Tire Market to Grow with a CAGR of 10.27% in Bangladesh through to 2028
The major drivers for the Bangladesh Tire Market include the
rapid growth of the automotive industry, increasing urbanization and
infrastructure development, and rising consumer purchasing power, which leads
to higher vehicle ownership and a growing demand for replacement tires.
According to TechSci Research report, “Bangladesh
Tire Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Bangladesh Tire Market stood at USD 50 Million in
2022 and is anticipated to grow with a CAGR of 10.27% in the forecast period,
2024-2028. The tire market in Bangladesh is currently experiencing robust
growth, driven by several key factors. Firstly, the rise in disposable income
has led to an increase in vehicle ownership among the population, resulting in
a significant expansion of the tire market. As more individuals can now afford
vehicles, there has been a surge in demand for tires, creating a positive
market outlook. Furthermore, the commercial sector in Bangladesh is
experiencing a remarkable surge in various industries, such as manufacturing,
retail, and e-commerce. This rapid growth has resulted in a substantial
expansion of transportation and logistics activities, necessitating a greater
number of commercial vehicles to meet the escalating demand. Consequently, the
tire market in the country has witnessed a significant upswing, as the
increased demand for commercial vehicles directly translates into a heightened
need for tires. This trend has not only boosted the overall tire market but has
also created new opportunities for tire manufacturers and suppliers in Bangladesh.
Furthermore, the market growth is also being propelled
by continuous innovations and advancements in tire technology. Energy-efficient
tires, for instance, have gained immense popularity due to their ability to
reduce fuel consumption, making them a preferred choice among vehicle owners.
Additionally, the development of tires with longer lifespans has not only
increased convenience for consumers but has also had a positive impact on the
growth of the tire market. In summary, the combination of increasing vehicle
ownership, a thriving commercial sector, and rapid advancements in tire
technology has created a fertile ground for the Bangladesh tire market to
flourish, presenting numerous opportunities for both manufacturers and
consumers alike. With the rising population and expanding economy, the demand
for tires is expected to grow exponentially, driving the need for innovative
solutions and high-quality products. As the automotive industry continues to
evolve, the tire market in Bangladesh is poised to keep pace with the changing
landscape, offering a wide range of options to meet the diverse needs and
preferences of consumers. From durable all-terrain tires for off-road
enthusiasts to fuel-efficient tires for environmentally conscious drivers, the
market caters to a variety of requirements. Moreover, with the increasing focus
on safety and performance, tire manufacturers are investing in research and
development to introduce cutting-edge technologies that enhance grip,
durability, and overall driving experience. As a result, the Bangladesh tire
market is not only witnessing a surge in demand but also witnessing a wave of
innovation, making it an exciting and promising industry for all stakeholders
involved.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "Bangladesh Tire Market”
The Bangladesh Tire Market is a thriving and dynamic
sector within the country's automotive industry, fueled by economic growth,
rising consumer demand, and evolving market trends. This market overview
provides insights into the current state of the Bangladesh Tire Market,
encompassing its size, key players, primary segments, growth drivers, and
challenges.
The Bangladesh Tire Market is witnessing substantial
growth, reflecting the nation's expanding automotive sector. Bangladesh has
experienced significant economic development, leading to a burgeoning middle
class with increased purchasing power. As a result, the demand for vehicles,
both two-wheelers and four-wheelers, has risen sharply. This growth in vehicle
ownership directly correlates with the need for replacement tires, contributing
significantly to the market's expansion. The continual expansion of the
automotive sector and the government's investments in infrastructure projects
are key factors driving the growth of the tire market.
The Bangladesh Tire Market features a competitive
landscape characterized by the presence of both domestic and international tire
manufacturers and suppliers. Prominent global tire manufacturers such as
Bridgestone, Michelin, Goodyear, and Continental operate alongside
well-established domestic companies like the Rangpur Foundry Limited (RFL)
Group and Rahimafrooz Distribution Limited. This blend of local and
international players provides consumers with a wide range of tire options,
catering to various preferences and needs. Competition among these players
enhances product innovation and quality.
The Bangladesh Tire Market encompasses various market
segments, each tailored to address distinct consumer needs and industrial
demands. The primary segments include passenger car tires, two-wheeler tires,
and commercial vehicle tires. Passenger car tires represent a significant share
of the market, offering a diverse array of tire types, sizes, and performance
characteristics to meet the varying preferences of Bangladeshi consumers. In
addition to passenger car tires, the two-wheeler segment is rapidly expanding
in Bangladesh. Motorcycles and scooters are becoming increasingly popular,
particularly in urban areas with congested traffic. This trend is driven by the
affordability and fuel efficiency of two-wheelers, making them a preferred mode
of transportation for many. Consequently, there is a substantial demand for
motorcycle and scooter tires.
The Bangladesh Tire Market is not only characterized
by its size and diversity but also by its response to emerging trends. Key
trends include the rapid growth of the two-wheeler segment, a preference for
fuel-efficient tires, the shift towards tubeless tires, the influence of digitalization
and e-commerce, the demand for all-season tires, and the trend toward
customization and aesthetics. These trends reflect changing consumer
preferences, environmental awareness, and the impact of technology on the tire
industry. As consumers seek more fuel-efficient and eco-friendly options, tire
manufacturers are investing in research and development to meet these evolving
demands.
In conclusion, the Bangladesh Tire Market is a dynamic
and evolving sector within the country's automotive industry. It is marked by
significant growth, a competitive landscape with a mix of global and domestic
players, and diverse market segments. Additionally, the market is responsive to
emerging trends, aligning with changing consumer preferences and technological
advancements. As the automotive sector continues to expand and consumer demands
evolve, the Bangladesh Tire Market is expected to remain a key player in the
nation's economic landscape.
Major companies operating in Bangladesh Tire Market
are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“The primary drivers for the Bangladesh tire market
are the increasing vehicle ownership, growth of the commercial sector, and
advancements in tire technology. The rise in disposable income has led to an
increase in vehicle ownership, thereby boosting the tire market. The
flourishing commercial sector, with a burgeoning demand for commercial vehicles
for transportation and logistics, is another major driver. Innovations and
advancements in tire technology, such as energy-efficient tires and tires with
longer lifespans, have also significantly contributed to the growth of the
market.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Bangladesh Tire Market – Bangladesh
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type (Passenger Car Light
Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three
Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category
Type (OEM, Replacement), By Region, Competition”, has evaluated
the future growth potential of Bangladesh Tire Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Bangladesh Tire Market.
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