Press Release Description
Rapidly Growing EV Adoption to Boost the Tire Market in Brazil
According to a recent research report by MarkNtel Advisors, the Brazil Tire Market is expecting around 1.8% CAGR during 2022-27, mainly due to the increasing vehicle fleet size across Brazil owing to improved living standards of people, i.e., leading to their surging interest in private ownership of vehicles. It, in turn, is demonstrating a rising production & sales of tires and driving the market.
Besides, the mounting government focus on infrastructure developments & industrialization, i.e., displaying increasing requirements for commercial vehicles for various activities, is instigating the demand for robust OTR tires for enhanced operational efficiency & vehicle safety in critical tasks and, in turn, positively influencing the market growth.
Moreover, the surging adoption of EVs (Electric Vehicles) to curb the alarming carbon emission levels is another prominent aspect contributing to the growing fleet size of vehicles in Brazil. It, in turn, is generating lucrative prospects for tire manufacturers to develop & distribute electric vehicle tires throughout the country and augment the overall market growth, further states the research report, “Brazil Tire Market Analysis, 2022.”
Easy Availability & Affordability of Two-Wheelers to Drive the Tire Market in Brazil
Amongst all vehicle types, two-wheelers are witnessing the maximum demand in Brazil and expect the largest share in the tire industry during 2022-27. It attributes to the growing consumer inclination toward buying two-wheelers for easy local commute owing to their easy availability & affordability. Besides, the surging traffic congestion in the country is another prominent aspect contributing to the increasing sales of two-wheelers and, in turn, fueling the overall market growth.
The leading companies operating in the Brazil Tire Market include Continental, Bridgestone, Cooper Tire & Rubber Company, Hankook Tire, Goodyear, Seccional Commercio International Ltda. (YOKOHAMA), Sociedade Michelin de Participacoes Industria e Comercio Ltda, Sumitomo Rubber Industries Ltd., Pirelli Tire, and Titan.
Key Questions Answered in the Research Report
- What are the current & future trends in the Brazil Tire Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across Brazil, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Brazil Tire Market?
- What are the customer orientation, purchase behavior, & expectations from tire manufacturers across Brazil?
- By Type of Vehicles (Two Wheelers, Three Wheelers, Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road (OTR) Vehicles)
- By Demand Category (OEM, Aftermarkets)
- By Type of Tire (Radial, Bias)
- By Sales Channel (Dealer/Distributor, Online)
- By Season (All-Season, Summer)
- By Price Category (Budget, Economy, Premium)
- By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
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