The Brazil tire market is anticipated to grow with a significant CAGR of 3.4% during the forecast period (2020-2026). Increasing vehicle fleet at a modest growth rate, and growth in the demand for high-performance tires in the country will drive the market growth of Brazil. In 2019, vehicle sales in the country have been increased to around 2.8 million highest since 2016. Moreover, the country was the eighth largest vehicle manufacturer in 2019, with a volume of more than 2.9 million at a growth of 2.2%. It was the only major automotive market to register a positive market growth in 2019. A steep downfall has been witnessed in the recent period; however, a decent recovery is expected in a couple of years in the automotive as well as tire market.
Browse the full report description of "Brazil Tire Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Light & Medium Commercial Vehicle, Heavy Commercial Vehicle, Two-Wheeler and Other), By Road Application (All-Season Tire, Summer Tire, Winter Tire and Other), By Construction (Radial Tire and Bias Ply Tire), By Tire Type (Tubeless Tire and Tubbed Tire), By Sales Channel (OEM and Aftermarket) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/brazil-tire-market
Foreseeing the long-term growth in the market, foreign companies are also expanding their footprints in the region. In April 2019, Pirelli initiated a three-year expansion in Brazil, to domestically manufacture bus and trucks tires for the country with an investment of $133 million. The expansion will allow the company to manufacture 1,000 tires for buses and trucks per day. Pirelli also invested an amount of $318 million during 2013-2018 and is further planning to invest $136 million by 2021 to consolidate its operations in Brazil.
Market Coverage
o Vehicle Type
o Road Application
o Construction
o Tire Type
o Sales Channel
o Brazil
Key Questions Addressed by the Report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region
Brazil Tire Market Report Segment
By Vehicle Type
By Road Application
By Construction
By Tire Type
By Sales Channel
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