CEAT climbs 10 places in 2022 Brand Finance rankings

CEAT, Sri Lanka’s highest-selling pneumatic tyre brand, has been ranked the Most Valuable Brand in the tyre category and has advanced 10 places in the latest brand value rankings published by Brand Finance, the world’s leading brand valuation consultancy.

In its 2022 rankings, Brand Finance has valued the CEAT brand at Rs.2.922 billion for this year, an impressive 44 percent more than the value assigned in 2021 and ranked CEAT at No 38 in its list of the 100 most valuable brands in the country, which include the largest banks, telecommunications services providers and retail giants.

The CEAT brand has also retained its ‘AAA-’ brand rating from Brand Finance for 2022. This is the second highest rating awarded to consumer brands in Sri Lanka this year.

Commenting on the Brand Finance ranking assigned to the CEAT brand, C E AT K e l a n i H o l d i n g s M a n a g i n g Director Ravi Dadlani said, “Adversity is the best test of mettle. Since the start of the global pandemic, the CEAT brand has achieved a cumulative advancement of 15 places in the Brand Finance Top 100 rankings and brand value has more than doubled since 2020. Such growth, in one of the most challenging periods in memory, is a remarkable feat and a source of confidence in these uncertain times.”

The manufacturer of half of Sri Lanka’s pneumatic tyre requirements, CEAT Kelani Holdings is considered one of the most successful Indiasri Lanka joint ventures. The joint venture’s cumulative investment in Sri Lanka to date exceeds Rs.8 billion and another Rs.3.2 billion has been committed in 2022 for expansion of volumes, technology upgrades and new product development. The company’s manufacturing operations in Sri Lanka encompass tyres in the radial (passenger cars, vans and SUVS), commercial (nylon and radial), motorcycle, threewheeler and agricultural vehicle segments.

The CEAT brand accounts for market shares in Sri Lanka of 48 percent in the radial segment, 80 percent in the truck category, 84 percent light truck tyre category, 51 percent in the threewheeler tyre segment, 36 percent in the motorcycle tyre segment and 72 percent in the agricultural vehicle tyre category. CEAT Kelani exports about 20 percent of its production to 16 countries in South Asia, the Middle East, Africa and the Far East.