Peru Tire Market to Witness Significant Growth During Forecast Period

Growing automobile sales coupled with expanding vehicle fleet to drive Peru tire market through 2025

According to TechSci Research report, “Peru Tire Market, By Vehicle Type, By Sales Channel, By Radial Vs. Bias, Competition, Forecast & Opportunities, 2025”, tire market in Peru is expected to witness significant growth during the next five years on account of expanding vehicle fleet size, growing infrastructure and construction sector 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 through 2025.

Economy of Peru relies heavily on mining sector and medium & heavy commercial vehicles and OTR finds use in such verticals, which is projected to positively influence the growth of tire market in Peru.

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Peru tire market can be segmented based on vehicle type, radial vs bias, demand category and region. Based on the vehicle type, market can be segregated into passenger car, two-wheeler, light commercial vehicle (LCV), medium & heavy commercial vehicle (M&HCV) and off-the road (OTR) vehicle. Among these, passenger car segment accounted for the largest share and the segment is poised to register significant growth over the coming years as well, on account of high demand for passenger cars in the country. Between radial and bias, bias segment accounted for the largest share in 2019. 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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Compania Goodyear del Peru SA, Pirelli Perú, 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 Peru 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 Peru is anticipated to witness intensifying competition over the next five years.

“Tire market in Peru is expected to witness significant growth over the next five years on account of increasing purchasing power and expanding commercial vehicle fleet size. Lack of proper public transport infrastructure and rapid urbanization are also contributing to high sales of passenger car and two-wheeler, consequently, driving the tire market in the country. Additionally, the country has signed several FTAs with various countries, which is anticipated to positively influence the growth of the market during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Peru Tire Market, By Vehicle Type, By Sales Channel, By Radial Vs. Bias, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Peru 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 Peru tire market.

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