Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Brazil Truck Tire Market, The Brazil Truck Tire Market is projected to grow at a CAGR of around 5.42% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Brazil Truck Tire Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 5.42%
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Brazil Truck Tire Market Segmentation Breakdown:
The Brazil Truck Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Truck Type
- Light
- Medium
- Heavy & Ultra-Heavy
- By Demand Type
- OEM
- Aftermarket
Here, aftermarket truck tires hold a prominent market share, owing mainly to the high demand for replacement tires in Brazil.
- By Type of Tire
- Bias
- Radial
Of both, Radial tires currently dominate the Brazil Truck Tire Market with the largest share.
- By Application
- General Cargo Transport
- Chemicals Transportation
- Crude Oil Transportation
- Others (Concrete Pump Trucks, Towing, etc.)
- By Price Category
- Budget
- Economy
- Premium
- By Rim Size
- Up to 20”
- 1 to 22.5”
- Above 22.5”
MarkNtel Advisors Highlights Key Market Drivers for Brazil Truck Tire Market:
Rapidly Expanding Commercial Transportation Sector – Brazil’s economy relies largely on road transportation for the movement of various kinds of goods within the country. Due to domestic consumption and international trade, the rising demand for freight transport is creating an immense need for more trucks and, in turn, truck tires. In addition, the country is substantially investing in infrastructure development associated with road construction & improvement projects, i.e., leading to increased trucking activity and thus amplifying the production & sales of truck tires.
Moreover, the flourishing industrial sector, including automotive, manufacturing, & mining sectors, which depend heavily on trucks to transport raw materials, finished products, & equipment, is another prominent aspect driving the Brazil Truck Tires Market.
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A Comprehensive Analysis of Leading Companies in Brazil Truck Tire Market
- Bridgestone Do Brasil Industria E Comercio Ltda.
- Goodyear Do Brasil Produtos De Borracha Ltda.
- Prometeon Tyre Group Industria Brasil Ltda
- Pirelli Ltda.
- Michelin
- JK Tire Brazil
- Sumitomo Rubber do Brasil Ltda.
- Continental Brasil Industria Automotiva Ltda.
- Yokohama Rubber Latin America Comercio Ltda.
- Titan Brazil
- Others
Brazil Truck Tire Market Recent Developments
- On 2 May 2023, Yokohama Rubber Co., Ltd.completed the acquisition of all outstanding shares of Trelleborg Wheel Systems Holding AB.
- On 6 September 2022, Bridgestoneannounced an additional investment of more than R$ 270 million in the modernization & expansion of its tire production plant in Camaçari, Bahia, Brazil, i.e., in view of the rising demand for high-performance tires.
Brazil Truck Tire Market Possible Restraint:
High Import Taxes and Expensive Labor & Raw Materials – High import taxes and trade barriers restrict the availability of certain truck tire brands or models in Brazil, which limits consumer choices and reduces the potential for innovation & technological advancements in the market. In addition, expensive labor & raw materials affect the overall cost structure of tire production and make it challenging for manufacturers to offer competitive prices. These aspects might hamper the growth of the Brazil Truck Tires Market through 2028.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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