JK Tyre Plans Big To Expand In UP; To Launch All Its Products In All Categories
India is one of the world's major tyre manufacturers and is also extending its position in the premium and luxury tyre markets, which are dominated by imports. As per a study by Crisil, India's tyre industry is aiming to double its revenue to USD 22 billion by the financial year 2032 from USD 9 billion in fiscal 2022, according to a report by the Automotive Tyre Manufacturers’ Association (ATMA).
Uttar Pradesh contributes to 10 per cent of the total sales of the tyres in India. As per the SIAM statistics, in the first quarter of 2023, UP had the maximum number of vehicle sales in India, along with the highest number of EV registrations. With these statistics, one of India’s leading tyre manufacturers JK Tyre and Industries has an ambitious plan to expand its market presence in Uttar Pradesh in the next financial year. The company’s president (India) Anuj Kathuria shared the plans with the media in Lucknow on Monday.
Talking about expansion in UP, Kathuria said, “Uttar Pradesh is a key market which offers substantial growth opportunities with evolving customer preferences in each segment. We are bullish on increasing our presence in the state by delivering top-notch products tailored to changing market requirements in the region. We are aligned to drive growth, leveraging economic opportunities and infrastructural development for progress that will benefit both the community and our business.”
He further added that the state holds strategic significance for the company, as it offers a potential market size for the tyre industry owing to its rapid infrastructural developments and high investment projects. “UP has one of the highest vehicle population across segments and it stands at the No. 2 position for both commercial vehicles and passenger cars,” Kathuria informed.
As per Kathuria, with more than 450 products, the company has been able to meet customer requirements in the state across categories. “For the continuously expanding CV segment in the region, JK Tyre provides a variety of innovative and high-quality solutions to meet the needs of today's consumers.
“Under our XF (extra-fuel-efficient) series, we recently unveiled two new tyres, the Jetway Juh XF and the Jetsteel JDE XF. Energy-efficient and built with an ultra-low rolling resistance coefficient (RRC) using next-generation compounds, the XF Range improves energy efficiency by up to 10 per cent,” revealed Kathuria.
Talking about the passenger car category, Kathuria said that the company offers an exclusive and innovative range of tyres, the Ranger Series for SUV owners, the Levitas Ultra range for luxury cars, Puncture Guard tyres, and Smart tyres. “We have developed and are market ready with an entire range of EV-specific Smart radial tyres for all categories including buses, trucks, LCVs, and Passenger Cars. We are providing a strong after-sales service with rapid turnaround times, which has helped the company tap lucrative opportunities offered by the state. The brand continues to serve customers through its extensive network of close to 100 dedicated brand shops called JK Steel Wheels, JK Truck Wheels, and JK Xpress Wheels,” said Kathuria.
He also shared about the company’s first-ever 80 per cent green tyre named "UX Green" in the PCR market. 58 per cent of the energy consumed at its various manufacturing units is from renewable sources. The company aims to reduce carbon emission intensity by 50 per cent by 2030 and become carbon neutral by 2050, said Kathuria.
