The elevation of automotive sales is strongly contributing to the growth of the tire market in Brazil. The tire sales are led primarily by rising per capita income of the consumers in the country along with the increasing automobile fleet size in the region. The automotive sales in Brazil increased from 1,667,832 units in 2016 to 2,282,982 units in 2019. Moreover, the upsurge in the construction activities in Brazil is expected to positively impact the demand for MHCV and OTR tires in the forthcoming period.
According to the MarkNtel Advisors’ research report, “Brazil Tire Market Analysis, 2020”, the tire market in Brazil is set to surge at a CAGR of around 1.8% during 2020-25. The replacement tire garnered a considerable market share in the Brazil tire market in 2019 due to the surging sales of passenger and light commercial vehicles along with the frequent wear and tear of the tires hence, placing the demand for the replacement tires
The higher inclination towards the adoption of radial tires
The radial tire holds the majority market share in the Brazil tire market. The ability of radial tires to consume less fuel due to less rolling resistance along with flexible sidewalls in comparison to bias tire has strongly contributed to the growth of the radial tire market. Moreover, the radial tire is mostly deployed in passenger cars.
The passenger cars captured a significant market share in the Brazil tire market in 2019. The increasing population and rise in per capita income of customers is expected to positively impact the demand for passenger cars. The increasing production of a passenger car is anticipated to strongly contribute to the growth Brazil tire market in the forthcoming period. The production of passenger cars surged from 1,720,584 units in 2018 to 1,850,109 units in 2019.
Moreover, the market of commercial vehicles is projected to rapidly grow in the forthcoming years due to the acceleration in the production of commercial vehicles. The production of the commercial vehicle elevated from 307,532 in 2018 to 331,847 in 2019.
According to the MarkNtel Advisors, the major leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Pirelli, and Titan among others. In order to gain a competitive edge over the market, the companies are coming up with the advanced technology in a tire to boost their market in the region. For instance, in 2016, Bridgestone has launched new tire for agricultural application in Brazil.
“Brazil Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Tire providers across the country. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Radial and Bias)
4. By Sales Channel (Dealer/Exclusive stores, Online and Others)
5. By Season (All season and Summer)
6. By Price Category (Budget- Up to USD90, Economy- USD91-USD140, Premium- Above USD140)
7. By Rim Diameter (Upto 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”)
8. By Region (North, South, Southeast)
9. By Company (Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Sumitomo, Maggion, Titan and Pirelli)
Key questions answered in the study:
1. What are the current and future trends of the Brazil tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Brazil tire market industry?
6. What are the customer orientation, purchase behavior, and expectations from tire suppliers across various regions?