Brazil Tire Market, Size, Forecast 2022-2027, Industry Trends, Share, Growth, Impact of COVID-19, Opportunity Company Analysis
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Brazil's automotive industry has become the most significant market globally, and tire is the circular vehicle component in Brazil automotive market. Since the tire is manufactured from rubber, it also provides a flexible cushion, reducing the impact of the vibrations and absorbing the vehicle's shock. The primary function of the tire is to protect the wheel rim and offer attractive force between the road surface and the vehicle. Brazil is amongst the ten countries where the most number of cars was registered in 2020. Brazil Motor Vehicles Sales was 155,081 Units in September 2021, compared to 172,778 units in August 2021, as per CEIC data. As per Renub Reseaerch research findings, Brazil Tire Market will reach US$ 9.05 Billion by 2027.
Covid-19 impact on Brazilin Tire Industry
COVID-19 has created an oblique impact on the Brazil tire manufacturing industry resulting in production shut down. The automotive sales have been reduced, resulting in enormous losses for manufacturing industries. Major tire companies are facing the unavailability of skilled labour due to which the production has been affected. Since the pandemic, the world has been suffering economic turbulence, decreasing new investments in tire production projects in Brazil.
Brazil Tire Industry is expected to grow with a CAGR of 6.25% from 2021 to 2027
Notwithstanding, backed by increasing per capita income, the growing demand for automobiles, and implementing favorable government schemes are all driving demand for tires in Brazil. Increase safety concerns; the governments are developing stringent tire performance regulations, wet grip-related braking distance reduction, and fuel-saving. Thus, creating ample opportunities for tire manufacturing companies to launch tires that address the Brazilin government regulations. However, factors such as developments in the industry of retreading tires and volatile values of raw elements are anticipated to hinder the growth of the tire market in Brazil.
Demand for 15-20 Inches Tires to Expand at a High Growth Rate due to Increasing Preference for SUVs
On the basis of distribution channel, Brazil tire market includes OEM, Aftermarket and Sales. The demand for replacement of tires and new tires through aftermarket channels is increasing due to different platforms, such as authorized dealers, online, and third-party dealers. Furthermore, rim size such as < 15 inches, 15 - 20 inches and >20 inches is usually used in vehicles. 15-20 inches is expected to expand at a high growth rate owing to an increase in preference for large wheels in SUVs, fueling the demand for 18 inches tires. All-season and summer tires have high market potential due to their extensive usage across all vehicles, such as passenger and commercial.
Brazil Tire Market Size was US$ 6.29 Billion in 2021
Based on vehicle type, the Brazil tire market is sub-segmented into Passenger Cars, Commercial Vehicles, Electric Vehicles and Luxury/Premium Vehicles. The rise in the purchasing power of consumers and improvements in the standard of living are the determinants that increase the sale of luxurious and premium vehicle tires in Brazil. Recently, the vehicle industry has been experiencing rapid growth due to speedy industrialization, which has led to an increase in commercial vehicle tire sales such as tractors, trucks, and trailers in Brazil.
Thus, the increase in the demand for electric vehicles across the South and South East region in Brazil still makes up a small business of electric vehicle tires; the country has vast potential in developing and producing new electric vehicle technologies. For instance, Hankook Tire has launched Dynapro AT2 for on & off-road SUVs in Brazil.
Players in the Brazilian Tire Industry
Key players such as Bridgestone Americas Tire, The Goodyear Tire & Rubber Company, Continental AG, Nokian Tires plc, and Toyo Tires are developing advanced technologies and launching new products to stay competitive in the Brazil tire market. Other rival strategies include new product developments and mergers and acquisitions. These players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Renub Research latest report "Brazil Tire Market By Distribution Channel (OEM, Aftermarket and Sales), Rim Size (15 inches, 15 - 20 inches and >20 inches), Season (Summer, Winter and All Season), Vehicles (Passenger Cars, Commercial Vehicles, Electric Vehicles and Luxury/Premium Vehicle), Region (South East, South, North East, Mid- west, North), Company Analysis (Bridgestone Americas Tire, The Goodyear Tire & Rubber Company, Continental AG, Nokian Tires plc, and Toyo Tires)" provides a detailed analysis of Brazil Tire Market
Distribution Channel – Brazil Tire Market
1. OEM
2. Aftermarket
3. Sales
Rim Size – Brazil Tire Market
1. < 15 inches
2. 15 - 20 inches
3. >20 inches
Season – Brazil Tire Market
1. Summer
2. Winter
3. All Season
Vehicles – Brazil Tire Market
1. Passenger Cars
2. Commercial Vehicles
3. Electric Vehicles
4. Luxury/Premium Vehicles
Region – Brazil Tire Market
1. South East
2. South
3. North East
4. Mid- west
5. North
Company Insights
• Overview
• Recent Development & Strategies
• Financial Insights
Company Analysis
1. Bridgestone Americas Tire
2. The Goodyear Tire & Rubber Company
3. Continental AG
4. Nokian Tires plc
5. Toyo Tires
Report Details:
| Report Features | Details |
| Base Year | 2020 |
| Historical Period | 2017 - 2021 |
| Forecast Period | 2022-2027 |
| Market | US$ Billion |
| Segment Covered | Distribution Channel, Rim Size, Season, Vehicles, Region |
| Regions Covered | South East, South, North East, Mid- west, North |
| Companies Covered | Bridgestone Americas Tire, The Goodyear Tire & Rubber Company, Continental AG, Nokian Tires plc, and Toyo Tires |
| Customization Scope | 20% Free Customization |
| Post-Sale Analyst Support | 1 Year (52 Weeks) |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |