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Brazil Automotive Tire Market by Season Type (Summer, winter and All Season), Rim Size (Less than 15 inch, 15-20 inch and more than 20 inch), Vehicle Type (Passenger Cars, Commercial Vehicles and Electric Vehicles) and Distribution Channel (Original Equipment Manufacturers (OEMs), Aftermarket and Online Sales): Opportunity Analysis and Industry Forecast, 2020–2027

A07485
Pages: 145
Oct 2020 | 273 Views
 
Author(s) : Abhay Singh, Akshay Jadhav , Sonia Mutreja
Tables: 52
Charts: 47
 

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Brazil Automotive Tire Market Outlook 2020-2027:

The Brazil automotive tire market was valued at $1.87 billion in 2019 and is projected to reach $2.05 billion by 2027 registering a CAGR of 4.5% from 2020 to 2027.

COVID-19 has created an indirect impact on the automotive tire manufacturing companies resulting in production shut down. Due to the pandemic, the global automotive sales has been reduced resulting in huge losses for manufacturing industries. Major companies are facing unavailability of skilled labor due to which the production has been affected.

Automotive tire is the circular vehicle component made of rubber used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Since it is manufactured from rubber, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbs the shock of the vehicle. Rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric. There is an exponential increase in the demand for tires due to rise in demand for vehicle production to cater to the surge in requirement of vehicles across all segments. Thus, the tire demand is ultimately governed by automobile production. The automotive tire market trends are decided on the basis of forecast from 2020 to 2027.

Brazil-Automotive-Tire-Market-2020-2027

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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.

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.

The Brazil automotive tire market is segmented into season type, rim size, vehicle type, and distribution channel. By season type, it is divided into summer, winter and all-season tires. By rim size, the market is categorized into less than 15 inch, 15 to 20 inch, and more than 20 inch. By vehicle type, it is divided into passenger car, commercial vehicle, electric vehicles, and luxury/premium vehicles. Based on distribution channel, it is classified into OEM, aftermarket, and online sales. 

The key players profiled in the 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.  Increase in automotive production & sales across different vehicles segment

Recently, the automobile industry has been experiencing rapid growth owing to speedy industrialization, which has led to an increase in the sale of commercial vehicles such as trucks, tractors, and trailers. In addition, rise in disposable income of people and improvements in standard of living are the factors that increase the sale of luxurious passenger cars and premium segment bikes. Furthermore, electric vehicle sales are expected to increase during the forecast period. Also, decrease in prices of electric vehicle parts such as battery, transmission, and alternators propel the sale of electric vehicles. Thus, increase in the demand for vehicles across all segments among consumers leads to a rise in the production of automobiles and tires associated with it. Moreover, consolidation of the automotive sector that results in mergers and acquisitions among international and domestic vehicles manufacturers boost the growth of the automotive sector influencing the automotive tire market in Brazil. Therefore, growth of the automobile sector is expected to increase the overall demand for tires.

Brazil Automotive Tire Market
By Season Type

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Summer is projected as the most lucrative segments

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Rise in competition among tire manufacturers

Leading automotive manufacturers continue to invest in the developing countries due to low costs of labor that further decrease the production costs, which will help meet the increase in demand for vehicles. The tire industry has witnessed phenomenal growth in the last decade; also, the automotive sector is experiencing exponential growth due to a rise in the demand for automobiles and use of collaborative & consolidation manufacturing in tire business. 

This in turn boosts the growth of the automotive tires business. For instance, The Hankook Tire has launched “Dynapro AT2” for on & off-road SUVs. These tires have post optimal performance in all road conditions as it is characterized by quietness and a comfortable ride on-road and a powerful drive on the off-road. Moreover, the leading tire manufacturing company-Bridgestone Corporation also launched BATTLECROSS E50 motorcycle tires for enduro competitions. These tires were launched in one front tire size and two rear tire sizes in the U.S. and Canada. Thus, such new strategies by tire manufacturing companies for the expansion of their business across the globe are witnessing strong competition to capture a larger market share. Also, this factor is responsible for swift changes in the tire market that makes it more dynamic. Therefore, there is a rise in competition among tire manufacturers, which fosters the growth of the market. 

