By Denna Bowman
Cooper tyres is banking on a robust demand from China to generate at least 30% of its global sales within the next three years.
This year China overtook the US as the world’s biggest auto market and Cooper aims to boost the sale of its tyres there up from 25%.
Allen Tsaur, general manager for Cooper tyres Asia operations, said: “That’s our minimum target.
“The Chinese domestic market is explosive and the pie is expanding. We have to grow fast to keep up the pace.”
China has been a major bright spot this year amid a steeper-than-expected global industry downturn, as government incentives sent vehicle sales to record monthly highs, according to Reuters.
Cooper’s sales in China are estimated to exceed $600 million this year, up as much as 20 percent from 2008, Tsaur told the news agency in an interview, and he is hoping for growth of 20 to 25 percent in 2010.
He expected continued solid auto sales in China next year, although the pace of growth would slow because of a much higher comparative base after an estimated 40 percent rise in sales this year.
Tsaur is also optimistic about the prospects for the replacement tyre market due to continued growth in car ownership in China.