Dublin, Oct. 19, 2021 (GLOBE NEWSWIRE) -- The "Pakistan Tire Market 2021"report has been added to ResearchAndMarkets.com's offering.
The Pakistan Tire Market is forecast to grow from USD1.00 billion in 2020 to USD1.65 billion by 2026, growing at a CAGR of 8.47% through 2026 due to rapid increase in the fleet size of vehicles, which is setting up the aftermarket demand for tires in Pakistan.
Rise in per capita income has led to strengthening of the purchasing capability as well as hike in living standard of Pakistan's population. This is resulting in expansion of vehicle sales as well as increase in fleet size and leading to growth in the demand restoration for tires in Pakistan.
Increasing demand for two-wheelers in Pakistan is also boosting two-wheeler production, especially motorcycles, which has led to the growth in the demand for two-wheeler tires as well. With the increase in population, number of people preferring personal mode of transportation for commuting is also increasing, which has led to an increase in sales of two-wheelers. Hence, driving the OEM demand for two-wheeler tires in Pakistan over the next five years.
However due to the imposition of lockdown across the country, following the COVID-19 outbreak, the sales of automobiles in the country declined significantly. 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 Pakistan Tire Market can be segmented based on demand category, by vehicle type, by tire construction type, by sales channel, by price segment and by region. On the basis of demand category, aftermarket tires dominate the overall Pakistan tire market with around 72% of total market share in 2020.
And because of increasing fleet size of the vehicle, it is expected that the trend will continue to be the same in near future also. On the basis of vehicle type, two-wheelers tires are leading the Pakistan Tire Market with share of more than 50% in 2020, followed by Passenger Car, OTR, LCV and M&HCV.
In the forecast period also, it is expected that the consumption of two-wheeler tires will be more than any other and will increase at a higher CAGR in comparison to other vehicle types. On the basis of construction type, bias tires are dominating the Pakistan Tire Market over radial tire with almost 77% of the total share. This is mainly due to increasing fleet of two wheelers.
Servis Tyres, Panther Tyres Limited, The General Tyre and Rubber Company of Pakistan Limited, Diamond Tyres Ltd., Goodyear Tire and Rubber Company, Ghauri Tyre & Tube Pvt Ltd, Yokohama Rubber Co. Ltd, etc. are key players in the market.
They are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisition and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Report Scope:
Years considered for this report:
- Historical Period: 2016-2019
- Base Year: 2020
- Estimated Year: 2021E
- Forecast Period: 2022F-2026F
Pakistan Tire Market, By Vehicle Type:
- Two-Wheeler
- Passenger Car
- Off the Road (OTR)
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicle (M&HCV)
Pakistan Tire Market, By Demand Category:
- Aftermarket
- OEM
Pakistan Tire Market, By Construction Type:
- Radial
- Bias
Pakistan Tire Market, By Sales Channel:
- Offline
- Online
Pakistan Tire Market, By Price Segment:
- Ultra Budget
- Budget
- Premium
Pakistan Tire Market, By Region:
- Punjab
- Sindh
- Khyber Pakhtunkhwa
- Others (Balochistan, Gilgit-Baltistan, etc.)
Companies Mentioned
- Servis Tyres
- Bridgestone Corporation
- The General Tyre and Rubber Company of Pakistan Limited
- Panther Tyres Limited
- Ghauri Tyre & Tube Pvt Ltd
- Diamond Tyres Ltd.
- Yokohama Rubber Co. Ltd
- Crown Tyres Limited
- Michelin
- Goodyear Tire and Rubber Company
For more information about this report visit https://www.researchandmarkets.com/r/ydj3rx
