According to TechSci Research report, "Brazil Tire Market Forecast & Opportunities, 2021", tire market in Brazil is forecast to cross BRL 21.9 billion ($6.5 Bn) by 2021, on account of recovering domestic demand, growing automobile sales and favorable government policies. Moreover, increase in population from 200.51 million in 2011 to 207.84 million in 2015 is driving demand for tires in the country. With the presence of major tire companies like Rinaldi, Michelin, Pirelli, Sumitomo, Titan, etc., Brazil is one of the most competitive tire markets in Latin America.
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"Brazil Tire Market"
Passenger car tire segment dominated Brazil tire industry during 2011 - 2015, and the segment is expected to maintain its dominance during the forecast period as well on account of increasing passenger car production by global car manufacturers in the country. Fiat, Volkswagen, General Motors, Ford, Renault and Hyundai are some of the major passenger car brands available in Brazil. In 2015, south-east region accounted for the largest share in the country's tire market, followed by north-east and south regions.
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"The government of Brazil has played an important role in boosting the automobile sector of the country. In October 2012, the Federal government of Brazil started an initiative to stimulate manufacturing of automobiles in the country, named Inovar Auto. This program is slated for completion by 2017. Under this program, automobile manufacturers would be encouraged to invest in Brazil to produce efficient, safe and technologically advanced vehicles." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Brazil Tire Market Forecast & Opportunities, 2021" has analyzed the potential of Brazil tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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