Brazilian Tire Market Forecast to Grow to $6.5B by 2021
The tire market in Brazil is forecast to exceed US$ 6.5 billion by 2021, according to TechSci Research report, "Brazil Tire Market Forecast & Opportunities, 2021."
In terms of vehicle type, the tire market in Brazil is segmented into Passenger Car (PC), Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (M&HCV), Two-wheeler (2W) and Off-The-Road (OTR). Among these categories, passenger car segment dominated the Brazil tire market, followed by two-wheeler and LCV segments. As a result, the passenger car tire segment held the largest volume share in the country's tire market in 2015, and its dominance is anticipated to continue during the forecast period as well.
Replacement demand for tires in Brazil is anticipated to grow at a faster rate during 2016-2021 than OEM tire demand. As a result, the market share of replacement tire segment is expected to further increase through 2021.
Some of the major players operating in Brazil's tire market are Pirelli, Michelin, Goodyear, Bridgestone, Continental and Rinaldi.