Colombia Tire Market is Expected to grow at 4.67% CAGR by 2025
Expanding
fleet size and favorable government policies are some key factors expected to drive
the growth of Colombia tire market in next five years.
According to TechSci Research report, “Colombia
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”, Colombia tire market is forecast to
witness a CAGR of around 4.67%, in terms of value during the forecast period.
Key factors propelling the growth of Colombia tire market are expanding vehicle
fleet, increase in sales &production of automobiles, and favourable
government policies. Furthermore, automobile market in Columbia is expanding at
a nominal rate which in turn is fuelling the demand for tires in the country. Despite
the fluctuating oil prices, oil being an important part of the country’s exports,
Columbia tire market is expected to continue to grow and develop on account of
strong fiscal policies through 2025.
Additionally, increasing population coupled with growing
urbanization, which was 76.4% of total population in 2015, is boosting the
demand for automobiles in the country and consequently positively influencing
the country’s tire market. Apart from that, growing per capita income, rapidly expanding middle class population and
launch of new vehicle models are some of the other major factors which are
anticipated to augment the growth of Colombia tire market in coming years.
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Colombia 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 is anticipated to dominate the
Columbia tire market with 40.16% market share by 2025. However, two-wheelers
account for around two-third of the country’s vehicle fleet, due to which the
demand for two-wheeler tires is also high in the country. Based on demand
category, Columbia tire market can be split into replacement vs OEM. The replacement
tire market in Colombia accounted for more than 94% of the market share in 2019,
and the dominance of this segment is expected to continue during the forecast
period as well.
Leading market players in Colombia tire market are Goodyear
de Colombia SA, Industria Colombiana de Llantas S.A., Hankook Tire Colombia
Ltda., Toyo Tire & Rubber Company, Bridgestone De Colombia, S.A.S (Bsco), Continental
Tire Colombia S.A.S, Pirelli de Colombia SAS, Giti Tire Pte. Ltd., Triangle
Tyre Co. Ltd. and Hangzhou Zhongce Rubber CO., LTD. These top four companies
are mostly popular for the radial tires that they offer. Other key growth
strategies being implemented by tire manufacturers are new product launches,
collaborations, mergers & acquisitions and joint ventures.
“Growing replacement tire demand and increasing sales of
automobiles such as passenger car and commercial vehicle are boosting the
demand for tire market in Colombia. The increasing investments in agriculture
sector is also creating high demand for commercial vehicles in the country and
thereby supporting the growth of tire market.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
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“Colombia 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 Colombia 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 Colombia
tire market.
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