JK Tyre & Industries is eyeing over 20 per cent market share in the two-wheeler segment over the next 18 months as it readies to roll out new products as well as expand reach across the country.
The tyre major entered the segment last year with the Rs 2,195-crore buyout of BK Birla flagship firm Kesoram Industries' tyre manufacturing plant at Haridwar.
It currently sells tyres in 14 sizes mainly catering to products in the 100-125 cc category. The company now plans to introduce another 14 sizes, catering to 150 cc and above category, under its Blaze brand in June.
"In just 7-8 months of launching the two wheeler tyres, we already have inched towards a market share of 10 per cent. In another 18 months we expect to touch a market share of 20 per cent," JK Tyre & Industries Marketing Director Vikram Malhotra told PTI.
With 14 tyre sizes in two-wheeler segment, the company is catering to 75 per cent of the demand. With the new launches slated in June it would be able to cater to 95 per cent of the demand, he added.
The company, which also makes tyres for three wheelers, now plans to go full hog in terms of reach in the country. It is targeting to go deeper in small towns and rural areas.
"With two wheeler sales now recovering in rural areas, it gives us confidence to get a bigger pie in terms of sales in these areas," Malhotra said.
The company's Blaze range of tyres is well suited for smaller towns and rural areas as they can be used in both tube-type and tube-less applications.
Further, in order to reach to a bigger audience, the company has rolled out a comprehensive advertisement campaign for the Blaze range of tyres.
The Rs 2,195 crore buyout had also helped the company to add 100 lakh tyres per annum capacity and enter the high-growth two and three-wheeler tyre segment.