Surge in automotive production & sales across several segments, rise in competition among tire producers, and emergence of advanced technology in the manufacturing activities drive the demand for Brazil automotive tire market. However, the prolonged lockdown in different regions has disrupted supply chain and enforced manufacturers to shut down R&D activities for stopping the spread of the coronavirus.
Portland, OR, Oct. 26, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the Brazil automotive tire market was pegged at $1.87 billion in 2019, and is anticipated to reach $2.05 billion by 2027, growing at a CAGR of 4.5% from 2020 to 2027.
Increase in automotive production & sales across several verticals, surge in competition among tire manufacturers, and advent of advanced technology in the manufacturing process have boosted the demand for Brazil automotive tire market. However, fluctuating prices of raw materials and emergence of the retreading tires market hamper the market growth. On the contrary, advancements in technology to address concerns related to fuel efficiency and safety would open new opportunities in the future.
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The prolonged lockdown across various countries has disrupted the supply chain and forced government to shut down R&D activities to curb the spread of the infection.
The Covid-19 pandemic has led to the shutdown of manufacturing factories, dearth of skilled labor, and decline in sale of automotive.
Since the pandemic, the world is suffering economic turbulence, which decreased new investments in projects for production.
Get detailed COVID-19 impact analysis on the Brazil Automotive Tire Market Request Here!
The Brazil automotive tire market is segmented on the basis of season type, rim size, vehicle type, and distribution channel. Based on season type, the market is categorized into summer, winter and all-season. On the basis of rim size, the market is classified into less than 15-inch, 15-20 inch and more than 20 inches. The 15 to 20-inch segment is projected to portray the highest CAGR of 6.3% during the forecast period. However, the more than 20 inches segment held the largest share in 2019, contributing to nearly half of the market.
Based on vehicle type, the market is divided into passenger cars, commercial vehicles, and electric vehicles. The electric vehicles segment is anticipated to manifest the highest CAGR of 12.2% during the forecast period. However, the passenger cars segment held the largest share in 2019, accounting for more than half of the total revenue.
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On the basis of distribution channel, the market is categorized into original equipment manufacturers (OEMs), aftermarket, and online sales. The aftermarket segment held the lion’s share in 2019, accounting for more than half of the market. However, the online sales segment is projected to register the highest CAGR of 6.7% during the forecast period.
The Brazil automotive tire market report includes an in-depth analysis of the major market players such as Bridgestone Corporation, The Goodyear Tire & Rubber Company, Maxxis International, Nokian Tyres plc., Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Continental AG, Hankook Tire & Technology Co., Ltd., MICHELIN, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), and The Yokohama Rubber Co., Ltd.
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