Press release
Brazil Tire Market Size Trend Drivers And Industry Status 2023 To 2031
The tire market in Brazil is experiencing significant growth, with a high compound annual growth rate (CAGR) driven by the expanding automobile manufacturing sector in the country. Additionally, the increasing disposable income and purchasing power of the population are influencing the domestic sales of automobiles, particularly passenger cars.
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According to a recent study conducted by strategic consulting and market research firm Report Ocean, the Brazil tire market was valued at USD 6.3 billion in 2021. The study estimates that the market will grow at a CAGR of 6.4%, reaching a revenue of around USD 9.8 billion by the end of 2028. The growth of the Brazil tire market can be attributed to the expanding tire and automobile production in the country, driven by increasing demand in both the domestic and global markets. Leading tire brands such as Pirelli, Bridgestone, Continental Tires, and Prometeon Tyre are investing significant amounts to expand their tire production capacity in Brazil, which is expected to drive market growth during the forecast period. However, volatile raw material prices for tire production may act as a restraint for the growth of the Brazil tire market.
Expansion of Online Sales Channels Driving Market Growth
The online platform is gaining immense popularity for tire sales in Brazil, especially following the COVID-19 pandemic. Increasing internet accessibility is fueling the growth of online tire sales, particularly among adult demographics. As a result, a majority of tire brands in Brazil are launching websites to offer better accessibility to a wide range of products and boost their sales. Third-party suppliers and distributors are also utilizing popular platforms such as Alibaba to exploit growth opportunities. Additionally, online platforms provide deals, discounts, and convenient onsite delivery, attracting consumers and driving market growth.
Expansion of Tire Production Capacity
Brazil is home to a significant number of production plants operated by leading tire brands such as Pirelli, Bridgestone, Goodyear, and Firestone. These multinational corporations are investing substantial amounts in expanding their tire manufacturing capacity in Brazilian plants. For instance, Bridgestone Brazil recently announced an investment in its tire manufacturing plant in Bahia, Brazil, due to the increasing demand for premium tires in the country. Prometeon is also gearing up to increase production capacity at its Gravatai plant in Rio Grande do Sul, Brazil.
Segments-
BY DESIGN (RADIAL, BIAS), BY VEHICLE TYPE (PASSENGER CARS, LIGHT COMMERCIAL VEHICLES, MEDIUM, AND HEAVY COMMERCIAL VEHICLES, TWO-WHEELERS, THREE-WHEELERS, OFF-THE-ROAD (OTR)), BY END-USER (OEM, REPLACEMENTS), BY DISTRIBUTION CHANNEL (ONLINE DISTRIBUTORS, OFFLINE DISTRIBUTORS)
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Brazil's Tire Market by End-User
The Brazil tire market is segmented into original equipment manufacturer (OEM) and replacement tires based on end-users. The replacement tire segment holds the largest market share in Brazil due to increasing private vehicle ownership. Vehicle tires require periodic maintenance and replacements to ensure proper road grip and maximum safety. However, the OEM segment is also expected to register a high growth rate during the forecast period, driven by leading manufacturers such as Fiat and expanding automobile manufacturing operations in the country.
Impact of COVID-19 on Brazil's Tire Market
During the initial phase of the COVID-19 pandemic, the Brazilian government's response was lackluster, leading to a significant surge in infections as the country refused to impose lockdown measures. As a result, tire and automotive production operations voluntarily halted to prevent COVID-19 cases in the workplace. This led to the closure of tire and replacement shops and limited demand for tires in the domestic market due to restricted mobility. Currently, the country is grappling with a wave of Omicron infections, which may further affect the growth of the Brazil tire market.
Competitive Landscape of Brazil's Tire Market-
The leading players in the Brazil tire market are Pirelli Pneus SA, Michelin, Bridgestone Americas Tire Operations, LLC, The Goodyear Tire & Rubber Company, Continental AG, Rinaldi Tires, Maggion Industrias de Pneus e Maquinas Ltda., Maxxis International, Kenda Rubber Industrial Company, LTD., Technic Tires, and other prominent players.
Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Key Market Segments
2. Research Methodology
2.1. Qualitative Research
2.2. Methodology
2.3. Regional Split of Primary & Secondary Research
2.4. Secondary Research
2.5. Primary Research
2.5.1. Breakdown of Primary Research Respondents, By Region
2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
2.6. Market Size Estimation
2.7. Assumptions for the Study
2.8. Market Breakdown & Data Triangulation
3. Executive Summary
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