According to the Hindu Business Line, Hankook Tire Co. plans to sell 100,000 tires in India this fiscal year, reaching revenue of $10 million.
Last year, Hankook reportedly hit 50,000 tires, or $6 million in sales revenue, in India.
J.B. Park, Hankook vice president for Asean-India sales and marketing, told Business Line, “The recessionary trend being experienced world over has not affected the sale of premium cars in India. The production of SUV vehicles is growing at a faster pace and there is a potential for high-end tires in the market.”
The total market size for consumer tires in India remains at around 23 million units annually. Park said Hankook expects to reach 300,000 units within three years, mostly within the premium sector.