The seating segment in the automotive industry is evolving rapidly, with increasing demand for innovative and comfortable solutions. In this interview, we spoke to Sanjeev Soni, Chairman Meenakshi Polymers, a leading seating manufacturer to gain insights into their market strategy, expansion plans, and future outlook. The discussion covered various aspects, including their presence in different seating categories, customer base, new product launches, and their perspective on electric vehicles (EVs).
Q: How do you see the seating segment evolving? Meenakshi Polymer is known for its expertise in seating. What is your focus in this area?
We are deeply involved in the seating segment, catering to two-wheelers, four-wheelers, and buses. In the bus seating category, we have strong partnerships with several reputed clients, including Ashok Leyland and Maruti Suzuki. We are also actively involved in tractor seating and exports, especially for lawnmowers. Additionally, we are introducing innovative plastic seating concepts for buses, which is a new direction for us.
Q: Can you provide an overview of your company’s presence in the seating industry?
Our company has established itself as a major player in the seating industry, covering multiple vehicle categories, including two-wheelers, four-wheelers, buses, and even tractors. We have built strong relationships with key OEMs and bodybuilders, and we continuously expand our market reach. Our commitment to innovation and market adaptation positions us as a key stakeholder in the industry.
Q: What is your company’s focus within the bus seating segment?
We are significantly invested in the bus seating segment and have built strong associations with major bus manufacturers such as Ashok Leyland, and Tata Motors. Additionally, we have diversified our portfolio by securing a foothold in the tractor seat market and expanding our exports to include seating solutions for lawnmowers.
A recent development within our product line includes plastic seats, which are gaining traction due to their lightweight and durable nature. This shift aligns with evolving industry trends, and we remain optimistic about the potential of plastic seating solutions.
Q: Who are your key customers, and how do you maintain your market presence?
We cater to a diverse customer base, including both Original Equipment Manufacturers (OEMs) and bodybuilders. Among our key OEM partners are Tata Motors and another major bus manufacturer. In addition to OEMs, we also serve transporters and bodybuilders, ensuring a wide market reach. This diversified customer base allows us to maintain a stable market presence and sustain long-term growth.
Q: What new products or innovations has your company introduced recently?
We have recently introduced a new bus seat model, further expanding our product portfolio. This addition reflects our commitment to continuous innovation and meeting the evolving needs of our customers. Furthermore, we are actively exploring opportunities in the EV segment, particularly within the two-wheeler sector. However, as of now, we are not working on seating solutions for four-wheeler electric vehicles.
Q: What is your market outlook for the next five years?
We have ambitious growth plans, targeting to double our growth over the next few years, aiming for an annual growth rate of 20-30%. To achieve this goal, we are focusing on backward integration, which will help improve our margins in an increasingly competitive market. Once we establish a strong foundation in this area, we plan to explore new opportunities beyond our existing product lines.
Q: Can you share details about your company’s expansion plans?
We are currently undergoing significant expansion. We are setting up new manufacturing plants in Kathmandu, Ahmedabad, and Pune. The Pune plant, in particular, will focus on seating solutions, emphasizing bus and two-wheeler seats. These expansion efforts reflect our commitment to increasing production capacity, enhancing efficiency, and strengthening our presence in key markets.
Q: What has been your experience with the passenger car seating segment?
While we have previously explored the passenger car seating market, we have found it to be highly challenging. Established car manufacturers prefer to work with their long-term suppliers, making it difficult for new entrants to secure a strong foothold. As a result, we have decided to focus on other vehicle categories where we can leverage our expertise more effectively.
Q: What is your company’s approach to the EV and electric bus industry?
We are actively investing in the EV sector, particularly in the development of plastic parts, aluminum casting, and other essential components for electric vehicles. We have designed multiple components, including motor covers, armrests, and handles, to cater to various customer requirements.
Recognizing the importance of research and development (R&D), we have allocated approximately INR 3 crore towards innovation. This investment ensures we stay ahead in technology and product development, reinforcing our position in the evolving EV market. While we do not have immediate plans to launch a dedicated EV component manufacturing plant, we remain open to future expansions in this sector as demand continues to grow.
Q: What is your perspective on the electric Bus industry?
Currently, the electric bus market is still in its growing stage. While major manufacturers like Tata Motors have showcased electric Bus at exhibitions. The seating industry is witnessing dynamic changes, with growing demand for innovative and ergonomic solutions across various vehicle categories. Our company remains at the forefront of this transformation, focusing on expansion, innovation, and market diversification.
Our strong foothold in the bus, two-wheeler, and tractor seat segments, along with our ongoing investments in R&D and new manufacturing plants, positions us well for future growth. As the EV sector continues to evolve, we are strategically positioning ourselves to capitalize on emerging opportunities.
The insights from this interview highlight our commitment to innovation, expansion, and sustained market leadership. We look forward to continuing to shape the future of seating solutions in the automotive industry.