for India in 2017, Bridgestone had last year said it would focus on capacity expansion. Will invest Rs 600 crore.“At that time (2017) our domestic production capacity was around 15,000 per day, now till today, it has become 30,000 per day. So it has already doubled. Then I see 40,000 per day within the next four to five years.” I will reach there." He said.
Asked about the company's plans to tap the growing electric vehicle PV segment in India, Yoshizen said Bridgestone's new 'Turanza 6i' is an EV-ready premium product line, though not necessarily just electric passenger vehicles. Be specific only for.The product has been developed keeping in mind the Indian conditions.
"Compared to conventional EVs, EVs are heavier and have motor traction and are quieter. So EV-equipped tires have to help provide longer mileage, battery efficiency, durability while keeping the vehicle quieter." “We are covering those key points with our product Turanza 6i,” he said.
On supplies to EV manufacturers in India, Moitra said, “We are currently working with already existing players like Mahindra, Tata, Suzuki in terms of their projects.We have a set of EV developments. As soon as Tesla comes to India, we will contact them. We will work with them in America."
However, Bridgestone will not supply for Tesla's imported models.
Asked about a partnership with Vietnamese EV maker VinFast, Yoshizen said, “Discussions are ongoing but no specific plans have been made yet.Our OE sales team is operating globally and monitoring OE movements on a global basis."
Commenting on the company's retail network expansion, Moitra said, "Today we service the market through 3,500 retail points on the consumer side, which is our car tire business. This year, we will expand it to around 4,000 retail points. Expect to take it to."
The company, which on Wednesday launched its premium range of passenger vehicle tires 'Turanza 6i' specially developed for the Indian market, will increase its tire production to 40,000 per day from the current 30,000 per day in the next four to five years.
“The size of the business (in India) out of our total global portfolio is limited today. However, it is the fastest growing business portfolio in our global business. That is why it has been given a lot of attention and strategic focus in India Is." Hiroshi Yoshizen, managing director of Bridgestone India, told in an interview.
He said Bridgestone is already the leader in the aftermarket segment of passenger vehicle tires in India with about 20 per cent share and the company aims to further strengthen its position.
When asked about the growth outlook in India, Rajarshi Moitra, Chief Commercial Officer, Bridgestone India, said, “Our revenue growth last year (2023) was 9 per cent and in the period between 2024 to 2026 we see our revenue growth overall at 25 per cent. The percentage is expected to increase." ,
Bridgestone India does not publicly share its revenue figures.Moitra said that the market has declined in the January-March quarter this year.
"But our estimate is that the market will grow again at 4.5-5 percent in the second half of the year. Against this expected growth, if (Bridgestone) is to gain market share, we are looking at 6 percent. - Plus per cent growth as the balance of the year aspires,” he said.
On the company's investment and capacity expansion plans, Yoshizen said that part of a long-term investment of USD 300 million "for manufacturing expansion and capacity addition" announced for India in 2017, Bridgestone had last year said it would focus on capacity expansion. Will invest Rs 600 crore.“At that time (2017) our domestic production capacity was around 15,000 per day, now till today, it has become 30,000 per day. So it has already doubled. Then I see 40,000 per day within the next four to five years.” I will reach there." He said.
Asked about the company's plans to tap the growing electric vehicle PV segment in India, Yoshizen said Bridgestone's new 'Turanza 6i' is an EV-ready premium product line, though not necessarily just electric passenger vehicles. Be specific only for.The product has been developed keeping in mind the Indian conditions.
"Compared to conventional EVs, EVs are heavier and have motor traction and are quieter. So EV-equipped tires have to help provide longer mileage, battery efficiency, durability while keeping the vehicle quieter." “We are covering those key points with our product Turanza 6i,” he said.
On supplies to EV manufacturers in India, Moitra said, “We are currently working with already existing players like Mahindra, Tata, Suzuki in terms of their projects.We have a set of EV developments. As soon as Tesla comes to India, we will contact them. We will work with them in America."
However, Bridgestone will not supply for Tesla's imported models.
Asked about a partnership with Vietnamese EV maker VinFast, Yoshizen said, “Discussions are ongoing but no specific plans have been made yet.Our OE sales team is operating globally and monitoring OE movements on a global basis."
Commenting on the company's retail network expansion, Moitra said, "Today we service the market through 3,500 retail points on the consumer side, which is our car tire business. This year, we will expand it to around 4,000 retail points. Expect to take it to."
