Expanding vehicle fleet size and increasing demand for replacement tires are some key factors expected to fuel the growth of the Argentina tire market in next five years.
According to TechSci Research report, “Argentina Tire Market By Vehicle Type (Passenger Car, Two-Wheeler, LCV, OTR, and M&HCV), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias) By Region, Forecast & Opportunities, 2016-2026”, Argentina tire market was valued at USD1.32 billion in 2020 and it is estimated to witness a CAGR of 6.80% in terms of value during the forecast period to reach USD1.92 billion in 2026. Major factors propelling the growth of the 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. Moreover, revival in automobile sales production in the coming years coupled with favorable government policies are expected to drive the market growth through 2026.
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 the coming years.
Due to the imposed lockdown, following the COVID-19 outbreak, which resulted in economic instability in 2020, the sales of automobiles in the country dropped significantly. Furthermore, the declaration of lockdown to cope with spreading infection, almost all the automotive factories, showrooms and workshops were closed, resulting in a colossal production decline. However, Argentina’s government has acknowledged the impact of COVID-19 on the financial outputs of the current year. Various initiatives have been planned and rolled out to cope with the pandemic’s trade deficit to boost the economy of Argentina. To protect the vulnerable people of the country, the Government proposed a timely, targeted and time bound fiscal package focused on social assistance.
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Argentina tire market is segmented based on vehicle type, demand category, tire construction type and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, and two-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 construction 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 around 80% by 2026 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. Moreover, due to increase in competition, every brand is trying to offer the best that it can. Manufacturers are understanding the varying needs of customers and to meet the evolving demand with respect to better ride quality, better traction, safety, better fuel efficiency and durability, they are increasingly focusing on providing new technological advancements in their two-wheeler tire offerings.
“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, Two-Wheeler, LCV, OTR, and M&HCV), By Demand Category (OEM and Replacement), By Tire Construction Type (Radial and Bias) By Region, Forecast & Opportunities, 2016- 2026” 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 the Argentina tire market.
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