Brazil Automotive Tire Market
By Rim Size

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15 to 20 inch is projected as the most lucrative segments

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Volatile prices of raw materials

Raw materials to manufacture tires include petroleum reinforcing materials such as nylon and polyester. Also, rubber (natural and synthetic) is the basic element required to manufacture tires, which witnesses high fluctuations in cost. The materials used to manufacture rubber tires are tread, jointless cap plies, steel-cord for belt plies, textile cord ply, Bead reinforcement, apex, and core. Also, it consists of synthetic rubber, natural rubber, steel wire, and carbon black along with the petrochemical reinforcing materials such as polyester, fabric, nylon, steel, and rayon. The pricing of these raw materials plays a vital role in deciding the overall price of the tire. Prices of these metals fluctuate occasionally due to global economic ups and downs in the market, as these are traded on a community exchange basis. 

Inflation and increase in the demand for these raw materials have fueled their prices in the recent past. In addition, players that operate in the automotive tire market require a large amount of raw materials to overcome the demand for tires from the automotive industry. Uncertainty in the pricing of these raw materials prove to be a major restraint for the growth of the rubber tire market.

Brazil Automotive Tire Market
By Vehicle Type

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Electric vehicles is projected as the most lucrative segments

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Fuel efficiency and safety concerns

To increase safety concerns, governments are coming up with stringent tire performance regulations including fuel saving and wet grip-related braking distance reduction. Thus, creating ample growth opportunities for the tire manufacturing companies to launch tires that can address the government regulations. Therefore, with increase in technological advancements, vendors are coming up with high efficient tires that increase the overall fuel efficiency of vehicles. Kumho Tire Co., Inc. launched pneumatic tires “Ecsta PA31” that can offer high performance in vehicles such as sport sedans and coupes. In addition, in past years, driving ATVs and UTVs on roads was not allowed for safety purposes but new bills and ordinances are now being passed across the globe to support the driving of these vehicles on roads. For instance, Sauk County Board in the U.S. has repealed the ATV and UTV vehicle ordinance that was adopted in 2013, updating it with a new version. Thus, supporting government regulations for such vehicles is a vital factor, which is expected to create numerous opportunities for the key players operating in Brazil of the automotive tire market. 

Brazil Automotive Tire Market
By Distribution Channel

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Online Sales is projected as the most lucrative segments

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COVID-19 Impact Analysis of Automotive Tires Industry in Brazil

  • COVID-19 has created an indirect impact on the automotive tire manufacturing companies resulting in production shut down.
  • 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.
  • Major companies are facing unavailability of skilled labor due to which the production has been affected.

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the Brazil automotive tire market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall Brazil automotive tire market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the Brazil automotive tire market with a detailed impact analysis.
  • The current Brazil automotive tire market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Season Type

  • Summer
  • Winter
  • All season

By Rim Size

  • Less than 15 inch
  • 15-20 inch
  • More than 20 inch

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles
  • Electric Vehicles

By Distribution Channel

  • Original Equipment Manufacturers (OEMs)
  • Aftermarket
  • Online Sales

Key Players

  • 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.
  • Toyo Tire Corporation.
 

CHAPTER 1:INTRODUCTION

1.1.Report description
1.2.Key benefits for stakeholders
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO perspective

CHAPTER 3:MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1.Top impacting factors
3.2.2.Top investment pockets
3.2.3.Top winning strategies

3.3.Porter’s five forces analysis
3.4.Market share analysis, 2019
3.5.Market dynamics

3.5.1.Drivers

3.5.1.1.Increase in automotive production & sales across different vehicles segment
3.5.1.2.Rise in competition among tire manufacturers
3.5.1.3.Introduction of advanced technology in the manufacturing process.

