7 reasons which makes JK tyre a company to watch for in the Indian tyre market.
To anyone associated with the Indian Tyre market, JK Tyre is a known name. However, most of the time the company unfairly gets relegated to the background when Indian tyre industry leaders are discussed in the media. It’s either MRF, due to its dominant presence in the Indian market or Apollo, due its international forays which gets maximum attention. Whereas JK tyre, in its own way, has been consistently working on getting its basics right & here are the 7 reasons which make them a tyre company to watch for.
1.Truck and Bus Radial Tyres: JK tyre is a colossal force in this segment. They are the largest player in India in the TBR segment & have a first mover advantage. Over the years, they have invested & focused on TBR tyre segment while other tyre companies were still concerned with TBB. Now, with Indian TBR market exploding in last 2 years, it signals a win for JK tyre strategy team.
2.HASETRI: If you ask a person, who is in the know of the Indian Tyre industry, to pick just one Tyre Company in India which has good technical grounding & well-oiled R&D infrastructure, it is expected that his pick will be JK Tyre. It is because of the vision of the company’s founders, that they could build a world class technical &research rubber institute in the form of “Hari Shankar Singhania Elastomer and Tyre research institute.” The institute boasts of world class facilities for research in field of rubber& specifically tyres. It’s also very noble of the management to have thrown open the institute for outside companies too. This creates a huge goodwill for the company. The institute also regularly trains & graduates rubber technologists who now form a bulk of the workforce of the Indian Tyre industry. The best among them opt to work for JK tyre ensuring a regular supply of trained officers for this company.
3.Brand connect: JK tyre marketing team is competing with MRF & Apollo for brand recall among the Indian consumers. Their marketing budgets are good & marketing strategy well thought of. JK tyres with its association with racing is clearly communicating with Indian speed aficionados who are the opinion makers amongst the consumers in any market. They also have been quick movers when it comes to engaging consumers in the digital space. This move of theirs is expected to reap them rich dividends in the foreseeable future. Moving forward it’s expected that JK tyre will retain their focus on building their brand & not slackening on this front.
4.OE linkages: JK tyre, when it comes to OE linkages, is nicely placed due to their contracts with leading vehicle manufacturers in India. This assures them a healthy share in replacement market too. Just the other day, Tyre Times ended up chatting with a high ranking purchase official of a leading car company in India & he was all praises for JK tyre’s product quality. This bodes well for the company as OE Fitment is important for any company operating in the tyre industry.
5.After Sales Service: JK tyre also scores high when it comes to after sale service. They are known to be quick to respond to complaints and have a well-oiled after sales service machinery in place. This is one feature which makes JK tyre one of the favorite brands with the dealers. Not surprisingly, the company wrested the top position from MRF in JD Power consumer satisfaction survey in the year 2015.
6.Launching products for premium & SUV segment:Like everyone else in the tyre industry, JK Tyre has also sensed shifting consumer preferences to Sedan and SUV’s. This is the space which has been until now, dominated by the international tyre companies due to their understanding of technology & existing overseas OE contracts. JK tyre has launched some promising products in this segment like UX Royale for sedans& Ranger for SUVs. Furthermore, keeping in line with their reputation of well managed “product – value matrix”, JK tyres offer a great value at the price points at which they sell in the aftermarket.
7.Motorcycle tyres: As they say, better late than never. MRF owes its dominant presence in the Indian market due to its very strong presence in the motorcycle tyre market. They have benefitted from not so strong competition in this segment. Now, along with Apollo tyres, JK tyre has also announced their entry into the motorcycle tyre segment. This will help the company to connect with the larger part of the Indian population, increase its sales, enlarge its product portfolio & get better grip on the distribution channel.
For any company to survive in today’s competitive environment it is necessary that it gets the basics right, have a good quality product, innovation, R&D, competitive prices, brand building, consumer connect & OE linkages. JK tyre, as mentioned above, seems to be bang on target on all the above points and many more.