Bangladesh Tire Market Expected to Witness a Substantial Growth Through 2025
Increasing
automobile sales and growth-oriented government policies are some key factors expected
to fuel the growth of Bangladesh tire market in next five years.
According to TechSci Research report, “Bangladesh
Tire Market By Vehicle Type (Passenger
Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015-
2025”, Bangladesh tire market is projected to undergo
a CAGR of around 7.08% during the forecast period. Key factors propelling the
growth of Bangladesh tire market are increase in automobile sales, ongoing
improvements in public infrastructure, and growth-oriented government policies.
Moreover, the government of Bangladesh has laid special emphasis on enhancing
the road infrastructure of the country, which has been instrumental in driving
vehicle sales in the country and thus fuelling the growth of tire market. Currently,
tire industry in Bangladesh is largely dependent on imports from other
countries like India, China, Japan and Indonesia due to scarcity of raw
material (natural rubber) and lack of indigenous tire production units as well
as skilled labour. However, several global tire giants have expressed interest
in making significant investments by setting up their manufacturing units in Bangladesh
which is expected to boost the Bangladesh tire market growth through 2025.
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spread through 115 Pages and an in-depth TOC on "Bangladesh Tire Market"
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Bangladesh tire market is segmented based on vehicle
type, demand category, radial vs bias and region. Based on vehicle type, the
market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler
and three -wheeler. Among them, the two wheeler tire remains the dominant
segment in overall tire market in Bangladesh as majority of the country’s
population comes under low income group and increased sales of two wheeler. The
trend is expected to continue over the forecast period as well. Based on demand
category, Bangladesh tire market is split into OEMs vs replacement. Among the
two, the replacement segment held dominant position in Bangladesh tire market
until 2019 and is further expected to continue its dominance through 2025 owing
to increased average life of vehicles and growing miles driven per year.
Leading market players in Bangladesh tire market are CEAT
Bangladesh Limited, Bridgestone Corporation, Dunlop Tyres, MRF Limited, Rahimafrooz
Bangladesh Ltd., Gazi Group, Yokohama Rubber Company, Birla Tyres, Apollo Tyres
and JK Tyres. Japanese tyre brands like Yokohama and Bridgestone are popular
among consumers in Bangladesh. Moreover, CEAT established its manufacturing
plant in Bangladesh recently. Key growth strategies being adopted by market
leaders are new product launches, joint ventures, mergers & acquisitions
and collaborations.
“The future of Bangladesh tire market is bright as the
country is witnessing increasing sale of passenger cars each year. However, the
country largely lacks in tire manufacturing set ups, which leads to tire imports
from other countries as the only feasible option to cater the growing demand.
The company largely imports tire from China, India, Indonesia, Thailand and
Japan. This reflects an opportunity for local companies to set up indigenous
manufacturing base in Bangladesh and also enables foreign players to set up
their localized production facilities to capture significant market share.
Increase in local manufacturing units will generate employment as well as help
Bangladesh’s infrastructure and economy to grow.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
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“Bangladesh Tire Market By Vehicle Type (Passenger Car,
LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM
Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015-
2025” has
analyzed the potential of Bangladesh tire market, and provides information and
statistics on market structure, size and trends. The report is designed to provide
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 Bangladesh
tire market.
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