Bridgestone India, a wholly-owned subsidiary of Bridgestone Corporation, Japan, is at the moment making ready a 10-year strategy to spearhead market expansions throughout India.
“India has been identified as a growth market and focus market for Bridgestone globally,” Bridgestone India, Chief Commercial Officer, Rajarshi Moitra advised The Hindu. “We are working on a new business strategy that will spearhead the next orbit of our growth in the country. Our new India strategy for 10 years will kick in from calendar 2025,” he stated.
According to Mr. Moitra, India is the quickest rising and secure market for Bridgestone and the corporate has made robust investments right here in the final over 25 years, together with the newest chunk of $300 million it introduced. “The new strategy will be aimed at building the market further and to continue to be a strong player in the premium tyre segment in the country. The strategy will also address India’s positioning in the global market for Bridgestone,” he added.
On the market state of affairs, Mr. Moitra stated publish the pandemic, Bridgestone had seen sturdy growth in India. The firm’s income grew 9% year-on-year throughout calendar 2023.
However, the trade in normal noticed subdued gross sales volumes in the final couple of quarters.
In the primary quarter of CY24, the Original Equipment Manufacturer (OEM) phase had carried out a “low single-digit”, whereas the after-market phase had been flattish, he stated.
“In the short term, the industry is seeing some pressure. But long-term outlook is quite bullish as the macro economic scenario continues to be quite positive in terms of GDP growth and government investment,” he stated.
‘‘As per our inner estimate, we anticipate the trade, in the long run to develop 5-6% in after-market and 4-5% in the OEM phase in the next 5 years,” he added.
“It also indicates that the auto sector will continue to remain positive,” Mr. Moitra stated. More than 46 million models of tyres (for passenger automobile and SUVs) had been offered in 2023 with after-market and OEMs forking out an nearly equal share in the trade. In this calendar, the trade is anticipated to promote 48 million models of tyres, he stated.
