Tire Market in Iran to Grow at 12% till 2021
Anticipated economic revival
due to lifting of sanctions by the western countries coupled with expanding
automotive fleet to drive sales of tires in Iran.
According to recently released TechSci Research report, “Iran
Tire Market Forecast & Opportunities, 2021”, tire
market in Iran is anticipated to grow at a CAGR of over 12% during 2016-2021. Anticipated growth in the automobile production and sales is one of the
major factors expected to boost tire sales over the next five years in the
country. Moreover, lifting of sanctions by the western countries and anticipated
economic revival are further anticipated to augment
demand for tires in the country through 2021.
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The UN Security Council and P5+1 nations (China, France,
Russia, the United Kingdom, and the United States; plus Germany) imposed
various sanctions on the country after Iran refused to suspend its uranium
enrichment program. Freedom to export and import automobiles and tires was
restricted for Iran with the imposition of these sanctions. However, due to
Multilateral Talks between Iran and P5+1 nations, most of the sanctions on the
country have been lifted, and a Joint Comprehensive Plan of Action (JCPoA) has
been signed by both the sides in July 2015. This move is expected to boost the automobile as well as tire market
in Iran in the coming years.
In Iran, construction sector is forecast to grow during 2016-2021, which
is being backed by various major projects slated for completion in the coming
years and having a cumulative worth of US$ 200 billion. Moreover, housing
demand in the country is forecast to reach 1.2 million units by 2020. Besides
that, the country’s motorization rate, which stood at 170 vehicles per 1000
individuals in 2014, is expected to grow in the coming years, with the overall
automobile fleet in the country having increased at a CAGR of 5.75% during
2010-2014. All these factors are expected to positively influence tire market in
Iran over the next five years.
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“Barez, Goldstone, Yazd and Kavir are few of
the major domestic tire manufacturing companies, while Hankook, Kumho, Continental,
Bridgestone and Michelin are the major global tire companies operating in Iran.
Owing to restrictions on the operations of various major
international tire brands in Iran, domestic tire brands dominated the country’s
tire market during 2011-2015. However, with the lifting of sanctions, various
global companies are planning to enter or re-enter the country’s tire market,
which is a huge positive for the country’s automobile industry, including the
tire market.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Iran Tire Market Forecast &
Opportunities, 2021” has evaluated the future growth potential of
tire market in Iran, and provides statistics and information on market
structure, imports and trends. The report is intended to provide cutting-edge
market intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities available in Iran tire market.
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