Brazil Automotive Tire Market size is projected to reach $2.05 billion by 2027, registering a CAGR of 4.5%

According to a recent report published by Report Ocean, titled, “Brazil Automotive Tire Market by Season Type, Rim Size, Vehicle Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the Brazil automotive tire market was valued at $1.87 billion in 2019, and is projected to reach $2.05 billion by 2027, registering a CAGR of 4.5%.

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Tires are a ring shaped component which surrounds the wheel rim and is used to transfer the load of the vehicle to the ground thereby reducing the load on the axle of the vehicle. Tires used in a vehicle offer traction to the surface of the road thus allowing the vehicle to move forward. Also tires used in an automobile provides flexible cushion due to its pneumatically inflated structure which absorbs shock as the tire rolls over the surface. The advancement in technology followed by the introduction of different tire material has supplemented the growth of tie industry.

The Brazil automotive tire market has been categorized based on different seasons, size of rim, vehicle type and distribution channel. The all-season tires is the leading segment in the Brazil automotive tire market due to their wider application. Based on the size of rim, more than 20 inches vehicle rim have a greater market share. Meanwhile the passenger car segment is leading in Brazil due to the increased sale of cars and the aftermarket distribution channel holds a major market share in the Brazil automotive tire market due to the increased sales through aftermarket.

The Brazil automotive tire market is driven by increase in automotive production & sales across different vehicles segment and rise in competition among tire manufacturers. In addition, introduction of advanced technology in the manufacturing process is anticipated to propel the growth of the automotive tire market.

However, factors such as volatile prices of raw materials and developments in the market of retreading tires are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency & safety concerns coupled with the government support is expected to create numerous opportunities for the growth and expansion of the market.

COVID-19 Impact Analysis
COVID-19 has created an indirect impact on the automotive tire manufacturing companies resulting in production shut down.
Major companies are facing unavailability of skilled labor due to which the production has been affected.
Due to the pandemic, the global automotive sales has been reduced resulting in huge losses for manufacturing industries.
Due to COVID-19, lockdown was imposed across major countries which has affected the demand and supply for vehicular components.
Key Findings Of The Study

By season type, the summer tire segment is expected to register a significant growth during the forecast period.
Depending on rim size, the 15 to 20 inch segment is anticipated to exhibit significant growth in the near future.
On the basis of vehicle type, the electric vehicle segment is projected to lead the Brazil automotive tire market owing to higher CAGR as compared to other types of vehicles.
Based on the distribution channel, the online sales channel is expected to register a significant growth rate during the forecast period.
The key players analyzed in this Brazil automotive tire market report are Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Maxxis International, MICHELIN, Nokian Tyres plc., Pirelli Tyre C. S.p.A. (China National Chemical Corporation), Sumitomo Rubber Industries Ltd., The Yokohama Rubber Co., Ltd., and Toyo Tire Corporation.

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This release was published on openPR.