BURNABY, Canada, November 18, 2015 /PRNewswire/ --
Growing domestic demand, increasing automobile sales and favorable government policies to drive Brazil tyre market over the next five years
According to TechSci Research report, "Brazil Tyre Market Forecast & Opportunities, 2020", tyre market in Brazil is forecast to witness moderate growth during 2015-20 on account of rising domestic tyre demand, increasing automobile sales and favorable government policies. With presence of major tyre companies like Rinaldi, Michelin, Pirelli, Sumitomo, Titan, etc., Brazil is one of the most competitive tyre markets in Latin America. Introduction of Inovar-Auto program to encourage automobile manufacturers to produce high efficiency vehicles in the country, and thereby avail tax discounts, is expected to attract an increasing number of global manufacturers towards producing automotive vehicles and components in Brazil in the coming years. This is expected to drive the automobile industry as well as the tyre markets in Brazil over the next five years.
Over the last five years, global OEMs like Ford, Fiat, General Motors, Renault, Toyota, Nissan, etc., have been boosting the OEM tyre demand in the country. Moreover, OEM tyre segment received an upward thrust with Chinese manufacturer JAC Motors foraying into Brazil in 2014. Additionally, Brazil will be hosting Olympic Games 2016, which being a mega sports event, is likely to boost growth in construction and infrastructure sectors, leading to higher automotive demand in the country, which is in turn is anticipated to surge demand for tyres in Brazil.
"Brazilian tyre market is dominated by the replacement tyre segment. The country is one of the major fast growing developing economies in the world. Rising per capita income, expanding vehicle fleet and rapid growth in the infrastructure sector are expected to boost tyre sales in Brazil in the coming years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Brazil Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Brazil tyre market and provides statistics and information on market structure, imports and trends of Brazil tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Brazil tyre market.
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SOURCE TechSci Research