Brazil's automotive market has become the most significant market in the world with the production of 81 million vehicles over six decades, according to ANFAVEA. Moreover, the increasing government towards the development of infrastructure and construction activities is placing a positive impact on the market of OTR and heavy vehicles. The gradual emergence of EV and hybrid cars demanding the high-performance tire thereby fueling the tire market. Also, the increasing disposable income, rising population and lack of proper public transport are elevating the market of two-wheeler in the region., which is further adding to the growth of the tire market in Brazil.
According to the MarkNtel Advisors’ research report, “Brazil Tire Market Analysis, 2020”, the market size for Tire Market in Brazil is set to surge at a CAGR of around 1.8% during 2020-25. The replacement demand captured the majority market share in the Brazil tire market in 2019 on account of growing new vehicles in the country as the registration of the automobile surged from 1,846,216 units in 2018 to 2,029,621 units in 2019, according to ANFAVEA. Moreover, automobile OEMs are continuously investing to increase the capacity of the manufacturing plants, thus bolstering the market of OEMs in the country. For Instance, in 2019, Japanese OEM Toyota plans to invest USD242m on its Sorocaba car assembly plant in Sao Paulo, Brazil.
According to the MarkNtel Advisors, the major leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Pirelli, and Titan among others. The companies are either establishing a new manufacturing facility or expanding their existing production facilities in Brazil, in order to address the growing tire demand in the forthcoming years.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Brazil Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Brazil Tire Market during 2020-25?
A. The market size of Brazil Tire Market during 2020-25 is forecast to be around 1.8%.
Q. Who are the key competitors or players operating in Brazil Tire Market?
A. Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Pirelli, and Titan and few others are the leading players in the Brazil Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Brazil Tire Market?
A. Off the Road (OTR) and Medium and Heavy Commercial Vehicles segment captured a considerable market share in the Brazil Tire Market.
Q. Which Tire type segment would emerge as an opportunity area for players in Brazil Tire Market?
A. On the basis of tyre type, Bias tires still capture a major market share the medium-heavy vehicles and the OTR vehicles segment.
Q. Which sales Channel segment would emerge as an opportunity area for players in Brazil Tire Market?
A. Based on the sales channel, dealers and distributors are the main suppliers of tires in the country. Moreover, with the presence of leading companies, the dealers have exclusive stores for distribution.
