Brazil Tire Market is Projected to Undergo 6.97% CAGR in Next Five Years
Increasing per capita income and growing domestic
demand for automobiles are some key factors expected to fuel the growth of Brazil
tire market in coming years.
According to TechSci Research report, “Brazil
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”, Brazil tire market is forecast to witness 6.97% CAGR
in terms of value by 2025 on account of increasing per capita income, growing
domestic demand for automobiles along with implementation of favourable government
policies. The government of Brazil is focusing on developing the country’s
infrastructure and industrial sectors in addition with taking various
initiatives to enhance automobile manufacturing capacity in the country. This
is in turn anticipated to boost the demand for automobiles and thereby propel
growth in the country’s tire market during the forecast period. Moreover,
measures such as credit expansion for loans taken by the Brazilian government
is boosting the country’s tire market.
Furthermore, recovering automobile sales, expanding automobile fleet
size and consistently increasing tire prices are some other major factors which
are augmenting the growth of Brazil tire market. The increasing purchasing
power of consumers and growing population of the country are also expected to
fuel the demand for tires in upcoming years.
Browse 77 market data Figures and Tables
spread through 159 Pages and an in-depth TOC on "Brazil Tire Market"
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Brazil 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 dominated Brazil tire market in 2019 and is
expected to continue its dominance during the forecast period as well. The
reasons can be attributed to expanding passenger car fleet size and increasing
passenger car sales in the country. Moreover, growing demand for two-wheelers
and commercial vehicles, on account of their widespread use in transportation,
infrastructure developments and construction sectors, is also expected to drive
growth in demand for tires in the country through 2025.
Based on demand category, Brazil tire market is categorized into
replacement vs OEM. Among the two, replacement segment dominated the market in
2019 and is further expected to maintain its dominance through 2025 on account
of their lower life-cycle cost.
Leading market players in Brazil tire market are Sociedade Michelin de
Participacoes Industria e Comercio Ltda., Goodyear Do Brasil Produtos De
Borracha Ltda, Bridgestone Do Brasil Industria E Comercio Ltda, Continental do
Brasil Produtos Automotivos Ltda., Rinaldi S/A Indústria de Pneumáticos, MAGGION
Pneus & Camaras, Titan Pneus Do Brasil Ltda, Sumitomo Rubber do Brasil Ltda,
Hankook Tire Do Brasil Servicos DeIntermediacao De Negocios Noramo De Pneus
Ltda. and Seccional Commercio International Ltda. (YOKOHAMA). Key growth
strategies being adopted by top manufacturers are product innovation, mergers
& acquisitions, collaborations and joint ventures.
“The government of Brazil has played an important role in boosting the
automobile sector of the country. In October 2012, the Federal government of
Brazil started an initiative to stimulate manufacturing of automobiles in the
country, named Inovar Auto. Under this program, automobile manufacturers are
encouraged to invest in Brazil to produce efficient, safe and technologically
advanced vehicle. Increasing vehicle sales and growing demand for replacement
tire are anticipated to positively influence the tire market of Brazil.,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
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“Brazil
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 Brazil 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 Brazil tire market.
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