NEW DELHI: US tire giant Goodyear is considering a “renewed interest” in India as the company looks to see significant growth in one of Asia’s biggest markets.

Its subsidiary Goodyear India plans to enter the top two to three in the passenger car tire segment by launching new technology products such as the recently launched TripleMax like Assurance.

Rajeev Anand, Vice Chairman and Managing Director, India, told Press Trust of India (PTI), “The new government has introduced reforms and there is a positive feeling. Now people are interested in India again.”

Summarizing the company’s ambitions, he said, “We want to be in the top two to three in the passenger car segment of the Indian car tire market.”

Anand did not disclose any figures but said that Goodyear India has been growing steadily over the last three to four years.

“We have grown with the automobile industry and are growing faster than the (tire) industry,” he added.

Goodyear entered the Indian market in 1922 with two manufacturing plants in Aurangabad, Maharashtra.

Emphasizing the importance of the Indian market, he said that the Indian business is a very important player and accounts for 15-16% of Trojan’s Asia Pacific business.

He said that in Asia, China and India are Goodyear’s two largest markets.

Asked if the company is planning any new investments, Anand said, “The investment requirements are in line with the market growth. We are investing every year.”

He declined to give details and said it will be done with the approval of the company’s board of directors.

Last week, the company launched its service-guaranteed TripleMax tires for drivers of mid-and premium-class passenger cars, who make up about 25% of the total consumer replacement market in India.

The company claims that its new product reduces braking distance on wet roads by more than two meters, saves fuel and improves tire durability.