New York, NY, April 05, 2017 --(PR.com
)-- According to TechSci Research report, “Brazil Tire Market Forecast & Opportunities, 2022,” the country’s tire market is projected to reach $6.7 billion by 2022, on account of recovering automobile sales, expanding automobile fleet size and consistently increasing tire prices. Moreover, as per the World Bank, Brazil’s Gross National Income (GNI) per capita increased from USD14,750 in 2012 to USD15,050 in 2015, which, in turn, has positively impacted purchasing power of consumers in the country. Moreover, the country’s population increased from 202 million in 2012 to 207 million in 2015. Increasing purchasing power and growing population are anticipated to drive Brazil tire market through 2022.
Browse 28 market data Tables and 42 Figures spread through 125 Pages and an in-depth TOC on "Brazil Tire Market"
With a volume share of over 50%, passenger car tire segment dominated Brazil tire market in 2015. Other major vehicle segments in Brazil tire market include two-wheelers, light commercial vehicles and medium & heavy commercial vehicles. In 2016, South East region accounted for the largest share in the country’s tire market, on account of large vehicle fleet size and high population density in the region. Other major demand generators for tires in the country include North East, South and Central West. Further, improving political scenario, coupled with implementation of favorable fiscal and regulatory policies is projected to boost growth in the country’s automotive sector in the coming years. This is also anticipated to augur well for the country’s tire market in coming years.
“Rising GDP growth, and growing government spending on construction and infrastructure sectors is projected drive growth in the country’s automotive sector in the coming years. This is also anticipated to boost growth in the country’s tire market and Brazil is anticipated to attract huge investments from various American countries in coming years. Additionally, increasing government focus towards infrastructure developments is projected to boost demand for commercial vehicles as well as related tires over the course of next five years. This is anticipated to augur well for the country’s tire market through 2022,” said Mr. Jaspreet Singh, Consultant – Automotive Practice with TechSci Research, a research based global management consulting firm.
“Brazil Tire Market Forecast & Opportunities, 2022” has analyzed the potential of Brazil tire market, and provides information and statistics on market structure, imports and trends. The report intends in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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