February 27, 2014
Middle East expansion: Apollo Tyres enters Qatar
Apollo Tyres Ltd. announced it has expanded into the Qatar market in the Middle East region. The company says the move is part of its strategy to enter newer markets across geographies.
Two years ago Apollo set up its hub for the Middle East and North Africa (MENA) region in Dubai, United Arab Emirates. The tires for these markets are imported from both India and Europe, notes Apollo.
In the passenger vehicle tire category, Apollo Tyres says it would be capitalizing on the increasing automobile sales, rising per capita income and implementation of strict rules for quality tires in Qatar.
Apollo says the import-dependent tire industry in Qatar is one of the most promising automobile markets, after Saudi Arabia, in the Middle East region. Apollo will target the market with its high-performing 4G range of tires, 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 increase in construction activities across the region is also driving the growth in the commercial vehicle tire segment. Qatar, which is mostly a truck radial market, would see the introduction of the Apollo Endurance range of truck-bus radials. As per Apollo estimates, the market has a potential of nearly 20,000 truck-bus tires per month, of which, 80% would be radials.
In the next few months, Apollo Tyres plans to tap more such markets in the MENA region.
For more Apollo Tyres news see:
Apollo's 3Q results are up, up, up
Apollo creates front spoiler for Porsche
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