Industry News

Bridgestone Plans Expansion of Canadian Tire Plant

Canada: Bridgestone has announced expansion of production capacity of its car and light truck tire plant based in Joliette in Canada. Moreover, with this expansion plan, the company is expected to increase the size of the existing plant to 1.13 million square feet. The entire plan is scheduled to stretch over a period of five years with the aim of producing 20,000 tires per day by 2023. In addition to this, the new equipment installed within the plant would help the company to widen its product mix by addition of 18 - 22 inch SKUs.

“Our investment in updated equipment and improved manufacturing processes reflects our ongoing commitment to identifying new, cost-effective and innovative ways to serve consumers, dealers and original equipment manufacturers. Canada continues to represent an important market for our company, and this investment represents a tremendous opportunity for Bridgestone, Joliette, the Lanaudiere region and the North American markets by enhancing the long-term viability of this facility,” said Robert Verreault, Manager for Joliette plant.

According to a recent report published by TechSci Research,” Canada Tyre Market Forecast & Opportunities, 2020Canada tire market is forecast to increase at a CAGR of around 6% until 2020. Large vehicle fleet and growing hybrid vehicle sales would be the major factors driving Canada tire market over the forecast period. Passenger car tire market is the dominant segment followed by commercial vehicle tire segment and two-wheelers tire segment. Further, the replacement tire segment leads OEM tire segment by huge margins and it is anticipated that this trend will continue through the forecast period. Michelin, Goodyear and Bridgestone have domestic production facilities in the country, while all other players cater to the growing demand for tires through their sales and marketing offices in Canada. Michelin, Hankook, Goodyear and Bridgestone are leading players in Canada tire market.

TechSci Research believes that, by expansion of their production capacity in Canada, the company will successfully cater to the rising demand for tires in the country. Moreover, supported by this move, the company is anticipated to widen their consumer base across both OEM and replacement segments, which in turn, is expected to support the market share of the company in Canada Tire Market.

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