Iran Tire Market is Expected to Undergo a Substantial Growth in Coming Five Years

Continuous increase in tire demand from OEMs and replacement market is a major factor driving the growth of Iran tire market.

According to TechSci Research report, “Iran 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”, Iran tire market was valued USD 3.08 Billion in 2019 and is projected to undergo a 4.98% CAGR through 2025. Major factors propelling the growth of Iran tire market are improving economic condition of the country and continuous increase in tire demand from OEMs and replacement market. In  terms of automobile production, Iran is one of the largest markets in the Middle East region. After Iran refused to suspend its uranium enrichment program, the United Nation Security Council and P5+1 nations (China, France, Russia, the United Kingdom, and the United States; plus Germany) imposed various sanctions on the country. Over the years, sanctions have taken a serious toll on Iran's economy and industries, including tire. As a result, the tire market of the country witnessed a decline during 2011-2015. However, in July 2015, Iran signed a Joint Comprehensive Plan of Action (JCPOA) with P5+1 nations. Under this deal, Iran is instructed to cut down its nuclear enrichment activities, and in return, western powers would ease the sanctions imposed on the country. The move resulted in more than 475 project tenders being launched in 2014. Moreover, infrastructure projects worth more than $200 billion are also in pipeline in the country. All these factors are expected to drive the demand for tires in Iran over the next five years.

Iran 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. The vehicle fleet of the country is dominated by passenger car, followed by two-wheeler. Consequently, the passenger car tire segment held the largest share in the country’s tire market in 2019 with a market share of 72.99%. The segment is further is anticipated to maintain its dominance during the forecast period as well owing to increasing sale of passenger cars in the country. Based on demand category, the market is split into replacement vs OEM. Among the two, the replacement segment is expected to hold more than 70% market share in Iran tire market over the next five years.

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Leading market players in Iran tire market are Barez Industrial Group, Yazd Rubber Industries Complex (YRIC), Hankook Tire, Kumho Tire Co. Inc., Nexen Tire Co., Ltd., Cheng-Shin Rubber Ind. Co. Ltd. (Maxxis Tyres), Iran Tire Manufacturing Co., Pars Tire Co., Artawheel Tire Co. and Falken Tire Corporation. Among them, Barez, Goldstone, Yazd and Kavir are few of the major domestic tire manufacturing companies. Moreover, tire manufacturers are adopting growth strategies such as mergers & acquisitions, partnerships,  collaborations, joint ventures and new product launches.

“Over the last few years, various international tire brands like Bridgestone, Continental, Michelin etc. had restricted their operations in the country due to imposed sanctions on Iran. Consequently, over the course of last few years, tire market in Iran has been dominated by domestic tire companies like Barez Tire, Kavir tire, Yazd Tire, etc. Easing of sanctions is expected to trigger re-entry of leading international players into the country, which would reduce the market dominance of domestic tire manufacturers in Iran in the coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Iran 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 Iran 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 Iran tire market.

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