Bangladesh Tire Market to Grow with a CAGR of 10.27% Through 2030
The growing demand for automobiles, increasing infrastructure
development, and rising consumer preference for durable tires are the factors
driving the market in the forecast period 2026-2030.
According to TechSci Research report, “Bangladesh Tire Market -
By Region, Competition, Forecast & Opportunities, 2030F”, the Bangladesh Tire market was valued at USD 60.65 Million in 2024 and
is expected to reach USD 109.03 Million by 2030 with a CAGR of 10.27% during
the forecast period. The Bangladesh tire market is experiencing robust growth,
with the expansion of industrial and infrastructure activities being a key
factor. The increase in commercial transport, particularly in the logistics and
delivery sectors, is driving the demand for durable, high-performance tires.
Another contributor is the rising vehicle manufacturing in the country, spurred
by foreign investments, which is increasing the demand for local tire
production. The government's push for "Made in Bangladesh" products
is supporting local manufacturing and reducing dependency on imports.
The tire market in Bangladesh is further influenced by increasing
consumer demand for high-performance tires due to rising road safety awareness
and vehicle longevity needs. As road conditions improve, consumers are seeking
tires that provide better traction, handling, and durability. Additionally,
advancements in tire technology are gaining traction, with innovations such as
run-flat tires and tires designed for electric vehicles gaining popularity. The
development of a domestic tire industry is crucial to reducing reliance on
imports, with local manufacturers exploring opportunities for technological
upgrades and increasing production capacity. However, challenges remain, such
as inadequate infrastructure for tire waste management and recycling, which could
limit the industry's long-term sustainability.
Despite these growth factors, the market is hampered by challenges such
as the lack of advanced manufacturing technologies and limited research and
development in tire innovation. There is also a growing need for better
recycling systems to manage tire waste, which has become a rising concern for
both environmentalists and the government. Further, the fragmented nature of
the market, with many small and medium-sized players, leads to stiff
competition and price sensitivity. Consumers still prioritize affordable
options, which limits the penetration of premium tires. However, as the market
matures, consumer awareness of the benefits of high-quality, long-lasting tires
is gradually increasing, providing a growth opportunity for premium tire
manufacturers.
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in-depth TOC on the "Bangladesh Tire Market"
The Bangladesh Tire Market
is segmented into Vehicle Type, Tire Construction Type, Demand Category, and Region.
Based on vehicle type,
two-wheelers was expected to be the fastest-growing segment in Bangladesh’s
tire market in 2024. The affordability and versatility of two-wheelers make
them a popular choice among urban and semi-urban populations, where they serve as
the primary mode of transportation for commuting and delivery services.
Increasing fuel prices have further accelerated the shift toward two-wheelers,
given their superior fuel efficiency. This growth is supported by the rising
adoption of e-commerce, which relies on two-wheeler fleets for last-mile
deliveries. Moreover, the availability of affordable financing options and the
expanding network of two-wheeler dealerships contribute to their increasing
ownership. The replacement tire market for two-wheelers also shows strong
potential, driven by frequent tire wear due to high usage and varied road
conditions.
Based on region, Chattogram was anticipated to be the fastest-growing market for tires in 2024. As a major
port city and the country’s industrial hub, Chattogram supports a high density
of commercial vehicles and two-wheelers essential for freight and logistics
operations. The growing industrial base in the region drives the demand for
commercial vehicles, while urbanization and an increasing workforce contribute
to the rising use of two-wheelers for commuting. The strategic location of
Chattogram as a gateway for imports and exports further amplifies the need for
reliable transportation solutions, fueling the demand for tires across various
segments.
Major market players
operating in Bangladesh Tire market are:
- Apollo Tyres Limited
- Bridgestone
Corporation
- CEAT
Limited
- Continental
AG
- JK Tyre & Industries
Limited
- Michelin
- MRF
Limited
- The
Goodyear Tire & Rubber Company
- Zhongce Rubber Group Co., Ltd.
- Yokohama
Rubber Company Limited
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“The tire market in Bangladesh is witnessing robust growth driven by
increasing two-wheeler ownership, rising demand for commercial vehicles, and
ongoing infrastructure development. This growth reflects the country’s rapid
urbanization and evolving transportation needs"/ said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management
consulting firm.
"Bangladesh Tire Market By Vehicle Type (Passenger Cars, Commercial
Vehicles, Two-Wheelers), By Tire Construction Type (Radial, Bias), By Demand
Category (OEM, Replacement), By Region, Competition, Forecast & Opportunities, 2030F”, evaluates the future
growth potential of Bangladesh Tire market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in the Bangladesh Tire market.
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