Apollo Tyres enters Saudi Arabia tyre market
Apollo Tyres Ltd has entered the Saudi Arabia tyre market in cooperation with Al-Jomaih Tyres Company Limited, the exclusive distributors for the Kingdom. Apollo Tyres reports that it will be focussing on the large and growing truck-bus radial and passenger car tyre market, aiming to capture “a sizeable market share” in each of these segments.
Shubhro Ghosh, Group Head, ASEAN, Middle East & Africa, Apollo Tyres Ltd, commented: “The entry into the Kingdom of Saudi Arabia is the culmination of a long-term product planning and development programme. We are now ready with products suited to cater to the Saudi market, which is the largest and important replacement tyre market in the Middle East region, through our dedicated team of sales and service professionals, and a very able business partner in Al-Jomaih Tyres.”
“Saudi Arabia has a market potential of approximately 22 million tyres, and we have set a very aggressive target for ourselves, of selling nearly 800,000 tyres per annum, including both commercial vehicle and passenger vehicle tyres, within the next five years”, he added.
Shubhro further added: “We believe that this global partnership will further help us position our brand and the products in the minds of the consumers across Saudi Arabia, and we look forward to working with Al-Jomaih Tyres to help further engage with Manchester United fan base here.”
Commenting on the collaboration with Apollo Tyres, Sheikh Abdullah Al-Jomaih, CEO, Al-Jomaih Tyres, said: “We are highly impressed with the quality and performance reputation of Apollo’s tyres. We have noticed that the premium tier 2 market in Saudi has been expanding at a fast pace and Apollo Tyres meets the need of local customers who are seeking quality products at competitive prices.”
According to an Apollo Tyres statement, the tyres sold in Saudi Arabia would be customised to meet the local market requirements and would be covered under a five-year warranty from the date of manufacturing.
Apollo Tyres set-up its hub for the Middle East and Africa region in Dubai in the year 2011 and has since managed to expand its presence in the region.