Peru Tire Market to Witness Significant Growth During Forecast Period
Growing automobile sales
coupled with expanding vehicle fleet to drive Peru tire market through 2025
According
to TechSci Research report, “Peru
Tire Market, By Vehicle Type, By Sales Channel, By Radial Vs. Bias,
Competition, Forecast & Opportunities, 2025”, tire market in Peru is expected to witness significant
growth during the next five years on account of expanding vehicle fleet size, growing
infrastructure and construction sector in the country. Moreover, rising
disposable income is boosting demand for premium vehicles in the country, which
is expected to augment the demand for tires through 2025.
Economy of Peru relies heavily on mining sector and
medium & heavy commercial vehicles and OTR finds use in such verticals,
which is projected to positively influence the growth of tire market in Peru.
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Peru tire market can be segmented based on vehicle type, radial vs bias,
demand category and region. Based on the vehicle type, market can be segregated
into passenger car, two-wheeler, light commercial vehicle (LCV), medium &
heavy commercial vehicle (M&HCV) and off-the road (OTR) vehicle. Among
these, passenger car segment accounted for the largest share and the segment is
poised to register significant growth over the coming years as well, on account
of high demand for passenger cars in the country. Between radial and bias, bias
segment accounted for the largest share in 2019. This is due to the reason that
bias tires have thicker sidewalls offering more resistant to punctures, besides
being more cost effective.
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Compania
Goodyear del Peru SA, Pirelli Perú, Michelin Group, Yokohama Rubber Co. Ltd., Hankook
Tire & Technology Group, Kumho Tire Co., Inc., Continental AG, Sumitomo
Rubber Industries, Ltd., Toyo Tire Corporation, among others are the leading
players operating in the Peru tire market. The companies are adopting
strategies such as expansion in new locations, mergers & acquisitions and
product developments. With rising focus of these leading players on sales and
marketing activities, the tire industry in Peru is anticipated to witness
intensifying competition over the next five years.
“Tire
market in Peru is expected to witness significant growth over the next five
years on account of increasing purchasing power and expanding commercial
vehicle fleet size. Lack of proper public transport infrastructure and rapid
urbanization are also contributing to high sales of passenger car and
two-wheeler, consequently, driving the tire market in the country. Additionally,
the country has signed several FTAs with various countries, which is
anticipated to positively influence the growth of the market during forecast
period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Peru Tire Market, By Vehicle Type, By Sales Channel,
By Radial Vs. Bias, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Peru 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 decision. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in the Peru tire market.
Contact
Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
Email: [email protected]