3.5.2.Restraints

3.5.2.1.Volatile prices of raw materials.
3.5.2.2.Development in the market of retreading tires

3.5.3.Opportunities

3.5.3.1.Advancement in technology
3.5.3.2.Fuel efficiency and safety concerns

3.6.Brazil Tire Industry Analysis

3.6.1.Distribution Channel of the Market
3.6.2.List of Local Players
3.6.3.List of tire importers
3.6.4.Preferred Tire Sizes
3.6.5.Territories of Tier 1 and Tier 2
3.6.6.Value Chain Analysis
3.6.7.Upcoming Tire Trends
3.6.8.Consumer Preference

CHAPTER 4:BRAZIL AUTOMOTIVE TIRE MARKET, BY SEASON TYPE

4.1.Overview
4.2.Summer

4.2.1.Key market trends, growth factors and opportunities
4.2.2.Market size and forecast

4.3.Winter

4.3.1.Key market trends, growth factors and opportunities
4.3.2.Market size and forecast

4.4.All-seaso

4.4.1.Key market trends, growth factors and opportunities
4.4.2.Market size and forecast

CHAPTER 5:BRAZIL AUTOMOTIVE TIRE MARKET, BY RIM SIZE

5.1.Overview
5.2.Less than 15 inch

5.2.1.Key market trends, growth factors and opportunities
5.2.2.Market size and forecast

5.3.15-20 inch

5.3.1.Key market trends, growth factors and opportunities
5.3.2.Market size and forecast

5.4.More than 20 inch

5.4.1.Key market trends, growth factors and opportunities
5.4.2.Market size and forecast

CHAPTER 6:BRAZIL AUTOMOTIVE TIRE MARKET, BY VEHICLE TYPE

6.1.Overview
6.2.Passenger cars

6.2.1.Key market trends, growth factors and opportunities
6.2.2.Market size and forecast

6.3.Commercial vehicles

6.3.1.Key market trends, growth factors and opportunities
6.3.2.Market size and forecast

6.4.Electric vehicles

6.4.1.Key market trends, growth factors and opportunities
6.4.2.Market size and forecast

6.5.Luxury/Premium vehicles

6.5.1.Key market trends, growth factors and opportunities
6.5.2.Market size and forecast

CHAPTER 7:BRAZIL AUTOMOTIVE TIRE MARKET, BY DISTRIBUTION CHANNEL

7.1.Overview
7.2.OEM

7.2.1.Key market trends, growth factors and opportunities
7.2.2.Market size and forecast, by country

7.3.Aftermarket

7.3.1.Key market trends, growth factors, and opportunities
7.3.2.Market size and forecast

7.4.Online sales

7.4.1.Key market trends, growth factors, and opportunities
7.4.2.Market size and forecast

CHAPTER 8:COMPANY PROFILES

8.1.BRIDGESTONE CORPORATION

8.1.1.Company overview
8.1.2.Company snapshot
8.1.3.Operating business segments
8.1.4.Product portfolio
8.1.5.Business performance
8.1.6.Key strategic moves and developments

8.2.CONTINENTAL AG

8.2.1.Company overview
8.2.2.Company snapshot
8.2.3.Operating business segments
8.2.4.Product portfolio
8.2.5.Business performance
8.2.6.Key strategic moves and developments

8.3.THE GOODYEAR TIRE & RUBBER COMPANY

8.3.1.Company overview
8.3.2.Company snapshot
8.3.3.Operating business segments
8.3.4.Product portfolio
8.3.5.Business performance
8.3.6.Key strategic moves and developments

8.4.HANKOOK TIRE & TECHNOLOGY CO., LTD.

