The Chile tire market is witnessing a sturdy growth owing to the factors such as robust industrialization and urbanization, burgeoning domestic demand, along with rising government inclination toward electric vehicle in order to reduce carbon emission and significant rise in the sales of two-wheeler and passenger. Moreover, increasing government spending on infrastructural developments augmenting the demand medium & heavy commercial vehicles and OTR vehicles, rising inclination toward premium vehicle due to increasing per capita income and surging demand for green tires are the factors placing a lucrative opportunity for the growth of the market in the forthcoming timeline. However, turmoil of COVID-19 has a pessimistic impact on the tire market to disruption in supply chain as the country is entirely dependent on replacement demand due to absence of OEMs and temporary closure of the manufacturing facilities in the. However, the market is expected to gain pace in the near future.
Based on Demand Type, Replacement segment acquired the majority market share in the Chile Tire Market in 2019. The growth is attributed to surging introduction of electric vehicles, absences of automotive OEMs and the rising sales of two-wheeler.
By Vehicle Type, the demand for Medium
and heavy commercial vehicle is surging at a robust rate. This is due to
introduction of various government policies to boost construction
industry along with increasing governments focus on developing
infrastructure and industrial sectors. Moreover, Passenger Cars acquired
the majority market share owing to growing per capita income increasing
the demand for passenger car.
The key players with a
considerable market share in the Chile Tire market are Goodyear Tire
& Rubber Company, Pirelli Neumaticos Chile LTDA, Michelin Group,
Yokohama Rubber Co. Ltd, Hankook Tire & Technology Group, Kumho Tire
Co., Inc., Continental AG, Sumitomo Rubber Industries, Ltd., Toyo Tire
Corporation etc.
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