Argentina Tire Market to be Dominated by the Passenger Car Segment Until 2028
According to TechSci Research report, “Argentina Tire
Market - By Region,
Competition Forecast & Opportunities, 2018-2028,” The Argentina tire market is
anticipated to open new opportunities in the coming years. The market will also
expand because of a sharp increase in demand for tires for electric vehicles.
Argentina's tire market has been expanding at a consistent rate in recent
years. Several factors, including the rise in vehicle manufacturing, the
strengthening of the nation's economy, and the rising need for high-quality
tires in the area, may be credited for this growth. The passenger car sales in
the country have increased from 3,20,605 units in 2021 to 2,60,876 units in
2022 and in the forecast years passenger cars sales will rise and this will
lead to rise in demand of tires as well. Similarly, green tires are also impacting
the market's growth, as the increasing use of green tires in the electric
vehicle sector is anticipated to create new demand for tires for the industry.
As carbon emission standards climb and each country has established its own
standards, the need for smart and environmentally friendly tires will increase
in the years to come. All this will lead to move towards sustainable tires in
the forecast years, leading to the rise in tire demand in the forecast years.
Electric cars need special tires to support the weight of the battery while
also reducing rolling resistance and boosting range. As more manufacturers
enter the market, it is getting increasingly competitive for tires for electric
cars.
This trend is
being driven by the increased focus on sustainability and the demand for
environmentally friendly products. Electric cars need special tires to support
the weight of the battery while also reducing rolling resistance and boosting
range. As more manufacturers enter the market, it is getting increasingly
competitive for tires for electric vehicles, due to rising passenger vehicle
demand and expanding road infrastructure throughout the anticipated period. The
size of the vehicle fleet is also increasing because of the rising per capita
disposable income, which is again a significant growth factor for the Argentina
tire industry. Additionally, advantageous government policies are probably
going to boost industry expansion in the upcoming years. Other important
factors boosting the growth of the tire market in Argentina include technical
advancement and the entrance of new competitors.
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Argentina Tire Market can be
segmented based on Vehicle type, by demand category, by tire construction type and
by region. Based on Vehicle type, the market is segmented into Passenger Cars,
Two-Wheeler, LCV, M&HCV, and OTR. The Passenger Cars segment has the
highest market share in the vehicle type and in the forecast years, it is
expected to maintain a higher market share. Similarly, LCV, M&HCV, OTR
segment has the higher replacement rate so the demand for such tires will also
rise in the forecast years. Based on demand category, the market is segmented
into OEM and Replacement. The replacement segment has a higher share in the
commercial vehicles compared to the passenger vehicles in the country.
Similarly, the market is further divided by tire construction type into radial
and bias. By region, the market is divided into The Andes, the North, the
Pampas, and Patagonia.
Some of the
major companies operating in the Argentina Tire
Market include:
·
Pirelli
Neumaticos S.A.I.C
·
Michelin
Argentina Co. Ltd.
·
Bridgestone
Argentina S.A.I.C.
·
Neumaticos
Goodyear SRL
·
FATE
S.A.I.C.I
·
Yokohama
Rubber Company Limited
·
Kumho
Tire Co. Inc
·
Continental
AG
·
Hankook
Tire Co. Ltd.
·
Toyo
Tyre & Rubber Company Limited
These are the key players in the tire market in Argentina
and these companies are implementing competitive strategies which include
mergers with the research and development firms, new product developments, and
marketing activities to increase customer outreach. These companies are also
focusing on meeting the regulations of different regional governments and are
also partnering with different research bodies to stay competitive in the
market.
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“The Argentina tire market is expected to grow at a steady
growth rate and in the forecast years, the growing demand for electric vehicles
and the rising replacement rate of tires is also expected to fuel the market
growth. Similarly, the government sustainable initiatives are also expected to
promote growth for the green tires in the country” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Argentina Tire Market, By Vehicle Type (Passenger Car,
Two-Wheeler, LCV, M&HCV, OTR), By Demand Category (OEM and Replacement), By
Tire Construction Type (Radial and Bias), and Region Competition Forecast &
Opportunities, 2018-2028F” has evaluated the future growth
potential of Argentina 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 global Argentina
Tire Market.
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