Chile Tire Market to Witness Significant Growth During Forecast Period

Anticipated increase in vehicle sales coupled with expanding vehicle fleet size to drive Chile tire market through 2025

According to TechSci Research report, “Chile Tire Market, By Vehicle Type, By Sales Channel, By Radial Vs Bias, Competition, Forecast & Opportunities, 2025”, Chile tire market is expected to witness significant growth in the next five years on account of growing sales of two-wheelers and passenger cars in the country. Moreover, rising disposable income is boosting demand for premium vehicles in the country, which is expected to augment the demand for tires as well in the coming years.

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Chile tire market can be segmented based on vehicle type, radial vs bias, sales channel, company and region. Based on the vehicle type, passenger car segment dominated the market on account of increasing passenger car fleet backed by rising per capita income and growing number of nuclear families across the country. Between radial and bias, bias segment accounted for the largest share in the market and the trend is likely to continue in the coming years as well. This is due to the reason that bias tires have thicker sidewalls offering more resistant to punctures, besides being more cost effective.

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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, among others are the leading players operating in the Chile tire market. The companies are adopting strategies such as expansion in new locations, mergers & acquisitions and product developments. With rising focus of these leading players on sales and marketing activities, the tire industry in Chile is anticipated to witness intensifying competition over the next five years.

“Increasing two-wheeler and passenger car sales and production is pushing demand for tires in Chile. Favorable government policies and structural reforms in the country are anticipated to benefit the construction industry, which is expected to grow on account of increasing foreign investment, in turn catalyzing growth in heavy commercial vehicle segments of automotive and tire markets of Chile.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Chile Tire Market, By Vehicle Type, By Sales Channel, By Radial Vs Bias, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Chile tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Chile tire market.

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