Press release
Brazil Tire Market, Corporate Profiles, Size and Dynamic Innovation by 2032
A recent study conducted by strategic consulting and market research firm Report Ocean reveals that the Brazil tire market was valued at USD 6.3 billion in 2021. The market is estimated to grow at a CAGR of 6.4%, reaching revenue of around USD 9.8 billion by the end of 2028. The market's growth is attributed to the expansion of 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 have invested significant amounts in expanding tire production capacity in Brazil, contributing to market growth. However, volatile prices of raw materials for tire production may pose a restraint to market growth.
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The Brazil tire market is experiencing growth in online sales channels. The popularity of online platforms for tire sales has increased, particularly after the COVID-19 pandemic. The growing internet accessibility and increasing adoption of online shopping among adults have propelled the growth of tire sales through online platforms. Major tire brands in Brazil are launching websites to provide better accessibility to a wide range of products and boost sales. Third-party suppliers and distributors are also leveraging popular platforms such as Alibaba to explore growth opportunities. Online platforms offer deals, discounts, and the convenience of doorstep delivery, attracting consumers and driving market growth.
There is an expansion of tire production capacity in Brazil. The country has a significant concentration of production plants owned by leading tire brands such as Pirelli, Bridgestone, Goodyear, and Firestone. These multinational corporations are making substantial investments in expanding tire manufacturing capacity in their Brazilian plants. For example, Bridgestone Brazil recently announced an investment in its tire manufacturing plant in Bahia, Brazil, in response to the increasing demand for premium tires in the country. Prometeon is also increasing its production capacity at its Gravatai plant in Rio Grande do Sul, Brazil.
In terms of end-users, the replacements segment holds the largest share in the Brazilian tire market. This is due to the increasing ownership of private vehicles, which require periodic maintenance and tire replacements to ensure optimal grip and safety on the road. However, the OEM segment is also anticipated to register high growth during the forecast period, driven by leading manufacturers such as Fiat and the expansion of automobile manufacturing operations in the country.
Key players in the Brazil tire market include Pirelli Pneus SA, Michelin, Bridgestone Americas Tire Operations, 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 manufacturers. The market is highly concentrated and dominated by major multinational tire brands such as Bridgestone and Firestone. These companies offer a wide range of tires for various types of vehicles through their integrated distribution channels. They are also making significant investments in expanding local tire production to meet the growing demand in both the domestic and international markets. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, partnerships, and joint ventures is prominent in this market.
In summary, the Brazil tire market is witnessing impressive growth driven by expanding automobile manufacturing, increasing disposable income, and rising sales of automobiles. The market is highly competitive, with major multinational tire brands investing in expanding production capacity and leveraging online sales channels.
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Market Overview
Market Size & Forecast by Value, 2018-2028
Market Size and Forecast, By Segment
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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