TOKYO—Toyo Tire & Rubber Co. Ltd.'s near- and long-term growth strategies include measurable gains in market share in the SUV/CUV and medium truck tire sectors in North America, Toyo President Akira Nobuki said June 11.
Overall, the company hopes to achieve an earnings/sales ratio of 10 percent or better per year for the next several years, while boosting sales 9 percent a year through 2020. That growth will be underscored by expanding capacity at the firm's plant in White, Ga., Nobuki said, which will account for 30 percent of Toyo's global tire manufacturing capacity by 2016, up from 21 percent last year.
Referring specifically to the SUV/CUV sector, Nobuki sees the combined market share of the Toyo and Nitto brands rising to 6 percent by 2016 from 4.5 percent last year, bolstered by the firm's participation in various off-road racing series and the use of abundant digital content.
Nobuki sees North America accounting for half of Toyo's tire sales worldwide by 2016, up 4 to 5 percentage points from 2013/2014.
These mid-term 2014 objectives reflect accelerated progress of the firm's mid-term 2011 goals, Nobuki said, aided by the “tail wind of a favorable external environment, including correction of the strong yen and stabilization of raw material prices.”