Argentina Tire Market is Projected to be Valued USD 2.97 Billion by 2025

Expanding vehicle fleet size and increasing demand for replacement tires are some key factors expected to fuel the growth of Argentina tire market in next five years.

According to TechSci Research report, “Argentina Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Argentina tire market is estimated to witness a CAGR of around 5.55% in terms of value during the forecast period. Major factors propelling the growth of Argentina tire market are expanding vehicle fleet size and increasing demand for replacement tires. However, the automobile market of the country has been grappling due to economic instability, devaluation of Argentina Peso, high inflation and decreasing automobile exports over last few years. These factors led to decline in automobile sales and production during 2012 - 2014. Despite such a scenario in automobile sales, the country’s demand witnessed a rise during 2010-14 in volume terms. Moreover, revival in automobile sales production in the coming years coupled with favourable government policies are expected to drive the market growth through 2025.

Additionally, growing passenger car sales owing to rise in per capita income of the country is another key factor boosting the growth of Argentina tire market. Apart from that, introduction of advanced tires, technological innovation and entry of new market players are anticipated to augment the country’s tire market growth in coming years.

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Argentina tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the passenger car segment holds a dominant position in Argentina tire market and the trend is likely to continue during the forecast period as well on the back of increasing presence of passenger car manufactures in the country.  Based on tire type, Argentina tire market is split into radial vs bias tires. Among the two, radial tires are projected to dominate with a market share of 80.35% by 2025 as they offer flexible sidewalls and reduced fuel consumption due to less rolling resistance.

Leading market players in Argentina tire market are FATE S.A.I.C.I, Pirelli Neumaticos S.A.I.C, Michelin Argentina Co. Ltd., Bridgestone Argentina S.A.I.C., Neumaticos Goodyear SRL, Yokohama Rubber Company Limited, Kumho Tire Co. Inc, Continental AG, Hankook Tire Co. Ltd. and Toyo Tyre & Rubber Company Limited. Other growth strategies being adopted by leading tire brands operating in Argentina are product innovation, mergers & acquisitions, joint ventures, collaborations, and partnerships.

“Argentina is increasing its focus on tuning its monetary and fiscal policies to support economic growth. The government has also been planning to offer tax incentives to investors in Argentina, thereby attracting investments in the country. These factors are expected to support economic growth and aid in the recovery of Argentina automobile industry. Expected recovery in automobile production and sales, backed by tentative revival of macroeconomic factors is forecast to drive the country's tire market over the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Argentina Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Argentina tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Argentina tire market.

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