The new report by Expert Market Research titled, ‘Pakistan Rubber Tyre Market Share, Size, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2023-2028’, gives an in-depth analysis of Pakistan Rubber Tyre Market, assessing the market based on its segments like tyre type, component, segment, design, vehicle type, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 415 Million
- Forecast CAGR (2023-2028): 8.76%
- Forecast Market Size (2028): USD 1510 Million
The rising production of the tyre due to increased technological advancement in the country is a major factor driving the rubber tyre market growth. Moreover, increasing tyre demand due to growth in vehicle sales is expected to increase the flow of investment in the country in both the vehicle type that is internal combustion and electric vehicle. Besides, the increasing trend of tubeless tyres in the country is also providing a boost to market growth. Two-wheeler holds a major market share with a considerable CAGR in the country in terms of volume during the forecast period. Increasing demand for high-performance tyres is expected to provide new opportunities to the market in the future.
Industry Definition and Major Segments
Rubber Tyre is a circular part of a vehicle that contacts the vehicle to the ground. Along with the rubber, the tyre also comprises synthetic polymer, steel, textile, filler, among others. The rubber tyre market includes revenue of tyres fitted in vehicles including two-wheelers, three-wheelers, four-wheelers among others however airplane tyres are not included in the market scope.
By Tyre type, the market is segmented into:
- OEM Tyres
- Replacement Tyres
The component market can be divided into:
- Tubbed Tyre
- Tubeless Tyre
By segment, the market is segregated into:
- Legitimate Market
- Grey Market
Based on the design, the market is segmented into:
- Radial Tyre
- Bias Tyre
By Vehicle Type, the market is divided into
- Two-Wheeler and Three-Wheeler Tyres
- Passenger Cars and Light Truck Tyres
- Heavy Commercial and OTR Tyres
The regional markets for the Pakistan Rubber Tyre market can be separated into:
- Khyber Pakhtunkhwa
The tyre market is somewhat dependent on new vehicle sales. In Pakistan, vehicle sales are fluctuating in the last decade. Before the COVID-19 pandemic, the two/three-wheeler and car sales picked in FY2018 with around two million two/three-wheeler sales and more than 250,000 car sales. Moreover, after the COVID-19, a record sale of two-wheelers was witnessed in the country after the ease of lockdown. In July 2020, the country registered a growth of 31.3% YoY in the sales of two-and three-wheeler vehicles. Increasing demand for new vehicles will motivate the OEM segment in the country during the forecast period.
Key Market Players
The major players in the market are Bridgestone Corp., General Tyre And Rubber Co. Ltd., Panther Tyres Limited., Ghauri Tyre & Tube (Pvt.) Ltd., The Goodyear Tyre & Rubber Company, Diamond Tyres Limited among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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