NEW YORK — A continuously expanding fleet of passenger cars and commercial vehicles, coupled with increasing automobile production, is expected to drive Colombia's tire market through 2022.
According to “Colombia Tire Market Forecast & Opportunities, 2022” — a report recently released by TechSci Research — the tire market in Colombia is anticipated to cross $1.5 billion by 2022 on account of growing automobile sales and favorable government policies. Moreover, an expanding automobile fleet coupled with growing gross national income per capita — which increased from $6,180 in 2011 to $7,140 (U.S. dollars) in 2015 — are expected to aid the country's tire market over the next five years, the company said.
In terms of vehicle type, the firm said the tire market in Colombia has been segmented into passenger car; two-wheeler; light commercial vehicle; medium and heavy commercial vehicle; and off-the-road.
TechSci is a research-based management consulting firm providing market research and “advisory solutions” to its customers worldwide, spanning a range of industries. It has offices in New York City as well as British Columbia, India and the United Kingdom.
Colombia's central region acquired the largest share in the country's tire market in 2016, TechSci said. “Owing to the presence of the country's capital, and being the hub of various commercial and cultural activities, the region is anticipated to maintain its dominance over the next five years as well.” Radial tires dominated the country's tire market last year. The firm noted that major players operating in the country's tire market include Goodyear, Group Michelin, Hankook Tire Co. Ltd. and Toyo Tire & Rubber Co.