MarkNtel Advisors recently published a detailed industry analysis of the Bangladesh Tire Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Bangladesh Tire Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2027
The Bangladesh Tire Market is projected to grow at a CAGR of around 2.4% during the forecast period, i.e., 2022-27.
What are the major Driver the Bangladesh Tire industry?
Growing Focus of the Government to Counter Dependence from Import Goods-The Covid-19 pandemic acted as an eye-opener for the country when the disruptions in tire imports brought financial fluctuations amidst the crisis. The government of Bangladesh is actively working on improving trade relations, devising financial plans, budgets, & providing tax exemptions to minimize the reliance of the automotive & tire industries on imports from other countries.
It, in turn, would generate growth opportunities for the leading players to set up tire production units and drive the Bangladesh Tire Market during the forecast period. Moreover, the introduction of sports vehicles like Mitsubishi Pajero in the local markets of Bangladesh is another crucial aspect anticipated to boost the sales of tires & augment the overall market growth during the forecast period.
Impact of Covid-19 on the Bangladesh Tire Market
The Covid-19 pandemic had a decelerating effect on most industries, where the automotive & tire sectors of Bangladesh, which are highly import-driven, were no exception. The trade restrictions affected the supply of tires in the country, introduced massive shortages, & increased demand-supply gaps.
Consequently, price hikes for finished products like tires were the most prevalent & common challenges that rose in the country. In April 2021, leading player Goodyear mentioned that the cost of their raw materials is expected to double in the second half.
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What segments define the Bangladesh Tire Market from 2022 to 2027? How do these segments contribute to market dynamics and growth?
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
According to report, Amongst all vehicles, Buses & Trucks are anticipated to demonstrate the fastest growth in the Bangladesh Tire Market during the forecast period.
By Demand Category
- OEM
- Replacement
By Type of Tire
- Radial
- Bias
According to report, Of both, Bias tires dominated the Bangladesh Tire Market with the largest share in recent years & is anticipated to prevail the same trend during the forecast period.
By Sales Channel
- Dealer/Exclusive Outlets
- Online
By Season
- All season
- Summer
By Price Category
- Budget
- Economy
- Premium
By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
Explore the Complete Bangladesh Tire Market Analysis Report – https://www.marknteladvisors.com/research-library/bangladesh-tire-market-analysis.html
Bangladesh Tire Market Share & Competitive Landscape:
The Bangladesh Tire Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Bangladesh Tire Market are:
- Bridgestone
- Goodyear and Dunlop Tyres
- Continental
- Yokohama
- Michelin
- Hankook
- Toyo
- MRF Tyres
- JK Tyres
- Apollo Tyres
Questions Addressed in this Study
1.What factors are driving the Bangladesh Tire Market growth?
2.How is the Bangladesh Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Bangladesh Tire Market?
4.What is the current size of the Bangladesh Tire Market, and how is it projected to change in the future?
6.What is the future outlook for the Bangladesh Tire Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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