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.
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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.
- COVID-19 has created an indirect impact on the automotive tire manufacturing companies resulting in production shut down.
- Major companies are facing unavailability of skilled labor due to which the production has been affected.
- Due to the pandemic, the global automotive sales has been reduced resulting in huge losses for manufacturing industries.
- Due to COVID-19, lockdown was imposed across major countries which has affected the demand and supply for vehicular components.
Key Findings Of The Study
- By season type, the summer tire segment is expected to register a significant growth during the forecast period.
- Depending on rim size, the 15 to 20 inch segment is anticipated to exhibit significant growth in the near future.
- On the basis of vehicle type, the electric vehicle segment is projected to lead the Brazil automotive tire market owing to higher CAGR as compared to other types of vehicles.
- Based on the distribution channel, the online sales channel is expected to register a significant growth rate during the forecast period.
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The key players analyzed in this Brazil automotive tire market report are 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., and Toyo Tire Corporation.
