According to MarkNtel Advisors’ research report, “Brazil Light Commercial Vehicle Tire Market Analysis, 2021,” the market is likely to witness around 8% CAGR during the forecast period, i.e., 2021-26. The swiftly growing e-commerce industry in Brazil, coupled with heavy dependence on import & export for electronic appliances, spices, and accessories for the automobiles industry, has provided tremendous growth opportunities for light trucks & pickup vans in the past few years. Hence, based on these aspects, the Brazil LCV Tire Market shall witness significant growth during 2021-26.
Moreover, the expansion of e-commerce companies during the Coronavirus pandemic that happened last year also created a demand for LCVs, which, in turn, escalated the market growth of radial tires. For instance: in 2020, Amazon expanded its distribution space in Brazil and opened three more logistic centers to enhance its product reach to all corners of the country.
Key Questions Answered in the Study
Economy Tires Dominated the Brazil Light Commercial Vehicle Tire Market with the Largest Share
Brazil Light Commercial Vehicle Tire Market has three price categories, viz. Budget, Premium, and Economy. The economy tires were the major contributors to the market in the previous few years, followed by Budget and Premium. Budget Tires are relatively economical than Premium and Economy Tires. Hence, their demand among consumers has propelled over the years. Besides, the low-cost Chinese manufacturers present in the Brazilian market have limited sales as the country has been proactively applying anti-dumping duties intermittently since 2010 to avoid any market disruption.
“Brazil Light Commercial Vehicle Tire Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Light Commercial Vehicle Tire providers across the country. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Replacement Segment to Hold the Largest Market Share During Forecast Period
The replacement segment is likely to acquire significant market share in the Brazil Light Commercial Vehicle Tire Market. Brazil has the largest circulating fleet in Latin America and includes 2 million trucks and around 400,000 buses. Moreover, with the increased focus on reducing vehicle emissions, the country is planning to introduce electric light trucks, which will positively impact the replacement demand for tires in the years to come. Also, the second half of 2021 is likely to experience the presence of around 100 locally produced units in Sao Paulo and Rio de Janeiro, reveals MarkNtel Advisors in their research report, “Brazil Light Commercial Vehicle Tire Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the Brazil Light Commercial Vehicle Tire Market are Bridgestone, Continental, Michelin, Goodyear, Brasil Produtos Automotive Ltda, Pirelli, Yokohama, Apollo, etc.