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 the publisher's 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.
This 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
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary
Companies Mentioned
- Bridgestone Americas Tire
- The Goodyear Tire & Rubber Company
- Continental AG
- Nokian Tires plc
- Toyo Tires
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | November 2021 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 6.29 Billion |
| Forecasted Market Value ( USD | $ 9.05 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Brazil |
| No. of Companies Mentioned | 5 |