8.4.1.Company overview
8.4.2.Company snapshot
8.4.3.Business performance
8.4.4.Key strategic moves and developments

8.5.MICHELIN

8.5.1.Company overview
8.5.2.Company snapshot
8.5.3.Operating business segments
8.5.4.Product portfolio
8.5.5.Business performance
8.5.6.Key strategic moves and developments

8.6.NOKIAN TYRES PLC.

8.6.1.Company overview
8.6.2.Company snapshot
8.6.3.Operating business segments
8.6.4.Business performance
8.6.5.Key strategic moves and developments

8.7.PIRELLI & C. S.P.A

8.7.1.Company overview
8.7.2.Company snapshot
8.7.3.Product portfolio
8.7.4.Business performance
8.7.5.Key strategic moves and developments

8.8.SUMITOMO RUBBER INDUSTRIES LTD.

8.8.1.Company overview
8.8.2.Company snapshot
8.8.3.Operating business segments
8.8.4.Product portfolio
8.8.5.Business performance
8.8.6.Key strategic moves and developments

8.9.THE YOKOHAMA RUBBER CO., LTD.

8.9.1.Company overview
8.9.2.Company snapshot
8.9.3.Operating business segments
8.9.4.Product portfolio
8.9.5.Business performance
8.9.6.Key strategic moves and developments

8.10.TOYO TIRE CORPORATION

8.10.1.Company overview
8.10.2.Company snapshot
8.10.3.Operating business segments
8.10.4.Business performance
8.11.MAXXIS INTERNATIONAL
8.11.1.Company overview
8.11.2.Company snapshot
8.11.3.Product portfolio

