To take advantage of growth opportunities, the company has plans to launch electric vehicle tires for the Apollo and Vredestein brands.
Satish Sharma, President (Asia-Pacific, Middle East and Africa), Apollo Tires, told ET that electric vehicle (EV) adoption is expected to increase in the coming years. The company is therefore preparing for the demand for both passenger cars and two-wheelers.
“The consensus is that the electric two-wheeler segment will grow fastest and scooters will also be the first, followed by motorcycles. The bus segment will also grow,” said Sharma.
The policy framework being put in place by both the central and state governments will drive electrification across all categories by the end of the decade. By 2030, more than a third of two-wheeler sales could be electric.
“There is every reason to believe that electric vehicles will grow rapidly and therefore there will be a growing demand for tires for such models,” Sharma said.
The company launched two brands – Amperion and Wav – for electric passenger cars and two-wheelers, designed to reduce noise and extend battery life in EVs.
Sharma said the company will expand its lineup in India and also meet the demands of EVs in the European market through the Vredestein brand.
“It (Vredestein) will be launched in Europe first and after that we will bring it to India if necessary because the real action will come at the premium end of premium players,” he said.
German luxury car manufacturers such as Mercedes Benz, Audi and Volvo are looking to introduce more EVs in the country in the coming years.
Apollo Amperion will target the EVs in hatchback, compact SUV and sedan segments in India, such as Tata Nexon, MG ZSE, Hyundai Kona and other emerging EVs. Apollo WAV is designed for high power electric scooters available in the country such as:
iQube, Bajaj Chetak and Ather 450.
The company plans to develop EV tires for motorcycles in the next phase, given the extremely low numbers in this category at the moment.
Apollo Tires is already in talks with multiple OEMs in India to provide these tires for the electric vehicles, and will target a “lion’s share” of the EV space in India, in both PV and two-wheeler segments, Sharma added.