A fifth of the agency’s revenue comes from overseas, a quarter of which comes from Europe.

Indian tire maker Ceat expects its business in Europe to double in the next two to three years as a result of a series of anti-dumping duties imposed by developed countries on Chinese tires. To capitalize on this further, Ceat also plans to participate in the growing North American market.

Managing Director Anant Goenka, in a recent interview with The Economic Times, said international demand is strong and the company has huge opportunities for overseas growth. “We can more than double our European sales in two to three years.”

He added: “The US and Europe have imposed anti-dumping duties on Chinese tires, which is why we are very optimistic about our international business.”

Goenka expects the international business to grow at a CAGR of 20% in the coming years.

This will also provide breathing space for international companies. When the company was established, high input costs put pressure on margins and affected domestic demand. Prices of rubber and crude oil have been rising recently and the company attributes is Rs 200 million loss in the October-December quarter to high input costs.

A fifth of the company’s revenue comes from overseas, a quarter of which comes from Europe.

Goenka He said that in order to increase sales on the continent, Ceat plans to enter markets such as Germany and France and introduce new tire varieties in existing markets.

Meanwhile, the company is developing a range of tires for the United States and expects to have 12 tires in the future To 18 ready in a month, he said.

Demand for off-road tires is also strong in the region, Goenka said. “Currently, there is a severe shortage of off-road tires in the market. Our production capacity is fully utilized.” He added that the company will strengthen its manufacturing capabilities in the off-highway segment.