LIST OF TABLES

TABLE 01.LIST OF LOCAL PLAYERS IN BRAZIL
TABLE 02.LIST OF TIRE IMPORTERS IN BRAZIL
TABLE 03.PREFERRED TIRE SIZES
TABLE 04.TERRITORIES OF TIER 1 COMPANIES
TABLE 05.TERRITORIES OF TIER 2 COMPANIES
TABLE 06.BRAZIL AUTOMOTIVE TIRE MARKET, BY SEASON TYPE, 2015–2027 ($MILLION)
TABLE 07.BRAZIL SUMMER TIRE MARKET REVENUE, 2015–2027 ($MILLION)
TABLE 08.BRAZIL WINTER TIRE MARKET REVENUE, 2015–2027 ($MILLION)
TABLE 09.BRAZIL ALL-SEASON TIRE MARKET REVENUE, 2015–2027 ($MILLION)
TABLE 10.BRAZIL AUTOMOTIVE TIRE MARKET, BY RIM SIZE, 2015-2027($MILLION)
TABLE 11.BRAZIL AUTOMOTIVE TIRE MARKET, BY RIM SIZE, 2015-2027(MILLION UNITS)
TABLE 12.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR LESS THAN 15 INCH, 2015-2027 ($MILLION)
TABLE 13.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR 15-20 INCH, 2015-2027 ($MILLION)
TABLE 14.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR MORE THAN 20 INCH, 2015-2027 ($MILLION)
TABLE 15.BRAZIL AUTOMOTIVE TIRE MARKET, BY VEHICLE TYPE, 2015-2027 ($MILLION)
TABLE 16.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR PASSENGER CARS, 2015-2027 ($MILLION)
TABLE 17.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR COMMERCIAL VEHICLES, 2015-2027 ($MILLION)
TABLE 18.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR ELECTRIC VEHICLES, 2015-2027 ($MILLION)
TABLE 19.BRAZIL AUTOMOTIVE TIRE MARKET REVENUE FOR LUXURY/PREMIUM VEHICLES, 2015-2027 ($MILLION)
TABLE 20.BRAZIL AUTOMOTIVE TIRE MARKET, BY DISTRIBUTION CHANNEL, 2015–2027 ($MILLION)
TABLE 21.AUTOMOTIVE TIRE MARKET REVENUE FOR OEM, 2015–2027 ($MILLION)
TABLE 22.BRAZIL AUTOMOTIVE TIRE AFTERMARKET REVENUE, 2015–2027 ($MILLION)
TABLE 23.BRAZIL AUTOMOTIVE TIRE ONLINE SALES REVENUE, 2015–2027 ($MILLION)
TABLE 24.BRIDGESTONE CORPORATION.: COMPANY SNAPSHOT
TABLE 25.BRIDGESTONE CORPORATION.: OPERATING SEGMENTS
TABLE 26.BRIDGESTONE CORPORATION: PRODUCT PORTFOLIO
TABLE 27.CONTINENTAL AG: COMPANY SNAPSHOT
TABLE 28.CONTINENTAL AG.: OPERATING SEGMENTS
TABLE 29.CONTINENTAL AG.: PRODUCT PORTFOLIO
TABLE 30.CONTINENTAL AG: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 31.THE GOODYEAR TIRE & RUBBER COMPANY: COMPANY SNAPSHOT
TABLE 32.THE GOODYEAR TIRE & RUBBER COMPANY: OPERATING SEGMENTS
TABLE 33.THE GOODYEAR TIRE & RUBBER COMPANY: PRODUCT PORTFOLIO
TABLE 34.HANKOOK TIRE & TECHNOLOGY CO.,LTD.: COMPANY SNAPSHOT
TABLE 35.MICHELIN: COMPANY SNAPSHOT
TABLE 36.MICHELIN: OPERATING SEGMENTS
TABLE 37.MICHELIN: PRODUCT PORTFOLIO
TABLE 38.NOKIAN TYRES PLC.: COMPANY SNAPSHOT
TABLE 39.NOKIAN TYRES PLC.: OPERATING SEGMENTS
TABLE 40.NOKIAN TYRES PLC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 41.PIRELLI & C. S.P.A: COMPANY SNAPSHOT
TABLE 42.PIRELLI & C. S.P.A: PRODUCT PORTFOLIO
TABLE 43.SUMITOMO RUBBER INDUSTRIES, LTD.: COMPANY SNAPSHOT
TABLE 44.SUMITOMO RUBBER INDUSTRIES, LTD..: OPERATING SEGMENTS
TABLE 45.SUMITOMO RUBBER INDUSTRIES, LTD..: PRODUCT PORTFOLIO
TABLE 46.THE YOKOHAMA RUBBER CO., LTD..: COMPANY SNAPSHOT
TABLE 47.THE YOKOHAMA RUBBER CO., LTD..: OPERATING SEGMENTS
TABLE 48.THE YOKOHAMA RUBBER CO., LTD. PRODUCT PORTFOLIO
TABLE 49.TOYO TIRE CORPORATION: COMPANY SNAPSHOT
TABLE 50.TOYO TIRE CORPORATION: OPERATING SEGMENTS
TABLE 51.MAXXIS INTERNATIONAL: COMPANY SNAPSHOT
TABLE 52.MAXXIS INTERNATIONAL: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 01.KEY MARKET SEGMENTS
FIGURE 02.EXECUTIVE SUMMARY
FIGURE 03.TOP IMPACTING FACTORS
FIGURE 04.TOP INVESTMENT POCKETS
FIGURE 05.TOP WINNING STRATEGIES, BY YEAR, 2017–2020
FIGURE 06.TOP WINNING STRATEGIES, BY STRATEGIES, 2017–2020
FIGURE 07.TOP WINNING STRATEGIES, BY COMPANY, 2017–2020
FIGURE 08.MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 09.MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 10.MODERATE THREAT OF SUBSTITUTES
