TVS Srichakra Ltd, operating under the brand name TVS Eurogrip, is poised to build on its success in emerging product segments, including premium two-wheeler and electric two-wheeler tyres, through a comprehensive strategy aimed at maximising the growing contribution of new products to its overall revenue.
Over the past five years, Eurogrip has transformed its product lineup from primarily bias, tube-type and tubeless tyres to a diverse selection of high-performance and niche offerings.
The share of new products has risen steadily, contributing 35 per cent of revenue in FY24, compared to 22 per cent in FY21, driven largely by recent launches in the premium and electric two-wheeler categories.
P Madhavan, Executive Vice-President of Marketing & Sales at TVS Srichakra Ltd, highlighted that their premium tyre offerings for bikes above 150cc, supported by Indian manufacturing and global testing, have strengthened their position in both domestic and international markets. “In the past three years, we have introduced over 40 new products, shifting our focus from conventional commuter tyres to high-performance and off-road models to meet evolving market demands,” he said.
The brand’s investment in global expertise has been vital to its growth. With a design centre in Milan, Italy, and extensive testing conducted across Europe, Japan, and India, TVS Tyres has established itself as a premium tyre brand in the market. The company’s entry into premium segments was further accelerated by government policies that limited imports from certain multinational companies, enabling TVS Eurogrip to capture a significant market share.
Since its establishment, the Milan facility has developed about 120 products, overseeing tasks such as product design, concept engineering, material compound development, and validation.
R&D centres
“This facility plays a crucial role in Eurogrip’s global R&D efforts,” said V Sivaramakrishnan, Chief Technology Officer of TVS Srichakra Ltd. The two R&D centres — located in Milan and Madurai (Tamil Nadu) — employ over 90 engineers and manage around 250 projects annually, holding more than 40 patents.
As electric vehicles continue to rise in popularity, TVS Eurogrip has introduced a dedicated line of low-rolling resistance tyres specifically designed for EVs. The company has established itself as a leader in the Indian electric two-wheeler market, having received about 18 original equipment manufacturer (OEM) approvals for its products. Madhavan noted that their EV tyres are supplied to all major electric two-wheeler brands in the country, and TVS Eurogrip also serves as the exclusive tyre supplier for Bajaj’s recently launched CNG-powered bike.
New product segments
Looking ahead, the ₹2,934 crore (consolidated) company aims to enhance its new product segments through a three-pronged strategy. It focuses on integrating advanced technologies to improve critical performance metrics, including dry grip, wet grip, rolling resistance, durability, and drag. “While some of our product lines have already met this high standard, we are striving for a consistent average performance score of 9 out of 10 across all offerings,” Sivaramakrishnan said.
The company is committed to developing a new generation of tyres that emphasize wear resistance and fuel efficiency. A key focus area will be reducing rolling resistance, a crucial factor in enhancing the overall efficiency of electric vehicles. Eurogrip aims to achieve a 10 per cent reduction in rolling resistance within the next 6 to 12 months, thereby improving mileage per charge for EV users, he said.
TVS Eurogrip is also set to expand its product range and strengthen partnerships with original equipment manufacturers (OEMs) in the premium tyre segment, with plans to launch new tyres specifically designed for electric vehicles, including electric motorcycles.
