Brazil Automotive Tire Market Growth 2023, Revenue, Rising Trends Industry Share, Demand, Key Players, Business Challenges, Opportunities and Forecast Till 2033: SPER Market Research
A ring-shaped part of a car that offers grip on surfaces where cars accelerate is referred to as an automotive tyre. It is composed of a robust, pliable rubber substance that provides both surface cushioning and grip.
According to SPER market research, ‘Brazil Automotive Tire Market Size- By Vehicle Type, By Season Type, By Rim Size, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Brazil Automotive Tire Market is predicted to reach USD 2.78 Billion by 2033 with a CAGR of 5.2%.
Key trends in the market:
- The rise of the Brazilian automotive tyre industry is being supported by rising disposable incomes and expanding living standards, which are driving up car sales.
- The Brazilian government’s favourable federal diesel tax policies, which aim to lower the cost of passenger cars, are anticipated to increase the use of automotive tyres during the projection period.
- Among the important trends in the Brazilian automotive tyre market are the increasing expenditures made by major manufacturers to modernise and expand their tyre production plants in response to the growing demand for premium tyres and vehicles.
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Nevertheless, there are a number of difficulties facing the Brazilian auto tyre industry. The market is predicted to grow slowly due to factors like changes in the retread tyre industry and unstable raw material pricing. Market uncertainty is caused by changes in consumer purchasing power and tyre production costs as a result of economic volatility and volatile exchange rates. In addition, bad road conditions and poor maintenance are examples of infrastructure flaws that increase tyre wear and tear and call for frequent replacements. The dynamics of the market are further complicated by import tariffs and trade restrictions on tyres and rubber materials. Additionally, manufacturers are under increased pressure to implement sustainable procedures due to environmental concerns about tyre recycling and disposal. Reforming regulations, investing in infrastructure, and developing creative ways to dispose of and manufacture tyres sustainably are all necessary to overcome these obstacles.
COVID Impact:
- Production has been halted as a result of COVID-19’s indirect effects on the businesses that make car tyres.
- The epidemic has decreased car sales globally, which has cost manufacturing firms a great deal of money.
- Major nations were placed under lockdown due to COVID-19, which had an impact on the supply and demand for automotive parts.
- Large corporations are experiencing a shortage of trained labour, which is affecting output.
Additionally, some of the market key players are Bridgestone Corporation, Continental AG, Hankook Tire & Technology Co., Ltd., Yokohama Rubber Co., Ltd., Others.
Brazil Tire Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Brazil Automotive Tire Market is segmented as; Commercial vehicles, Electric vehicles, Luxury/Premium vehicles, Passenger cars.
By Season Type: Based on the Season Type, Brazil Automotive Tire Market is segmented as; All-season, Summer, Winter.
By Rim Size: Based on the Rim Size, Brazil Automotive Tire Market is segmented as; Less than 15 inch, 15-20 inch, More than 20 inch.
By Distribution Channel: Based on the Distribution Channel, Brazil Automotive Tire Market is segmented as; Aftermarket, OEM, Online sales.
By Region: This research also includes data for Central-West Region, North Region, Northeast Region, South Region, Southeast Region.
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