Pirelli to Lead South America Tire Market until 2023
Recovering sales of
vehicles coupled with expanding automotive fleet to drive South America tire
market through 2023
According to TechSci Research report, “South America Tire Market By Vehicle Type, By Demand
Category, By Radial Vs. Bias, By Country, Competition Forecast &
Opportunities, 2013 – 2023”, tire
market in South America is projected to reach $ 15.89 billion by 2023, on
account of recovering automobile sales, expanding automobile fleet size and
consistently increasing tire prices. Moreover, growing population and increasing
purchasing power are anticipated to push the sales of automobiles in the
region, which in turn would fuel the region’s tire market. Various
multinational companies like Pirelli, Bridgestone, Goodyear, Michelin, Continental,
Hankook, etc., are expected to further increase the market competition. Collaborations
with leading South America vehicle manufacturers coupled with Pirelli’s strong
sales network across the region would enable the company to continue its market
dominance through 2023.
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Pages and an in-depth TOC on "South America Tire Market"
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Accounting for nearly half of the
region’s tire market in 2017, passenger car tire segment is expected to maintain
its market dominance in the coming years as well, backed by growing sales of
passenger cars in the region. On account of unstable political environment,
automobile as well as tire companies have been facing challenges in conducting
their operations in the region over the last few years. However, with the region
gradually regaining political stability coupled with better fiscal and
regulatory policies, the economic growth of the region would pick up its pace during
the forecast period. Owing to which, the automotive sector is expected to
thrive in South America. This in turn would have a positive impact on the
region’s tire market.
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“With the region’s constantly rising GDP growth
rate, industries in South America are expected to attract huge foreign investments
in the coming years, which would increase the government spending on the
earlier stagnant, construction and infrastructure sectors. Governments’ focus
towards the development of infrastructure industry would augment the demand for
commercial vehicles, and consequently, tires over the course of next five
years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“South America Tire Market By Vehicle Type, By Demand Category, By Radial Vs. Bias, By Country,
Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market across the South America region, and
provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyses emerging trends along with essential
drivers and key challenges faced by the industry.
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