The tire market in Sri Lanka is expected to reach US$ 488 million in 2016, on account of consistent increase in sales of two wheelers and three wheelers, rising private sector investments in the country's construction, agriculture and industrial sectors, and expanding fleet of commercial vehicles.
Tire industry in Sri Lanka has been growing over the last five years due to rising automobile sales and fleet, on account of increasing income levels, growing infrastructure sector and easy availability of automobile loans at lower interest rates. During 2013-2015, automobile market in Sri Lanka witnessed growth on the back of increasing new vehicle registrations, with motor car sales and motorcycle sales standing at 105,628 units and 370,889 units in 2015, respectively.
This in turn positively influenced demand for two wheeler tires in the country over the last couple of years. Moreover, growing supply chain and logistics sector in the country is anticipated to drive expansion of commercial vehicle fleet over the next five years, which is expected to boost demand for commercial vehicle tires in the coming years.
With a fleet size of 3.36 million units of two wheelers in 2015, the country's tire market is dominated by two wheeler tire segment in volume terms.
CEAT Kelani, Global Rubber Industries (GRI) and Faga are few of the major domestic tire manufacturing companies, while MRF Tires, Apollo, Goodyear and Bridgestone are the major global tire companies operating in Sri Lanka.
Sri Lanka Tire Market Forecast & Opportunities, 2021 report discusses:
- Sri Lanka Tire Market Size, Share & Forecast
- Segmental Analysis - Passenger Car Tires, Light Commercial Vehicle Tires, Medium & Heavy Commercial Tires, Two Wheeler Tires, OTR Tires & Three-Wheeler Tires
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Market Trends & Developments
- Growing Demand for OTR Tires
- Increasing Automotive Sales
- Rapidly Growing Online Tire Sales
- Rising Demand of Retread Tires
- Increasing Popularity of Chinese Tires
- Apollo Tyre Ltd.
- Bridgestone Corporation
- CEAT-Kelani International Tyres (Pvt.) Limited
- Cheng Shin Rubber Industry Co. Ltd.
- Faga Tyres Private Limited
- Global Rubber Industries, Pvt. Ltd.
- Goodyear Tire & Rubber Co.
- Kumho Tire Co.
- MRF Limited
- Samson Rubber Industries (Pvt) Ltd
For more information about this report visit http://www.researchandmarkets.com/research/kkptwm/sri_lanka_tire
Related Topics: Automotive Tires
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SOURCE Research and Markets