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 toward 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 fuelling the tire market. Also, the increasing disposable income, rising population and lack of proper public transport are escalating 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 titled “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 an 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 planned to invest USD242m on its Sorocaba car assembly plant in Sao Paulo, Brazil.
According to the MarkNtel Advisors, the leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Pirelli, and Titan among others. These 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
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of Brazil Tire Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Brazil Tire Market?
4. Who are the key competitors or market players and how they perform in Brazil Tire market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Brazil Tire Market study?