Argentina Tire Market is Projected to be Valued USD 2.97 Billion by 2025
Expanding
vehicle fleet size and increasing demand for replacement tires are some key
factors expected to fuel the growth of Argentina tire market in next five years.
According to TechSci Research report, “Argentina
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”, Argentina tire market is estimated to
witness a CAGR of around 5.55% in terms of value during the forecast period.
Major factors propelling the growth of Argentina tire market are expanding
vehicle fleet size and increasing demand for replacement tires. However, the
automobile market of the country has been grappling due to economic
instability, devaluation of Argentina Peso, high inflation and decreasing
automobile exports over last few years. These factors led to decline in
automobile sales and production during 2012 - 2014. Despite such a scenario in
automobile sales, the country’s demand witnessed a rise during 2010-14 in
volume terms. Moreover, revival in automobile sales production in the coming
years coupled with favourable government policies are expected to drive the
market growth through 2025.
Additionally, growing passenger car sales owing to rise
in per capita income of the country is another key factor boosting the growth
of Argentina tire market. Apart from that, introduction of advanced tires,
technological innovation and entry of new market players are anticipated to
augment the country’s tire market growth in coming years.
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Argentina 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 passenger car segment holds a dominant position in
Argentina tire market and the trend is likely to continue during the forecast
period as well on the back of increasing presence of passenger car manufactures
in the country. Based on tire type,
Argentina tire market is split into radial vs bias tires. Among the two, radial
tires are projected to dominate with a market share of 80.35% by 2025 as they
offer flexible sidewalls and reduced fuel consumption due to less rolling
resistance.
Leading market players in Argentina tire market are FATE
S.A.I.C.I, Pirelli Neumaticos S.A.I.C, Michelin Argentina Co. Ltd., Bridgestone
Argentina S.A.I.C., Neumaticos Goodyear SRL, Yokohama Rubber Company Limited, Kumho
Tire Co. Inc, Continental AG, Hankook Tire Co. Ltd. and Toyo Tyre & Rubber
Company Limited. Other growth strategies being adopted by leading tire brands
operating in Argentina are product innovation, mergers & acquisitions,
joint ventures, collaborations, and partnerships.
“Argentina is increasing its focus on tuning its monetary
and fiscal policies to support economic growth. The government has also been
planning to offer tax incentives to investors in Argentina, thereby attracting
investments in the country. These factors are expected to support economic
growth and aid in the recovery of Argentina automobile industry. Expected
recovery in automobile production and sales, backed by tentative revival of
macroeconomic factors is forecast to drive the country's tire market over the next
five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
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“Argentina 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 Argentina 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 Argentina tire market.
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