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Automotive tire is the circular vehicle component made of rubber used to cover the wheel's rim externally. The major function of the tire 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 absorbs the shock of the vehicle. Rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric. There is an exponential increase in the demand for tires due to rise in demand for vehicle production to cater to the surge in requirement of vehicles across all segments. Thus, the tire demand is ultimately governed by automobile production. The automotive tire market trends are decided on the basis of forecast from 2020 to 2027.
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Major Market Players:
• 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.
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.
The Brazil automotive tire market is segmented into season type, rim size, vehicle type, and distribution channel. By season type, it is divided into summer, winter and all-season tires. By rim size, the market is categorized into less than 15 inch, 15 to 20 inch, and more than 20 inch. By vehicle type, it is divided into passenger car, commercial vehicle, electric vehicles, and luxury/premium vehicles. Based on distribution channel, it is classified into OEM, aftermarket, and online sales.
Key Market Segments –
By Season Type
• Summer
• Winter
• All season
By Rim Size
• Less than 15 inch
• 15-20 inch
• More than 20 inch
By Vehicle Type
• Passenger Cars
• Commercial Vehicles
• Electric Vehicles
By Distribution Channel
• Original Equipment Manufacturers (OEMs)
• Aftermarket
• Online Sales
Recently, the automobile industry has been experiencing rapid growth owing to speedy industrialization, which has led to an increase in the sale of commercial vehicles such as trucks, tractors, and trailers. In addition, rise in disposable income of people and improvements in standard of living are the factors that increase the sale of luxurious passenger cars and premium segment bikes. Furthermore, electric vehicle sales are expected to increase during the forecast period. Also, decrease in prices of electric vehicle parts such as battery, transmission, and alternators propel the sale of electric vehicles. Thus, increase in the demand for vehicles across all segments among consumers leads to a rise in the production of automobiles and tires associated with it. Moreover, consolidation of the automotive sector that results in mergers and acquisitions among international and domestic vehicles manufacturers boost the growth of the automotive sector influencing the automotive tire market in Brazil. Therefore, growth of the automobile sector is expected to increase the overall demand for tires.
This in turn boosts the growth of the automotive tires business. For instance, The Hankook Tire has launched“Dynapro AT2” for on & off-road SUVs. These tires have post optimal performance in all road conditions as it is characterized by quietness and a comfortable ride on-road and a powerful drive on the off-road. Moreover, the leading tire manufacturing company-Bridgestone Corporation also launched BATTLECROSS E50 motorcycle tires for enduro competitions. These tires were launched in one front tire size and two rear tire sizes in the U.S. and Canada. Thus, such new strategies by tire manufacturing companies for the expansion of their business across the globe are witnessing strong competition to capture a larger market share. Also, this factor is responsible for swift changes in the tire market that makes it more dynamic. Therefore, there is a rise in competition among tire manufacturers, which fosters the growth of the market.
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Key Benefits For Stakeholders
• This study presents the analytical depiction of the Brazil automotive tire market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall Brazil automotive tire market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the Brazil automotive tire market with a detailed impact analysis.
• The current Brazil automotive tire market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
• Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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