Pakistan Tire Market to Surpass USD 1.65 Billion by 2026
Rising sales of two wheelers and expanding fleet size of
vehicles to drive the Pakistan Tire market through 2026.
According
to TechSci Research report, “Pakistan
Tire Market By Vehicle Type (Two-Wheeler, Passenger Car, OTR, Light
Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Demand Category
(OEM & Aftermarket), By Tire Construction Type (Radial and Bias), By Sales
Channel (Offline and Online), By Price Segment (Ultra Budget, Budget, Premium),
By Region, Competition, Forecast & Opportunities, 2026”, Pakistan tire market is anticipated to reach USD 1.65 billion
at a CAGR of 8.47% by 2026 because of rapidly broadening
fleet size of vehicles. 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 has resulted in advancement of vehicle sales as well as expansion
of fleet size, leading to increase in the replacement demand for tires in Pakistan.
Also, high restoration rate has been witnessed due to poor infrastructure in
rural areas across the country. When vehicles are driven on poor roads, tires
tread wears down speedily and results in increased aftermarket tire demand. An
increasing number of new models of cars are being launched due to high interest
and choice among citizens in Pakistan. Consequently, various passenger car
manufacturers are asserting the introduction of new models with enhanced and
advanced safety features. The demand for two wheelers is going to remain high
in the near future, which is expected to boost the demand for tires in Pakistan
through 2026. However, during the COVID-19 outbreak, which led to economic crisis
in 2020, the country's automotive sales collapsed considerably. Following the
COVID-19, the tire market has again gained
some pace in Pakistan. Following a compelling reduction in production and sales
in recent months, vehicle production has resumed, with sales also increasing, which
has increased the demand for tires in the OEM category. Increased tires sales
via e-commerce websites are also benefiting the tires market.
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Pakistan tire market can be segmented based on demand
category, by vehicle type, by tire construction type, by sales channel, by
price segment and by region. On the basis of demand category, aftermarket tires dominate the
overall Pakistan tire market with around 72% of total market share in 2020. And
because of expanding fleet size of the vehicle, it is forecasted that the trend
is going to be the same in upcoming years also. On the basis of vehicle type, two-wheelers
tires are leading the Pakistan tire market with more than half of the total
market followed by passenger cars, OTR, LCV and M&HCV. In the forecast
period also, it is expected that two-wheeler tires will generate the highest
demand in terms of vehicle type in the Pakistan tire market. On the basis of
tire construction type, bias tires are monopolizing the Pakistan tire market
over radial tire with almost 77% of the market share. This is mainly due to the
expected increase in fleet of two wheelers in the forecast period.
Servis
Tyres, Panther Tyres Limited, The General Tyre and Rubber Company of Pakistan
Limited, Diamond Tyres Ltd., Goodyear Tire and Rubber Company, Others (Ghauri
Tyre & Tube Pvt Ltd, Yokohama Rubber Co. Ltd, etc.) are the key players in
the market. The key players are developing advanced
technologies and launching new products to stay competitive in the market.
Other competitive strategies include mergers and acquisitions, new product
developments. They are also increasing
their marketing activities and enriching product portfolio across the country to
increase their customer outreach.
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“In 2020, two-wheelers tires accounted for the largest share in Pakistan
tire market. This segment is expected to dominate in the future as well because
of rising sales and growing fleet size of two-wheelers in Pakistan.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Pakistan Tire Market By Vehicle Type (Two-Wheeler,
Passenger Car, OTR, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle), By Demand Category (OEM & Aftermarket), By Tire Construction Type
(Radial and Bias), By Sales Channel (Offline and Online), By Price Segment
(Ultra Budget, Budget, Premium), By Region, Competition, Forecast &
Opportunities, 2026” has evaluated
the future growth potential of Pakistan 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 Pakistan tire market.
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