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.
Competitive Landscape
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
Market Segmentation: