Press Release Description

Two Wheeler Segment Led the Bangladesh Tire Market

Bangladesh is considered to an emerging economy and is witnessing increased investments in all sectors including automobiles. The tire sales in the country are expected to witness a paradigm shift with the rising purchasing power of individuals and growing investments and joint ventures of foreign players. The country has the potential to become an export destination in the future owing to the modernization of ports, growth in greenfield investments, etc. The sales of two-wheelers are growing at an astronomical pace in the country. Thereby, positively impacting the tire sales in the category.

According to the MarkNtel Advisors’ research report, the “Bangladesh Tire Market Analysis, 2020”, the country’s tire market is expected to be around 2.4% in terms of units sold during 2020-25.

Replacement Demand Held the Larger Share

The demand for replacement tires from end-users in Bangladesh has been steady over the past couple of years. The domestic manufacturing of automobiles in the country remains quite low. Although, the imports are stipulated through quotas the number of registered vehicles has been rising year on year. On account of the slow transformation towards local manufacturing, the share of replacement tires is set to grow during 2020-2025. Total vehicle fleet size till March 2018 was around 34,19, 884.

The two-wheeler market segment held the major market share in 2019, with the rising sales of two-wheelers and existing vehicles in the country. The demand for tires is also mushrooming. The sales of passenger cars declined in 2018, which totaled to be around 21,959 as compared to 5,160 in 2018 till march. Moreover, the total sales in 2016 were around 416, 410 as compared to 420,398 in 2017.

With the combined presence of Japanese, Chinese and US tire brands operating in the country, vast dealers network offer them to easily cater to the needs of the consumers as revealed by, “Bangladesh Tire Market Analysis, 2020”

According to the MarkNtel Advisors, the major leading players are Bridgestone, Goodyear, and Dunlop Tires, Continental, Yokohama, Michelin, Hankook, Toyo, JK Tires, Apollo Tires, and MRF tires among others.

In 2017, the Indian tire manufacturers CEAT tires announced to set up a tire manufacturing unit in Bangladesh. The company entered into a joint venture with AK Khan for the initial establishment of the plant for capital around USD 67 million.

“Bangladesh 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 Bangladesh Tire market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.

Industry Segmentation
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 Region (North, South, West, Queensland, New South Wales, Victoria)
7.    By Price Category (Budget, Economy, Premium)
8.    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”)
9.    By Company (Bridgestone, Goodyear, and Dunlop Tires, Continental, Yokohama, Michelin, Hankook, Toyo, JK Tires, Apollo Tires, and MRF Tires)

Key questions answered in the study:
1.    What are the current and future trends of the Bangladesh 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 globe? 
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 Bangladesh tire market industry?
6.    What are the customer orientation, purchase behavior, and expectations from Bangladesh tire suppliers across various regions?