Press release
Pakistan Rubber Tyre Market is Expected to Reach $1,592.90 Million by 2025 | Allied Market Research
According to a recent report published by Allied Market Research, titled, "Pakistan rubber tyre Market by Tyre, Component, Design, and Vehicle Type: Opportunity Analysis and Industry Forecast, 2018 - 2025," Pakistan rubber tyre market size was valued at $272.10 million in 2017, and is projected to reach $1,592.90 million by 2025, registering a CAGR of 24.8% from 2018 to 2025. The radial type design segment was the highest contributor to the market in 2017, accounting for $207.70 million, and is estimated to reach $1,196.40 million by 2025, registering a CAGR of 24.6% during the forecast period.At present, by vehicle type segment, two-wheeler dominates the market, followed by OTR/TBR, agriculture tractor, and passenger car. Others dominated the Pakistan rubber tyre Market in 2017, whereas pneumatic rubber tyre is expected to grow at a significant rate during the forecast period.
The automotive environment is changing at a rapid pace due to globalization. Increase in automotive tyre production in Pakistan due to use of latest technologies in tyre production in this region is a key factor that drives the demand for rubber tyres. The rise in production of tyres is anticipated to influence prominent players to invest and expand the business through different segments such as electric and internal combustion engine. In addition, increase in use of nitrogen inflated tyres in Pakistan and the rise in demand for tubeless tyres are expected to boost the growth of the Pakistan rubber tyre market.
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Major Market Players:
• BRIDGESTONE GROUP
• GENERAL TYRE AND RUBBER CO. LTD
• MICHELIN
• PIRELLI TYRE S.P.A.
• THE GOODYEAR TYRE & RUBBER COMPANY
• SUMITOMO RUBBER INDUSTRIES LTD.
• THE YOKOHAMA RUBBER CO., LTD.
• CONTINENTAL CORPORATION
• GHAURI TYRE & TUBE (PVT) LTD.
• SERVIS TYRES
In addition, the growth of Pakistan rubber tyre market is driven due to the intense competition between tyre manufacturers to produce sustainable, durable in quality, and also due to the production of low cost tyres to meet the demand for tyre are the factors anticipated to lead the growth of Pakistan rubber tyre market. In addition, the adoption of advanced technology in the manufacturing process of tyre to offer high product differentiation to the consumer leads to a high level of performance and durability, which is also expected to drive the growth of the rubber tyre market in Pakistan. Furthermore, the rise in trend of using nitrogen gas in car tyre in Pakistan and an increase in the lifespan of vehicles are the factors expected to project the aftermarket growth of the rubber tyre market in Pakistan. Pakistan rubber tyre market share is rising due to increasing production of all type vehicles in this region.
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.
The 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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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