The Brazil tire market is expected to register a modest growth at a CAGR of 3.4% during the forecast period (2020-2026). Fluctuating vehicle sales will impact the growth of the Brazil tire industry. In 2012, the Brazil automotive market was the fourth largest market globally with a volume of 3.8 million vehicle sales as per the OICA. However, vehicle sales started falling and reached a low of 2.0 vehicle sales in 2016. After 2016, a positive trend was witnessed in the country, and in 2019 vehicle sales reached around 2.8 million. The country was among the few major automotive market to witness positive growth in vehicle sales all across the globe.
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Before the COVID-19 pandemic, the country was witnessing flat automate sales. However, after the COVID-19 pandemic, a steep downfall in the vehicle as well as tire sales has been witnessed in the country. By October 2020, the country has the highest number of COVID-19 cases after the US and India. However, the country witnesses a new opportunity for the tire players due to its export opportunities. Suppliers from the country’s neighbor Argentina is shifting to Brazil. It is due to the high inflation and interest rate in Argentina. Till July 2020, three companies’ major global companies have been shifted a large part of their operations to Brazil from Argentina. These companies include BASF, Axalta, and Saint-Gobain. New manufacturing unit from the automakers are expected to provide a considerable growth to the market.
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Brazil's tire market is segmented based on vehicle type, road application, construction, tire type, and sales channel. By vehicle type, the market is further segmented into passenger cars, light & medium commercial vehicles, heavy commercial vehicles, two-wheeler, and other. Passenger cars are expected to maintain a major market share during the forecast period. By the sales channel, the market is bifurcated into OEM and after-sales. Aftersales will have the major market share during the forecast period.
Some of the key players of the Brazil tire market include Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Michelin Group, Goodyear Tire and Rubber Co., Cooper Tire & Rubber Co., Trelleborg AB among others. The market players are significantly contributing to the market growth by adopting various strategies including mergers, & acquisitions, collaborations, new product launch, and geographical expansion, to stay competitive in the market.
Market Segmentation
Brazil Automotive Tire Market By Vehicle Type
• Passenger Cars
• Light & Medium Commercial Vehicle
• Heavy Commercial Vehicle
• Two-Wheeler
• Other (Construction, Agricultural, Customized Sports)
Brazil Automotive Tire Market By Road Application
• All-Season Tire
• Summer Tire
• Winter Tire
• Other (All-Terrain Tire)
Brazil Automotive Tire Market By Construction
• Radial Tire
• Bias Ply Tire
Brazil Automotive Tire Market By Tire Type
• Tubeless Tire
• Tubbed Tire
Brazil Automotive Tire Market By Sales Channel
• OEM (Original Equipment Manufacturer)
• Aftermarket (Replacement)
Company Profiles
• Bridgestone Corp.
• Continental AG
• Giti Tire Pte Ltd.
• Goodyear Tire and Rubber Co.
• Hankook Tire Co. Ltd.
• JK Tyre & Industries Ltd.
• Michelin Group
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries Ltd.
• The Yokohama Rubber Co, Ltd.
• Toyo Tire Corp.
• Trelleborg AB
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