Brazil Tire Market to Grow at 6.29% CAGR by 2026
Increasing sales of two wheelers and growing fleet size of
vehicles to drive the Brazil Tire Market through 2026.
According
to TechSci Research report, “Brazil Tire Market By Demand Category (OEM,
Replacement), By Vehicle Type (Passenger car, LCV, M&HCV, Two-Wheeler, OTR),
By Construction Type (Radial and Bias), By Sales Channel (Offline and Online),
By Region (South East, South, North East, Mid-West and North) Competition, Forecast
& Opportunities, 2026”, Brazil tire market is anticipated to reach USD8.63 billion
at a CAGR of 6.29% by 2026 because of increasing fleet
size of vehicles which is boosting the after-market demand for tires in Brazil.
The increase in per capita income has resulted in an increase in purchasing
power as well as a rise in the population's standard of living. This is
resulting in growth of vehicle sales as well as expansion of fleet size,
leading to growth in the replacement demand for tires in Brazil. Also, high
replacement rate is being witnessed due to poor infrastructure in rural areas
across the country. When vehicles are driven on poor roads, tires’ tread wears down
quickly, resulting in increased aftermarket tire demand in the region. An
increasing number of new models of cars are being launched due to high interest
and preference among the Brazilian citizens. Consequently, various passenger
car manufacturers are emphasizing the introduction of new models with enhanced
safety features. The demand for passenger cars is going to remain high in the
near future, which is expected to further boost the demand for tires in Brazil
through 2026. However, during the COVID-19 outbreak, which led an economic crisis
in 2020, the country's automotive sales plummeted considerably. However, after the long and hugely negative effect of COVID-19 lockdown,
the tire market has again gained some pace in Brazil. Following a significant
reduction in production and sales in recent months, vehicle production has
resumed, with sales also rising up, resulting in increased demand for tires in
the OEM category. Increased tire sales via e-commerce websites are also helping
the tire market to develop after the COVID-19 outbreak.
Browse more than 44 market data Figures and 2 tables spread through 100 Pages and an in-depth TOC on "Brazil Tire Market"
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Brazil tire market can be segmented based on demand
category, by vehicle type, by construction type, by sales channel, and by
region. On the basis of demand category, replacement tires dominate the overall
Brazil tire market with more than 4/5th of the total market share. Owing to the
increasing fleet size of the vehicle, it is expected that the trend will be the
same in near future as well. On the basis of vehicle type, passenger car tires
are leading the Brazil tire market with more than half of the total market
followed by LCV, M&HCV, Two-Wheeler and OTR. In the forecast period, it is
expected that passenger car tires will be consumed more than any other, but
two-wheeler tires will increase at a higher CAGR in comparison to other vehicle
types. On the basis of construction type, radial tires are dominating in Brazil
tire market over bias tire with almost 3/4th of the total share. This is mainly
due to high consumption in passenger cars and because of increasing fleet of
passenger cars it is expected that it will dominate the market in future also.
Pirelli Pneus SA, Michelin Pneus, Bridgestone
Americas Tire Operations, LLC, The Goodyear Tire & Rubber Company are
among some
of the leading players operating in the Brazil tire market. Apart from these
companies, Continental AG, Rinaldi Tires, Maggion Industrias de Pneus e Maquinas
Ltda., Maxxis International, Kenda Rubber Industrial Company, LTD., and Technic
Tires. are the
key players developing advanced technologies and
launching new products to stay competitive in the market. Other competitive
strategies include mergers and acquisitions, new product developments and also increase their marketing activities and
enrich the product portfolio across the country to increase their customer
outreach.
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“In 2020, passenger car tires accounted for the largest share, i.e., 61.45%
in Brazil tire market and it is expected to dominate in the forecast period as
well. In the forecast period also, it is expected that passenger car tires will
dominate because of increasing sales and growing fleet size of passenger cars
in Brazil.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Brazil Tire Market By Demand Category (OEM,
Replacement), By Vehicle Type (Passenger car, LCV, M&HCV, Two-Wheeler, OTR),
By Construction Type (Radial and Bias), By Sales Channel (Offline and Online)
By Region (South East, South, North East, Mid-West and North) Competition, Forecast
& Opportunities, 2026” has evaluated
the future growth potential of Brazil Tire Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Brazil tire market.
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