Articles
Pakistan Tyre Market: Overview, Industry Top Manufactures, Market Size and Opportunities
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group,
titled “Pakistan Tyre Market:
Industry Trends, Share, Size, Growth and Forecast 2019-2024”,
the Pakistan
tyre market reached 20.9 Million Units in 2018, growing at a
CAGR of nearly 6.4% during 2011-2018. Tyres are strong and flexible pneumatic
structures that are manufactured using natural or synthetic rubber wire, fabric
and carbon black. They fit around a wheel’s rim to transfer the vehicle’s load
and offer a secure grip between the vehicle and the road. Besides this, they
enhance the overall performance of the vehicle by providing a cushion which
absorbs shocks and reduces vibrations. They are installed in cars, trucks,
buses, tractors, bicycles and motorcycles; common conveyances including
wheelchairs and golf carts; and industrial vehicles like forklifts. At present,
Pakistan is witnessing an increase in the vehicle motorization rate, and
consequent growth in the automotive industry, which is spurring the demand for
tyres in the country.
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Pakistan Tyre Market Trends:
The Pakistan tyre market is currently experiencing
growth owing to the increasing demand for vehicles. This can be accredited to
the rising population, rapid urbanization and inflating income levels of
consumers. Apart from this, the government in the country is focusing on
macroeconomic reforms that are resulting in the growth of the construction,
industrial and agriculture sectors. For example, the Government of Pakistan
recently approved the Seed Act Bill and Plant Breeders Bill, reduced the prices
of fertilizers and increased loans for farmers to enhance agricultural
activities, which, in turn, is boosting the sales of tyres in the sector. It is
also raising taxes on the imports of tyres to promote domestic manufacturers.
Further, with the rising demand for tyres, local as well as foreign
manufacturers are investing in the region to expand their businesses. For
instance, General Tyre and Rubber Company (GTR), the leading company in
Pakistan, has planned to set up its new manufacturing unit in the Special Economic
Zone (SEZ) in Faisalabad. Looking forward, the tyre market in Pakistan is projected to reach a
consumption volume of 28.5 Million Units by 2024.
Pakistan Tyre Market Summary:
· On
the basis of the vehicle type, the market has been segmented into two-wheelers
and three-wheelers, passenger cars and light trucks, and heavy commercial and
off-the-road (OTR) vehicles. At present, the two-wheelers and three-wheelers
segment leads the market, holding the largest Pakistan tyre market
share.
· Based
on the original equipment manufacturer (OEM) and replacement segments,
replacement tyres exhibit a clear dominance in the market.
· The
market has been classified on the basis of legitimate and grey markets, with
the legitimate market currently accounting for the majority of the total share.
· On
assessing the domestic production and imports, it has been found that domestic
production holds the dominant share in the tyre industry of Pakistan.
· The
market has also been divided on the basis of the radial and bias tyres, with
radial tyres holding the largest market share.
· Based
on the tube and tubeless tyres, tubeless tyres currently represent the leading
segment.
· Region-wise,
the market has been segregated into Punjab, Sindh, Khyber Pakhtunkhwa and
Balochistan. Amongst these, Punjab represents the biggest market, holding the
dominant share.
· The
competitive landscape of the market has also been examined with some of the key
players being General Tyre and Rubber Co. Ltd., Panther Tyres Limited, Diamond
Tyres Limited, Service Industries Limited and Ghauri Tyre and Tube Pvt.
Limited.
Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/pakistan-tyre-market
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About Rahul Rastogi 
Market Research Analyst
42 connections, 0 recommendations, 213 honor points.Joined APSense since, September 6th, 2018, From New York, United States.
Created on Jun 22nd 2019 01:15. Viewed 311 times.
