Brazil Tire Market to Cross $6.7 billion by 2022
Increasing
vehicle sales coupled with constantly expanding automotive fleet to propel Brazil
tire market through 2022
According to TechSci Research report, “Brazil
Tire Market Forecast &
Opportunities, 2022”, the country’s tire market is projected to reach $6.7 billion by 2022, on
account of recovering automobile sales, expanding automobile fleet size and
consistently increasing tire prices. Moreover, as per the World Bank, Brazil’s Gross
National Income (GNI) per capita increased from USD14,750 in 2012 to USD15,050 in
2015, which, in turn, has positively impacted purchasing power of consumers in
the country.
Moreover, the country’s population increased from 202 million in 2012 to 207
million in 2015. Increasing purchasing
power and growing population are anticipated to drive Brazil tire market through
2022.
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With a volume share of over 50%, passenger car tire segment dominated Brazil
tire market in 2015. Other major vehicle segments in Brazil tire market include
two-wheelers, light commercial vehicles and medium & heavy commercial
vehicles. In
2016, South East region accounted for the largest share in the country’s tire
market, on account of large vehicle fleet size and high population density
in the region.
Other major demand generators for tires in the country include North East,
South and Central West. Further, improving political scenario, coupled with implementation
of favorable fiscal and regulatory policies is projected to boost growth in the
country’s automotive sector in the coming years. This is also anticipated to
augur well for the country’s tire market in coming years.
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“Rising GDP growth, and
growing government spending on construction and infrastructure sectors is
projected drive growth in the country’s automotive sector in the coming years.
This is also anticipated to boost growth in the country’s tire market and
Brazil is anticipated to attract huge investments from various American countries
in coming years. Additionally, increasing government focus towards
infrastructure developments is projected to boost demand for commercial
vehicles as well as related tires over the course of next five years. This is
anticipated to augur well for the country’s tire market through 2022.”, said
Mr. Jaspreet Singh, Consultant – Automotive Practice with TechSci Research, a
research based global management consulting firm.
“Brazil
Tire Market Forecast & Opportunities, 2022” has analyzed the potential of Brazil tire
market, and provides information and statistics on market structure, imports
and trends. The report intends in providing 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 industry.
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