Maxxis bets big on India as it eyes to enter top 5 global tyre maker list

Maxxis Group, Taiwanese tyre major is betting big on India, where it plans to build up to 5 factories, as it anticipates the country to play a critical part in its pursuit to grow into a top 5 global player by 2025.

Maxxis, which had a revenue of around USD 4 billion in 2019, is presently the world's 9th largest tyre brand and comprehends India along with Indonesia to play significant part in meeting its 2025 target. It is capitalizing USD 400 million on its first manufacturing plant at Sanand in Gujarat, where it is functioning to hike output to 60,000 units of two-wheeler tyres per day from the existing 20,000 units a day, as part of the project's phase I expansion.

Bing-Lin Wu, Maxxis India Marketing Head said, "Maxxis has set a group goal of developing into the top 5 globally in next five years. We have achieved much in East Asia, Southeast Asia and have significant presence in Europe and in American market. The next major global markets for us will be two places, one is India and the another Indonesia, the major two-wheeler markets in the world,"

He further stated, "in accomplishing the group goal of 2025, India will play a vital role. We have assessed a certain output from the Indian market alone that will help us to attain that target. On backward calculations four or five production units will be the least requirement to achieve that."

Currently, Maxxis India supplies two-wheeler tyres to Hero MotoCorp, Honda, Yamaha and Suzuki from its Sanand plant, while it supplies four-wheeler tyres to Mahindra & Mahindra, Tata Motors, Maruti Suzuki and Jeep.

Maxxis has set a target of garnering 15 per cent of two-wheeler tyre market in India by 2023.

Lu stated that the company expects the Indian market to grow to around 10 crore units of two-wheeler tyres per year and if the company reaches its target of 15 % market share "we will more or less utilize the total capacity of our Gujarat plant and anything afar will require enlargement of production in India".

"I will say we are still in a position to target at high growth given that we're going to have even upper share in the existing partnership and we are looking at numerous projects concurrently with OE partners," said Lu.


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