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.
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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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