- The key vendors in the passenger car tires market in Brazil 2015-2019 are Alliance Tire Group, Apollo Tyres Ltd., Bridgestone Americas Tire Operations LLC, Ceat Ltd., Continental Tires the Americas LLC, Giti Tire (US) Ltd., Goodyear Tire & Rubber Co., Hankook Tire Co. Ltd., Maggion Inc., Marangoni SpA, Maxxis International GmbH, Michelin Corp., Nexen Tire Corp., Nitto Tire US Inc., Pirelli Tyre SpA, Toyo Tire & Rubber Co., and Yokohama Rubber Co.
London, 20 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the passenger car tires market in Brazil 2015-2019. The rapidly declining rubber price is a critical trend observed in this market. Due to the global economic slowdown the demand for natural rubber plunged, leading to a reduction in prices. This decrease in the prices of natural rubber is highly beneficial for tire manufacturers as they are the primary consumers of natural rubber. This aids in increasing the profit margins of the tire manufacturers in this region. This market is expected to grow at a CAGR of 3.06% during the forecast period of 2014-2019.
The growing need for replacing old and damaged tires is a critical factor that augments growth in this market. The replacement sector is the largest revenue contributor in this market and helps to reduce the dependence of tire manufacturers on OEMs. Also, factors like reduced tire prices and the presence of their own distribution systems for both global and local markets aid in increasing the demand for tires in this region.
“A new trend of buying tires online has evolved globally and this trend is catching up in Brazil as well. The trend of buying tires online has increased over the past few years. Young internet users are more receptive to buying tires online. Consumers are impressed by the benefits associated with buying tires online, such as saving both time and cost, being able to compare prices, and finding reasonably priced tires,” says Faisal Ghaus, Vice President of Technavio Research.
“The large variety and the current availability of tires, multiple payment options, and quick delivery to the required location are some of the other benefits that are associated with online purchase. This increased connectivity, along with the awareness and willingness of consumers to purchase tires online, is expected to have a positive impact on the sales of tires.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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