Chile's tire market is growing at a robust rate owing to the factors such as burgeoning domestic demand, expanding fleet size along rising government inclination toward electric vehicles in order to reduce carbon emission are some of the factors. Moreover, a significant rise in the sales of two-wheeler and passenger cars due to the growing discretionary income of the people, increasing government spending on infrastructural developments, and growing investments in the construction sector thus augmenting the demand for medium & heavy commercial vehicles and OTR vehicles. Thus, this is anticipated to propel the growth of the tire market in the forecast period.
According to MarkNtel Advisors’ research report “Chile Tire Market Analysis, 2020”, the Chile Tire market is anticipated to grow at a considerable CAGR during 2021-26F. Based on Type of Tire, the Radial tire segment acquired a considerable market share in 2019. This is due to rising consumer preference towards radial tire as it helps in lessen fuel consumption and it provides strength & durability.
“Chile Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Tire providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Passenger Cars Acquired the Majority Market Share
By Vehicle Type, Passenger Cars acquired the majority market share in the Chile Tire market in 2019. The growth of the segment is attributed to increasing per capita income increases the demand for passenger cars, burgeoning demand for SUVs along with an escalating number of nuclear families, and growing government focus on encouraging the automotive industry. However, the outbreak of COVID-19 has affected the sales of passenger cars in the country. According to OICA, the sales of passenger cars decrease to 6871 in March 2020 from 11,461 in March 2019. Thus, the sales and demand for passenger cars are projected to gain pace at a steady rate in the near future as stated in MarkNtel Advisors’ research report “Chile Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Chile Tire market are Goodyear Tire & Rubber Company, Pirelli Neumaticos Chile LTDA, Michelin Group, Yokohama Rubber Co. Ltd, Hankook Tire & Technology Group, Kumho Tire Co., Inc., Continental AG, Sumitomo Rubber Industries, Ltd., Toyo Tire Corporation, etc.
Key questions answered in the study: