Japan's Toyo Tire says it will implement brand strategy in China

According to the Japanese News Network on October 18th, Toyo Tire, which ranks fourth in Japan, issued a statement on the 17th that it plans to expand the Nitto Tire brand, which is mainly sold in North America, to the Chinese market. Toyo Tire's goal of expanding the market in China, the world's largest automotive market, is also an important step in opening up the market for developing countries.

According to reports, China's rapid economic growth has led to a significant increase in car demand. A Singaporean automotive tire company has set up a branch in Shanghai and is expected to achieve at least $100 million in performance by 2016. Similarly, Dongyang Tire is not willing to miss this huge potential market. President Kenzo Nakaji, who met with reporters in Tokyo, said that “the sales in China, where the automobile industry is making rapid progress, is the first step in Toyo Tire's global expansion strategy.”

According to reports, more than 90% of Nitto Tire, one of Dongyang Tire's brands, produces large-diameter tires larger than 17 inches. The factory is located in Sendai and the United States in northeastern Japan. With its unique design, its market share accounts for 75% in North America and 15% in the Middle East. There are also many enthusiastic supporters in Southeast Asia and Japan.

Today, more than 90% of Toyo Tire's main brand is "Toyo Tire." However, it is expected that by March 2016, the sales volume of the “Nito Tire” brand will increase to 2.6 times as much as the current 2.6 times. The sales ratio also increased from 9% in the same period in March 2011 to 15%. In addition, Toyo Tire will also accelerate its expansion strategy in markets such as Asia, South America, and Oceania.