Pakistan Rubber Tyre Market Outlook 2025 Opportunity and Growth Analysis with Top Key Vendors
According to a recent report published by KD
Market Insights, titled, "Pakistan
rubber tyre Market by Tyre, Component, Design, and Vehicle Type:
Opportunity Analysis and Industry Forecast, 2018 - 2025," Pakistan rubber
tyre market size was valued at $272.10 million in 2017, and is projected to
reach $1,592.90 million by 2025, registering a CAGR of 24.8% from 2018 to 2025.
The radial type design segment was the highest contributor to the market in
2017, accounting for $207.70 million, and is estimated to reach $1,186.40
million by 2025, registering a CAGR of 24.6% during the forecast period.
At present, by vehicle type segment,
two-wheeler dominates the market, followed by OTR/TBR, agriculture tractor, and
passenger car. Others dominated the Pakistan rubber tyre Market in 2017,
whereas pneumatic rubber tyre is expected to grow at a significant rate during
the forecast period.
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The automotive environment is changing at a
rapid pace due to globalization. Increase in automotive tyre production in
Pakistan due to use of latest technologies in tyre production in this region is
a key factor that drives the demand for rubber tyres. The rise in production of
tyres is anticipated to influence prominent players to invest and expand the
business through different segments such as electric and internal combustion
engine. In addition, increase in use of nitrogen inflated tyres in Pakistan and
the rise in demand for tubeless tyres are expected to boost the growth of the
Pakistan rubber tyre market.
The Pakistan rubber tyre market trends are
decided on the basis of forecast from 2018 to 2025. In recent years, consumers
have shifted their interest toward technologically advanced tyre and increase
in lifespan of the vehicle in turn increases the overall use of rubber tyres in
vehicles, thereby boosting the Pakistan rubber tyre market growth.
Volatility in the prices of raw material and
rise in service related to retreading process of tyres are the major factors
that restrain the market growth. Furthermore, improvements in economy that
result in favorable conditions for the manufacturing sector and anticipated
rise in automotive sector create an opportunity for the expansion of the rubber
tyre market in Pakistan. Pakistan rubber tyre market forecasted on the basis of
year on year growth from 2018 to 2025 by considering the driving and
restraining factors.
The market analysis totally depends on the
components and design used while manufacturing the rubber tyre type used.
Moreover, automobile manufacturers are inclining toward electric and
alternative fuel vehicles due to implementation of vehicle emission regulations.
The rise in production of commercial and passenger cars along with the new
advanced technology fuels the growth of the Pakistan rubber tyre market. For
instance, Bridgestone came up with new innovative tyres “Ecopia EP500 ologic”.
These tyre are based on ""Ologic technology"" which uses
synergies of large diameter in conjunction with smaller width. Furthermore,
this solution improves fuel efficiency by reducing rolling resistance and
environmental impacts. In addition, the Continental started offering different
categorized tyre as their product such as winter, all seasoned and summer to
boost the sales of tyre in the Pakistan market.
Furthermore, the improving economy results in
favorable condition for tyre manufacturers in Pakistan. For instance, Pakistan
manufactures 4-stroke CNG auto rickshaws to meet the demand for a cheaper
transportation. This factor has significantly increased the use of local
automobile accessories including rubber tyres. To increase safety concerns,
governments focus on introduction of stringent tyre performance regulation
including fuel saving and wet grip-related braking distance reduction. Thus,
creates ample growth opportunities for the tyre manufacturing companies to
launch tyres that can address the government regulations. Therefore, with
increase in technological advancements, vendors are coming up with high
efficient tyres that enhance the overall fuel efficiency of vehicles. Kumho
tyres launched pneumatic tyres “Ecsta PA31” that can offer high performance in
the vehicles such as sport, sedans, and coupes. Pakistan rubber tyre market
share is rising due to increasing production of all type vehicles in this
region.
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Moreover, the production of vehicles has
raised in recent year due to the consumers preference to the features such as
advance driving assistance system (ADAS), and others that are technologically
advanced as against traditional vehicles. In addition, there is a rise in
number of electric vehicles in Pakistan due to favorable government policies.
This creates a demand for the production of different variant of electric
vehicle. For instance, there is an increase of 15-18% from 2014 to 2017 in the
overall production of vehicles in Pakistan. The implementation of advanced
technologies in production helps boost Pakistan rubber tyre industry. All such
factors are creating awareness in Pakistan. Also, the easy availability,
affordability and company expansions in this region are important factors that
create a huge demand for Pakistan rubber tyre market.
Rise in pollution levels in the country leads
to surge in demand for ecofriendly products. More importantly, various
government initiatives are leading to increase in introduction of relatively
less polluting products. This factor is estimated to surge the demand for green
recyclable tyre in near future. The growth in demand for passenger and
commercial vehicles in Pakistan is changing the automotive accessories such as
tyres, tubes, rim, and valves Technological advancement in automobile industry
is anticipated to cause more demand for techno-savvy products, which fosters
the growth of the rubber tyre market in the country.
There is change in the world automotive
environment is changing due to globalization. This results in a rapid rise in
the demand for vehicles across all segments in all the countries. In addition,
increase in level of radialization, and growth in production and sales of
two-wheeler vehicles are the major factors that drive the growth of the tyre
segment in this region.
Key Findings of the Pakistan rubber
tyre Market:
- In 2017, based on tyre, the pneumatic rubber
tyre generated the highest revenue.
- In 2017, by vehicle type, the two-wheeler type was the highest revenue contributor.
- In 2017, by design, the radial segment was the highest revenue contributor.
- In 2017, by vehicle type, the two-wheeler type was the highest revenue contributor.
- In 2017, by design, the radial segment was the highest revenue contributor.
The key players analyzed in
this report include General Tyre and Rubber Co. Ltd., Servis Tyre, the Goodyear
Tyre & Rubber Company, Bridgestone group, Pirelli Tyre S.p.A, Michelin,
Ghauri Tyre & Tube Ltd., Continental Corporation, Sumitomo Rubber
Industries Ltd., and Yokohama Rubber Co., Ltd.
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