Goodyear to launch lubricant products in India and Southeast Asia
Goodyear, the world’s largest tire manufacturer, is adding lubricants to its consumer products portfolio. Goodyear India Country Head of Sales and Marketing Sanjay Sharma said that the company has decided to enter India’s lubricants market as it is among the top three in terms of automotive lubricant consumption globally.
The initial plan was to launch the products early this year, but was delayed due to the Covid-19 pandemic, he added. Sharma said that the new venture will look at leverage the “powerful Goodyear brand.”
“Each product is designed to enhance performance, reliability and longevity for customer use in vehicles,” he added.
“India has the highest number of two-wheelers in the world; two-wheelers enjoy 81% share in the automotive aftermarket lubricant segment. So, for any player to succeed, it has to focus on two-wheelers,” Sharma added.
Goodyear is collaborating with Assurance International Limited, which is part of India’s Satya Group, based in Gurugram, Haryana, India. Assurance International Limited is the official licensee of the Goodyear Tire & Rubber Company, USA, for Goodyear Lubricants in India and Southeast Asia.
Assurance International Limited, is a leading manufacturing and marketing company with presence in India, Nepal, Sri Lanka, Vietnam, Turkey, South Africa, UK, Middle East, Malaysia and Bangladesh. The company was established more than four decades ago with the primary focus of bringing to market specialty lubricants, motorbike oils, passenger car engine oils, transmission oils, hydraulic oils, pump set oils and CNG oils.
The lubricant products will be manufactured at two facilities in Hisar, Haryana and Mumbai, Maharashtra. Goodyear will provide research and development (R&D) support, while Assurance International will look after manufacturing, marketing, distribution and after-sales assistance to consumers.
Expected to launch in November under a licensing collaboration, the entire lubricant range will be manufactured, sourced and distributed in India to complement Goodyear’s tire product portfolio in India.
The company would focus on the aftermarket segment in Phase I and is looking to achieve between 4-5% market share by 2025 in the aftermarket segment. Phase II will involve tie ups with original equipment manufacturers (OEMs).