COVID-19 Impact on Pakistan Rubber Tyre Market 2020-2026 Country Level Analysis, Current Trade Size And Future Prospective
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A tyre is a component fitted around the rim of a wheel to transfer the load of a vehicle from the axle to the ground. Rubber tyre consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric. The major function of the tyre is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Since, it is manufactured from rubber, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbing the shock of the vehicle. There is an exponential increase in the demand for tyre due to the rise in vehicle production in Pakistan to cater the increase in requirement of vehicles across all segments. Thus, the tyre demand is ultimately governed by automobile production.
However, the developments in the market of retreading tyre in which worn tyres are replaced by tread are expected to limit the growth of new tyre market. The cost of raw material required for this process is lesser than manufacturing new tyre. Therefore, a rise in services in Pakistan related to retreading process is expected to restrain the market growth. However, the fluctuating prices of raw materials such as natural rubber and reinforcing materials hinder the growth of the tyre market in Pakistan. Pakistan rubber tyre market trends are decided on the basis of forecast from 2018 to 2025 and the driving factors that are affecting to their growth.
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Pakistan rubber tyre market is segmented based on tyre, component, design, and vehicle type. The Pakistan rubber tyre market forecasted on the basis of year on year growth from 2018 to 2025 by considering the driving and restraining factors. One of the major factors that is driving the growth of the market includes increase in sales of passenger and electric vehicles and rapid economic improvement. Furthermore, automotive manufacturers are shifting their focus to reduce the overall vehicle weight with the use of advanced tyre material; thus driving the growth of the Pakistan rubber tyre market.
The key players operating in the Pakistan rubber tyre market include General Tyre and Rubber Co. Ltd., Servis Tyre, the Goodyear Tyre & Rubber Company, Bridgestone group, Pirelli Tyre S.p.A, Michelin, Ghauri Tyre & Tube Ltd., Continental Corporation, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co., Ltd
Pakistan automotive sector is experiencing exponential growth due to a rise in the demand for automobiles and use of collaborative & consolidation manufacturing in tyre business. This in turn boosts the growth of the automotive tyres, as tyres are one of the basic components of the vehicle. Thus, the rubber tyre manufacturers in Pakistan are witnessing strong competition to capture a larger market share. For instance, South Korea’s second largest tyre manufacturer Kumho Tyre has sealed a deal with a Pakistani company-Century Engineering Industries-to transfer its tyre making technology for the next 10 years due to rise in intense competition in the rubber tyre market. Also, this factor is responsible for swift changes in the tyre market that makes it more dynamic.
Original tyres are installed by vehicle manufacturers at the factory, which is recognized as a primary division of the tyre market, whereas the replacement aftermarket is another division market. Thus, tyre manufacturers are engaged in producing sustainable and high durable tyres with a high level of performance to attract more vehicle manufacturers. Therefore, there is a rise in competition among tyre manufacturers in Pakistan. This in turn fosters the growth of Pakistan rubber tyre market.
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