Apollo Tyres says it is committed to the Indian market with the country’s huge population and current low car ownership offering significant potential.

Estimates put India’s population at around 1.25bn, but with vehicle ownership at just 2%, the opportunities for manufacturers such as Apollo are clear.

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“India accounts for 42% of our turnover [and] passenger vehicles are around one third of our turnover,” Apollo Tyres chief marketing officer global, Marco Paracciani told just-auto at the recent Geneva International Motor Show. “It is a very, very dynamic market [although] India has gone through a difficult time.

“The demographics, investment and infrastructure that will continue to be developed in India can only bode well for the market. Car penetration is still extremely low in India, less than 2%…and obviously a huge population.

“Many families are enjoying the thrill and pride of being able to buy their first car in their history, which many emerging markets have experienced and therefore we are committed to the Indian market.

“In the aftermarket, there is not one size fits all for consumers. That is true in India, China and the US [as] other markets. We have renovated the [tyre] range quite substantially and are going to introduce new products for India.”

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Paracciani also noted Apollo Tyres is the leader in OE fitments for the commercial sector in India.

Broadening the theme, Paracciani said Apollo welcomed tyre regulations as “a necessity for any market. “We see regulations as something we welcome,” he said, adding: “Regulations are a necessity for any market – they are a fact of life and a welcome fact of life.

“Otherwise consumers will be taken for a ride by a market that is unregulated. We see regulations as something we welcome.”