Tyre manufacturer TVS Srichakra, known for its Eurogrip brand, is developing advanced fuel-efficient tyres tailored for electric vehicles (EVs), primarily targeting the Indian market. The share of new products has steadily grown, contributing 35% of revenue in FY24, up from 22% in FY21, largely due to recent launches in premium and electric two-wheeler segments.
P Madhavan, Executive Vice-President of Marketing & Sales at TVS Srichakra Ltd, emphasized that their premium tyres for bikes above 150cc, backed by Indian manufacturing and global testing, have solidified their position in both domestic and international markets. “In the last three years, we’ve introduced over 40 new products, shifting our focus from traditional commuter tyres to high-performance and off-road models to address evolving market needs,” he noted.
The brand’s global expertise has played a key role in its growth, with a design center in Milan, Italy, and rigorous testing conducted across Europe, Japan, and India. This has helped Eurogrip Tyres establish itself as a premium brand. Their entry into premium segments was further boosted by government policies restricting imports from certain multinational companies, allowing Eurogrip to capture a larger market share.
Since the Milan facility’s inception, it has developed around 120 products, handling product design, concept engineering, material development, and validation. “This facility is integral to Eurogrip’s global R&D efforts,” said V Sivaramakrishnan, Chief Technology Officer of TVS Srichakra Ltd. The company’s two R&D centers, located in Milan and Madurai, Tamil Nadu, employ over 90 engineers who handle around 250 projects annually and hold more than 40 patents.
As electric vehicles (EVs) continue to grow in popularity, Eurogrip has launched a line of low-rolling resistance tyres specifically designed for EVs. The company has positioned itself as a leader in India’s electric two-wheeler market, securing about 18 original equipment manufacturer (OEM) approvals. Madhavan also noted that their EV tyres are supplied to all major electric two-wheeler brands in India, and Eurogrip is the exclusive tyre supplier for Bajaj’s new CNG-powered bike.
New Product Segments
Looking ahead, the ₹2,934 crore (consolidated) company aims to enhance its product offerings through a three-pronged strategy. This involves integrating advanced technologies to improve key performance aspects such as dry grip, wet grip, rolling resistance, durability, and drag. “While some of our product lines already meet this high standard, we are working to ensure an average performance score of 9 out of 10 across all products,” said Sivaramakrishnan.
The company is committed to developing a new generation of tyres focused on wear resistance and fuel efficiency. A key objective is reducing rolling resistance, a critical factor in improving electric vehicle efficiency.
Eurogrip plans to cut rolling resistance by 10% over the next 6 to 12 months, enhancing the mileage per charge for EV users. Eurogrip also plans to expand its product range and strengthen partnerships with OEMs in the premium tyre segment, with new launches specifically designed for electric vehicles, including electric motorcycles.
