Press Release

Colombia Tire Market is Expected to grow at 4.67% CAGR by 2025

Expanding fleet size and favorable government policies are some key factors expected to drive the growth of Colombia tire market in next five years.

According to TechSci Research report, “Colombia 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”, Colombia tire market is forecast to witness a CAGR of around 4.67%, in terms of value during the forecast period. Key factors propelling the growth of Colombia tire market are expanding vehicle fleet, increase in sales &production of automobiles, and favourable government policies. Furthermore, automobile market in Columbia is expanding at a nominal rate which in turn is fuelling the demand for tires in the country. Despite the fluctuating oil prices, oil being an important part of the country’s exports, Columbia tire market is expected to continue to grow and develop on account of strong fiscal policies through 2025.

Additionally, increasing population coupled with growing urbanization, which was 76.4% of total population in 2015, is boosting the demand for automobiles in the country and consequently positively influencing the country’s tire market. Apart from that, growing per capita income, rapidly expanding middle class population and launch of new vehicle models are some of the other major factors which are anticipated to augment the growth of Colombia tire market in coming years.

Browse 86 Figures and 5 Tables spread through 159 Pages and an in-depth TOC on "Colombia Tire Market"

Colombia 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 is anticipated to dominate the Columbia tire market with 40.16% market share by 2025. However, two-wheelers account for around two-third of the country’s vehicle fleet, due to which the demand for two-wheeler tires is also high in the country. Based on demand category, Columbia tire market can be split into replacement vs OEM. The replacement tire market in Colombia accounted for more than 94% of the market share in 2019, and the dominance of this segment is expected to continue during the forecast period as well.

Leading market players in Colombia tire market are Goodyear de Colombia SA, Industria Colombiana de Llantas S.A., Hankook Tire Colombia Ltda., Toyo Tire & Rubber Company, Bridgestone De Colombia, S.A.S (Bsco), Continental Tire Colombia S.A.S, Pirelli de Colombia SAS, Giti Tire Pte. Ltd., Triangle Tyre Co. Ltd. and Hangzhou Zhongce Rubber CO., LTD. These top four companies are mostly popular for the radial tires that they offer. Other key growth strategies being implemented by tire manufacturers are new product launches, collaborations, mergers & acquisitions and joint ventures. 

“Growing replacement tire demand and increasing sales of automobiles such as passenger car and commercial vehicle are boosting the demand for tire market in Colombia. The increasing investments in agriculture sector is also creating high demand for commercial vehicles in the country and thereby supporting the growth of tire market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Colombia 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 Colombia 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 Colombia tire market.


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Colombia Tire 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, Forecast & Opportunities,

Automotive | Oct, 2023

The major drivers for the Colombia Tire Market are increasing vehicle sales and ownership, a growing middle-class population, and investments in road infrastructure, leading to higher demand for tires.

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