Brazil Tire Market to Surpass BRL 21.9 billion by 2021
Increasing sales of vehicles coupled with constantly
expanding automotive fleet to drive Brazil tire market through 2021
According to TechSci Research report, “Brazil
Tire Market Forecast & Opportunities, 2021”, tire market in Brazil is forecast to cross
BRL 21.9 billion ($6.5 Bn) by 2021, on account of recovering domestic demand, growing
automobile sales and favorable government policies. Moreover, increase in population
from 200.51 million in 2011 to 207.84 million in 2015 is driving demand for tires
in the country. With the presence of major tire companies like Rinaldi,
Michelin, Pirelli, Sumitomo, Titan, etc., Brazil is one of the most competitive
tire markets in Latin America.
Passenger car tire segment
dominated Brazil tire industry during 2011 – 2015, and the segment is expected
to maintain its dominance during the forecast period as well on account of
increasing passenger car production by global car manufacturers in the country.
Fiat, Volkswagen, General
Motors, Ford, Renault and Hyundai are some of the major passenger car brands available
in Brazil. In 2015, south-east region accounted for the largest share in
the country’s tire market, followed by north-east and south regions.
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“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. This
program is slated for completion by 2017. Under this program, automobile
manufacturers would be encouraged to invest in Brazil to produce efficient,
safe and technologically advanced vehicles.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Brazil
Tire Market Forecast & Opportunities, 2021” has analyzed the potential of Brazil tire market, and provides statistics and information
on market sizes, shares and trends. The report will suffice in providing
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by the
industry.
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