BURNABY, Canada, October 19, 2015 /PRNewswire/ --
Expected recovery in automobile sales & production coupled with rising vehicle fleet to drive Argentina tyre market over the next five years
According to TechSci Research report "Argentina Tyre Market Forecast & Opportunities, 2020", tyre market in Argentina is forecast to grow at a CAGR of around 12% during 2015-2020 driven by reviving automobile production and sales. Devaluation of Peso, high inflation rates, and widening current account deficit are factors that fueled decline in automobile production and sales in Argentina during 2010 - 2014. Moreover, decline in automobile production was fueled by poor demand from key export markets, due to the economic slowdown. These factors created a bearish environment in Argentina automobile industry, resulting in a decline in OEM tyre demand. However, backed by a vehicle fleet of over 18.50 million in 2014, replacement tyre market in Argentina grew at a faster pace compared to OEM demand over the last five years.
Argentina tyre market is dominated by the passenger car tyre market in 2014, due to rising passenger car sales and expanding passenger car fleet size. Fate, Bridgestone, Michelin and Pirelli are few of the leading tyre brands operating in the country. Apart from these tyre brands, the country also imports various other tyre brands from different parts of the world. Dominance of domestic brands can be attributed to their competitive pricing strategies compared to other international tyre brands available in the country.
"Government of Argentina is increasing its focus on tuning its monetary and fiscal policies to support economic growth. Government has also been planning to offer tax incentives to investors in Argentina, thereby attracting investments in the country. These factors are expected to support economic growth and aid in the recovery of Argentina automobile industry. Expected recovery in automobile production and sales, backed by tentative revival of macroeconomic factors is forecast to drive the country's tyre market over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Argentina Tyre Market Forecast & Opportunities, 2020" has evaluated the future growth potential of Argentina tyre market and provides statistics and information on market structure, and trends of Argentina tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Argentina tyre market.
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