Apollo Tyres, a US$ 2.34 billion tyre major, announced its entry into the growing Qatar market in the Middle East region. The entry was marked with a product introduction to the Business Partners in Qatar, in the presence of Indian Ambassador to Qatar, H E Shri Sanjeev Arora, late evening yesterday.
This entry is part of the company’s strategy to enter newer markets across geographies. While Dubai was set-up as the hub for the Middle East and North Africa (MENA) region two years back, the tyres for these markets are imported from both India and Europe.
In the passenger vehicle tyre category, Apollo Tyres would be capitalising on the increasing automobile sales, rising per capita income and implementation of strict rules for quality tyres in Qatar. The import dependent tyre industry in this country, is one of the most promising automobile markets, after Saudi Arabia, in the Middle East region. To start with, Apollo would target the 50,000 to 55,000 passenger car tyres per month market, with its high performing 4G range of tyres, which includes Aspire 4G, Alnac 4G and Amazer 4G. The company also plans to introduce its premium European brand, Vredestein, into this market going forward.
The increase in construction activities across the region is also driving the growth in the commercial vehicle tyre segment. Qatar, which is mostly a truck radial market, would see the introduction of the highly successful Apollo Endurace range of truck-bus radials. As per Apollo estimates, the market has a potential of nearly 20000 truckbus tyres per month, of which, 80% would be radials.
In the next few months, Apollo Tyres plans to tap more such markets in the MENA region.