Introduction of the Bangladesh Automotive Tires Market Report

Automotive tires are the ring-shaped component that surrounds the rim of the wheel to transfer the load of the vehicle from the axle via wheel to the ground. They are developed to assist the vehicle, transmit the traction, absorb the road shocks, change the direction of travel, and are generally made from resilient rubber and are filled with compressed air.

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Market Dynamic

Key Drivers and Emerging Trends

The key factors that are responsible for bolstering the Bangladesh automotive tires market include the rising number of sales of automobiles and increasing demand for high-performance tires in the country. Motor vehicle sales in Bangladesh was increased by 5.4% in Dec 2019, and around 4,900 cars were sold in December 2019. Moreover, the growing demand for the replacement of the tires along with rising gross national income per capita and rapid urbanization is leading to the demand for automobiles, thus further augmenting the growth of the automotive tire industry. The emerging trend of the online sales of tires of several companies such as The Goodyear Tire & Rubber Company and Dunlop in the country is also a factor driving the growth of the market.

An increase in the government support such as providing tax exemptions to the tire manufacturing industries and several initiatives to encourage the adoption of electric vehicles in the country is also a major factor that is proliferating the growth of the automotive tires market share during the forecast period. For instance, the government of Bangladesh passed an auto industry policy called Automobile Industry Development Policy-2020, which aims on the electric vehicles and to have at least 15% of the registered vehicles to be driven by environment-friendly electricity in 2030. The increasing investments by various companies in automotive tires and the growing procurement of automotive by the government are the factors accelerating the demand for automotive tires in the market. For instance, Jamuna Tyres and Rubber Industries Ltd invested around USD 232 million for the development of tires for the truck, big bus, passenger truck, and motorcycle in the country.

Restraint in the Bangladesh Automotive Tires Market

The factors which are responsible for restraining the growth of the Bangladesh automotive tires market include the lack of skilled labor and shortage of raw material like natural rubber in the country. The country also lacks in the manufacturing setups of tires which leads to the import of the tires from various countries to meet the growing demand.

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Type – Segment Analysis

Based on the type, the radial segment is projected to increase at a higher CAGR during the forecast period. The growing adoption of such types of tires in vehicles across the country owing to its beneficial features such as more stable contact with the road surface, longevity as compared to the bias tires, and flexible sidewalls, is a key factor that is driving the growth of the market in this segment.

Vehicle Type – Segment Analysis

On the basis of vehicle type, the passenger car segment is expected to increase at a higher CAGR during the forecast period. The major factors that is accelerating the growth of the market in this segment includes the growing adoption of automotive tires in passenger cars owing to the increasing demand for these cars in the market across the country. Moreover, the growing purchasing power of the people is leading to the increasing penetration of passenger cars which is another factor that is increasing the demand for automotive tires in the market during the forecast period.

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Key Developments: 

• • In 2019, Bridgestone Corporation announced the development of a sensor technology that can be used in autonomous vehicles. This technology has the ability to estimate the wheel axle load and tire wear conditions and is incorporated with IoT technology.
  • In 2018, Toyo Tire Corporation entered into a strategic partnership with Mitsubishi Corporation, which improves the global distribution assets of the company and enables it to compete in the emerging mobility sector more efficiently and finance the capacity growths. 

Segments covered in the Report:

The Bangladesh automotive tires market has been segmented on the basis of type, season, vehicle type, rim size, and distribution channel. Based on type, the market is segmented into bias and radial. Based on the season, the market is segmented into summer, winter, and all seasons. Based on vehicle type, the market is segmented into the passenger car, LCV, buses, and trucks. Based on rim size, the market is segmented into less than 15 inch, 15-20 inch, and more than 20 inch. Based on the distribution channel, the market is segmented into OEM and aftermarket. 

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Key questions answered in this research report:

• • At what pace is the Bangladesh automotive tires market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Bangladesh automotive tires market? What will be the impact of drivers and restraints in the future?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various distribution channels of the Bangladesh automotive tires market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Season, By Vehicle Type, By Rim Size, and By Distribution Channel
Regional Coverage	Bangladesh
Companies Profiled	Profiles of Top 10 Major Companies Operating in “Bangladesh Automotive Tires Market”
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Bangladesh Automotive Tires Market by Type

• • Bias
  • Radial

Bangladesh Automotive Tires Market by Season

• • Summer
  • Winter
  • All Seasons

Bangladesh Automotive Tires Market by Vehicle Type

• • Passenger Car
  • LCV
  • Buses
  • Trucks

Bangladesh Automotive Tires Market by Rim Size

• • Less than 15 Inch
  • 15-20 Inch
  • More than 20 Inch

Bangladesh Automotive Tires Market by Distribution Channel

• • OEM
  • Aftermarket