Maxxis Tyres, Taiwanese tyre manufacturer has planned to expand to up to five manufacturing plants in India.
The company’s long term goals in India is to gain up to 15 percent market share in the two-wheeler market by 2024.
Though Maxxis has been following the distribution model in India for over a decade, the Taiwanese entity registered as a company in India in 2015 and within a year, began operations at a brand new facility which they set up in Gujarat.
At present, the company is manufacturing two-wheeler tyres and supplies units to Honda Motorcycle and Scooter India (HMSI) and Hero MotoCorp.
The company has continued its global partnership with the Honda Group in India by setting up its first plant in order to cater to demands for tyres from the Honda Group Gujarat plant with localised products and manufacturing.
The company’s plan for operations includes setting up of five manufacturing plants in different parts of the country and to be able to cater to all requirements in the region.
The company is currently manufacturing tyres for the two-wheeler market and has the margin to expand its facility in Gujarat. The company is now evaluating its options and observing the conditions for eventual expansion whether to expand its two-wheeler business in terms of manufacturing or start production for four wheeler tyres.
Moreover, it also plans to set up research and development (R&D) facility in India. The company also believes that the target can also be achieved through expansion of the OE projects by supplying new OEMs or for more models of their existing partners.
The company targets to become fifth globally by 2025.