Burnaby, British Columbia,, Canada, October 22, 2015 --(PR.com
)-- According to TechSci Research report, “Costa Rica Tyre Market Forecast & Opportunities, 2020,” the tyre market in Costa Rica is forecast to grow during 2015-20, on account of expanding vehicle fleet and upcoming government reforms to boost growth in construction and transportation sector. Bridgestone Tyre is the only leading tyre company that operates a tyre manufacturing facility in the country. Other major tyre players like Michelin, Pirelli, Goodyear, Yokohama, Continental etc., rely on the import route to sell their tyres in Costa Rica. Despite considerable penetration of low cost Chinese tyres in the country, these leading international tyre majors are expected to continue their domination in Costa Rica tyre market.
In 2014, passenger car tyre segment dominated Costa Rica’s tyre market with a market share of around 50%, in volume terms, followed by two-wheeler tyre, light commercial vehicle tyre, OTR tyre, and medium & heavy commercial vehicle tyre segments. The segmental trend is expected to remain the same during the forecast period as well.With rising government focus on infrastructure and transportation sector, and with the long term National Transportation Plan, it is forecast that Costa Rica will witness a boom in the construction and industrial sectors, which in turn is expected to fuel growth in automotive industry, and consequently, the tyre industry in the country.
“Costa Rica’s tyre market is solely dependent on the replacement tyre demand as there are no OEMs in the country. In Costa Rica, the new government elected in April 2014 has promised to strengthen the country’s basic infrastructure like city transportation and rail-roads, which would in turn, boost tyre sales in Costa Rica in the coming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.