Apollo Tyres expects electric vehicles’ adoption to pick up pace over the next few years and is gearing up to cater to demand both in passenger vehicle and two-wheeler segments.
The company, which on Monday introduced two tyre brands for electric passenger vehicles and two-wheelers, is bullish on opportunities across domestic and international markets.
“The consensual view is that the electric two-wheeler segment will grow the fastest and in that too scooters will be the first followed by motorcycles.
“Besides, the bus segment will also grow and four-wheeler will probably reach about 15-20 per cent (of the overall passenger vehicle sales) by 2030,” Apollo Tyres President (Asia Pacific Middle East and Africa) Satish Sharma told PTI in an interaction.
Electric two-wheeler sales could account for 30-35 per cent of overall sales by 2030, he suggested.
“There is every reason to believe that there will be rapid expansion of electric vehicles and therefore tyres for such models,” Sharma said.
The company has launched two brands — Amperion and Wav for electric passenger vehicles and two-wheelers respectively.
“We will be expanding the lineup as we move ahead,” Sharma said.
He noted that the company is also looking to cater to electric models in the European market through its Vredestein brand.
“It will be first launched in Europe and then we will bring it to India if required because the real action at the premium end will come from premium players,” Sharma said.
Global premium players like Mercedes Benz, Audi, and Volvo are all looking at introducing at least one or two electric models, he added.
“So, we will be competing with the likes of other premium tyre suppliers for such electric cars,” Sharma said.
Apollo Amperion will cater to the EVs in hatchback, compact SUV and sedan segments in India, like Tata Nexon, MG ZSE, Hyundai Kona and other upcoming EVs.
Apollo WAV on the other hand will cater to the majority of high-powered electric scooters available in the country, like TVS iQube, Bajaj Chetak and Ather 450.
The company plans to develop EV tyres for motorcycles in the next phase, considering the extremely low numbers in this category currently.
“Our teams have invested years of research to understand the changing dynamics and requirements of vehicles in EV space to perfect the product that we are launching today,” Sharma said.
The tyre major is already in discussions with multiple OEMs in India to supply these tyres for the electric vehicles, and will be targeting a lion’s share in the EV space in India, in both PV and two-wheeler segments, he added.
EV tyres use the latest generation polymers, traction resin and other raw materials to handle the instant acceleration of the EVs, the company said.