Pakistan Tyre Market Forecast 2024: Revenue, Competitive Analysis, Demand and Growth by 2024
According 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 analysis of 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.
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