Muscat: Apollo Tyres, India's $ 2.2 billion-tyre major, introduced its Endurace range of truck bus radials and 4G range of passenger car tyres for the Oman market. This is company's third such introduction within a span of four months in a new market in the Middle East region.
The product introduction to the business partners in Oman, was organised in association with Apollo's distributor, Mohd Assulaimy Auto Parts Centre, and was done in the presence of JS Mukul, Indian ambassador to the Sultanate on Friday.
Apollo Tyres is focussing on Gulf Cooperation Council (GCC) countries, as the common market here continues to grow and experience higher purchasing power. As per Oman's Public Authority for Investment Promotion and Export Development (Paiped), the automobile industry in this region has a high ratio of cars per household.
Addressing the media just before the official launch event, Ali Kunju, general manager of Mohd Assulaimy Auto Parts, said Apollo Tyres is one among the first five tyre brands in Oman.
The company is original equipment supplier of 28 vehicle manufacturers in India. It also supplies tyres to Volkswagen.
To start with, Apollo would target the one million passenger car tyres per annum 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 increased freight movement across the region is also driving the growth in the commercial vehicle tyre segment. Oman, which is mostly a truck radial market, would see the introduction of the highly successful Apollo Endurace range of truck-bus radials. The commercial vehicle segment in Oman is 95 per cent radialised, and as per Apollo estimates, the market has a potential of nearly 400,000 truck-bus radials annually.
Focus on GCC countries is part of 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.
© Times of Oman 2014
