Market Insights
As per recent research by MarkNtel Advisors, The Bangladesh Tire Market is projected to grow at a CAGR of around 6% in terms of revenue during the forecast period, i.e., 2022-27.
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Key Driver & Opportunity: Growing Focus of the Government to Counter Dependence from Import Goods
The Covid-19 pandemic acted as an eye-opener for the country when the disruptions in tire imports brought financial fluctuations amidst the crisis. The government of Bangladesh is actively working on improving trade relations, devising financial plans, budgets, & providing tax exemptions to minimize the reliance of the automotive & tire industries on imports from other countries.
It, in turn, would generate growth opportunities for the leading players to set up tire production units and drive the Bangladesh Tire Market during the forecast period. Moreover, the introduction of sports vehicles like Mitsubishi Pajero in the local markets of Bangladesh is another crucial aspect anticipated to boost the sales of tires & augment the overall market growth during the forecast period.
Market Segmentation and Consumer Behavior:
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
By Demand Category
- OEM
- Aftermarket
By Type of Tire
- Radial
- Bias
By Sales Channel
- Dealer/Distributor
- Online
By Season
- All season
- Summer
By Price Category
- Budget
- Economy
- Premium
By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
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Key Players and Competitive Strategies in the Bangladesh Tire Market
Several prominent players dominate the Bangladesh Tire Market, including:
- Bridgestone
- Goodyear and Dunlop Tyres
- Continental
- Yokohama
- Michelin
- Hankook
- Toyo
- MRF Tyres
- JK Tyres
- Apollo Tyres
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Questions Addressed in this Study
1.What factors are driving the Bangladesh Tire Market growth?
2.How is the Bangladesh Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Bangladesh Tire Market?
4.What is the current size of the Bangladesh Tire Market, and how is it projected to change in the future?
5.What is the future outlook for the Bangladesh Tire Market in terms of technological advancements and market expansion?
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