Dublin, Oct. 15, 2021 (GLOBE NEWSWIRE) -- The "Brazil Tire Market, By Demand Category (OEM, Replacement), By Vehicle Type (Passenger Car, LCV, M&HCV, Two-Wheeler, OTR), By Construction Type (Radial and Bias), By Sales Channel (Offline and Online), By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Brazilian Tire Market is expected to grow from USD5.92 billion in 2020 to USD8.63 billion by 2026, growing at a CAGR of 6.29% in the next five years
Anticipated growth in the market can be attributed to an increase in the fleet size of vehicles which is boosting the after-market demand for tires in Brazil. The rise in per capita income has led to an increase in the purchasing power and growth in the living standard of Brazil's population.
This results in the growth of vehicle sales and expansion of fleet size, leading to growth in the replacement demand for tires in Brazil. The rise in demand for two-wheelers in Brazil is also boosting two-wheeler production, especially motorcycles, which augments the demand for two-wheeler tires as well. With an increasing number of people opting for personal mode of transportation for commuting, sales of two-wheelers will continue to grow in the coming years, thereby driving the OEM demand for two-wheeler tires in Brazil over the next five years.
However, 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. However, after the long and hugely negative effect of the COVID-19 lockdown, the tire market has again gained some pace in Brazil. After a big drop in production and sales in previous months, the production of vehicles has resumed now with sales also picking the pace, which is going to generate demand for tires in the OEM segment.
The Brazilian Tire Market can be segmented based on-demand category, by vehicle type, by construction type, by sales channel, and by region. On the basis of demand category, replacement tires dominate the overall the Brazilian Tire Market with more than 4/5th of total market share.
Owing to increasing fleet size of the vehicle, it is expected that the trend is continuing to be the same in the near future as well. On the basis of vehicle type, passenger car tires are leading the Brazilian Tire Market with more than half of the total market followed by LCV, M&HCV, Two-Wheeler, and OTR.
In the forecast period also, it is expected that passenger car tires will be in high demand than any other, but demand for two-wheeler tires will increase at a higher CAGR in comparison to other vehicle types. On the basis of construction type, radial tires are dominating in the Brazilian Tire Market over bias tires with almost 3/4th of the total share. This is mainly due to high consumption in passenger cars and because of increasing fleet of passenger cars it is expected that it will dominate the market in future as well.
Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Major players operating in the Brazilian Tire Market are
- Pirelli Pneus SA
- Michelin Pneus
- Bridgestone Americas Tire Operations, LLC
- The Goodyear Tire & Rubber Company
- Continental AG
- Rinaldi Tires
- Maggion Industrias de Pneus e Maquinas Ltda.
- Maxxis International
- Kenda Rubber Industrial Company, LTD.
- Technic Tires
Report Scope:
Years considered for this report:
- Historical Period: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Brazil Tire Market, By Demand Category:
- OEM
- Replacement
Brazil Tire Market, By Vehicle Type:
- Passenger car
- LCV
- M&HCV
- Two-Wheeler
- OTR
Brazil Tire Market, By Construction Type:
- Radial
- Bias
Brazil Tire Market, By Sales Channel:
- Offline
- Online
Brazil Tire Market, By Region:
- South East
- South
- North East
- Mid-West
- North
For more information about this report visit https://www.researchandmarkets.com/r/724z23
