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CEAT Ltd., a leading tyre manufacturer, has ventured into steel radial tyres for two-wheelers, targeting both the aftermarket and original equipment manufacturer (OEM) segments. The move aims to solidify CEAT's leadership in the overall two-wheeler tyre segment and elevate the brand's premium image. The company sees significant potential in the emerging trend of consumers exploring solo or group biking for leisure and adventure, with the new steel radial tyres catering to this market shift.
It (steel radial tyres for two-wheelers) is a very significant segment in various aspects. There is a very strong emerging trend in the consumer space where people, based on more affordability and better infrastructure, are venturing out solo as well as in groups for cruising and leisure biking, and they're also getting off the road. They're going on expeditions, going on weekend off-road rides, and adventure biking," CEAT Ltd. Managing Director and CEO Arnab Banerjee told PTI.
He further said, "As of now, this market is about 3 per cent of the overall two-wheeler market, but it is rapidly going to gain in saliency."Secondly, Banerjee said, "We are the market leaders in two-wheelers." So how we act and grow the segment depends on what we do as well. So to that extent, the launch is significant."
The other reason for getting into steel radial tyres for two-wheeler segments is to help premiumise the whole brand, he added.
The two-wheeler segment, otherwise, is mostly commuter-led. People use it as their business bike for commuting from home to the office. Doing sundry business in the small towns. So this is a big departure that is happening. This is the consumer trend," Banerjee said.
CEAT is targeting both aftermarket and OEM supplies with its new range of products, although initially, its products will be for the aftermarket.
"We are involved in several projects with the OEMs for bikes that are going to be launched with CEAT steel radials," he said.
On the potential of the segment, he said, "As the saliency grows for the industry, we expect to have a pole position in that whole thing and will grow with the industry, hopefully at a faster rate. It will become more and more salient as we go along."
Banerjee said the new range of products is initially a domestic-oriented initiative and is tuned to the domestic market.
"Export requirements are different. We are studying the export market, but as of now there is no plan to play in that export market with the two-wheeler steel radial tyres," he said.
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