FIGURE 11.HIGH-TO-MODERATE INTENSITY OF RIVALRY
FIGURE 12.MODERATE BARGAINING POWER OF BUYERS
FIGURE 13.MARKET SHARE ANALYSIS (2019)
FIGURE 14.DISTRIBUTION CHANNEL
FIGURE 15.VALUE CHAIN ANALYSIS (% REVENUE CONTIBUTION IN OVERALL BRAZIL TIRE INDUSTRY)
FIGURE 16.BRAZIL AUTOMOTIVE TIRE MARKET, BY SEASON TYPE, 2015–2027 (%)
FIGURE 17.BRAZIL AUTOMOTIVE TIRE MARKET, BY RIM SIZE, 2015 -2027 (%)
FIGURE 18.BRAZIL AUTOMOTIVE TIRE MARKET, BY VEHICLE TYPE, 2015-2027 (%)
FIGURE 19.BRAZIL AUTOMOTIVE TIRE MARKET, BY DISTRIBUTION CHANNEL, 2015–2027 (%)
FIGURE 20.BRIDGESTONE CORPORATION: NET SALES, 2017–2019 ($MILLION)
FIGURE 21.BRIDGESTONE CORPORATION: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 22.BRIDGESTONE CORPORATION: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 23.CONTINENTAL AG: NET SALES, 2017–2019 ($MILLION)
FIGURE 24.CONTINENTAL AG: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 25.CONTINENTAL AG: REVENUE SHARE BY REGION, 2018 (%)
FIGURE 26.THE GOODYEAR TIRE & RUBBER COMPANY: NET SALES, 2017–2019 ($MILLION)
FIGURE 27.THE GOODYEAR TIRE & RUBBER COMPANY: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 28.THE GOODYEAR TIRE & RUBBER COMPANY: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 29.HANKOOK TIRE & TECHNOLOGY CO., LTD.: NET SALES, 2016–2018 ($MILLION)
FIGURE 30.HANKOOK TIRE & TECHNOLOGY CO., LTD.: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 31.MICHELIN: NET SALES, 2017–2019 ($MILLION)
FIGURE 32.MICHELIN: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 33.MICHELIN: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 34.NOKIAN TYRES PLC.: NET SALES, 2017–2019 ($MILLION)
FIGURE 35.NOKIAN TYRES PLC.: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 36.NOKIAN TYRES PLC.: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 37.PIRELLI & C. S.P.A: NET SALES, 2017–2019 ($MILLION)
FIGURE 38.PIRELLI & C. S.P.A: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 39.SUMITOMO RUBBER INDUSTRIES, LTD..: NET SALES, 2017–2019 ($MILLION)
FIGURE 40.SUMITOMO RUBBER INDUSTRIES, LTD..: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 41.SUMITOMO RUBBER INDUSTRIES, LTD..: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 42.THE YOKOHAMA RUBBER CO., LTD.: NET SALES, 2017–2019 ($MILLION)
FIGURE 43.THE YOKOHAMA RUBBER CO., LTD.: REVENUE SHARE BY SEGMENT, 2019 (%)
FIGURE 44.THE YOKOHAMA RUBBER CO., LTD.: REVENUE SHARE BY REGION, 2019 (%)
FIGURE 45.TOYO TIRE CORPORATION: REVENUE, 2016–2018 ($MILLION)
FIGURE 46.TOYO TIRE CORPORATION: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 47.TOYO TIRE CORPORATION: REVENUE SHARE BY REGION, 2018 (%)

 
 

Tires are important for the vehicles, as they protect the wheel rim. The rapid growth of the automobile sector across all segments fuels the growth of the automotive tire market. There are prominent key factors that drive the growth of the automotive tire market such as rise in competition among tire manufacturers and an increase in the operating life of automobiles.

The market economy is also responsible for the growth of the automotive tire market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive tire market. Moreover, improving economy results in an increase in the standard of living of consumers, which is why people consider vehicles as a necessary mode of transport.

This change in the perception of consumers indirectly governs the tire market in Brazil, especially in the developed countries. Also, in some undeveloped countries, there is an increase in the automobile sales, which is expected to boost the automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the Brazil automotive tire market.

 

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