French tyre major Michelintoday announced entry into high-performance bicycle tyre market in Indiawith the launch of a range premium products.

The company has introduced its premium road range, mountain bike range and city trekking range as it looks to tap the potential in India, Michelin said in a statement.

Michelin Asia, Africa and Middle East Commercial Director (Two Wheels) Pradeep G Thampy said: "The premium bicycle market has witnessed significant growth in recent times. Industry analysts estimate this segment to grow between 25-30 per cent annually."

The newly launched range has something for every kind of cycling enthusiast the pro, the daily user and the adventure seeker, he added.

The price of the tubes and tyres range between Rs 690 and Rs 2,699, plus applicable taxes, the company said.

Michelin's tyre range in India includes passenger cars, truck and bus, two-wheeler and OTR (Off the Road) vehicles. The plant in Chennai produces radial truck and bus tyres.