The Pakistan tyre market reached a consumption volume of 20.9 Million Units in 2018, registering a CAGR of nearly 6.4% during 2011-2018. Tyres are one of the essential components in automobiles as they aid in transferring the load of the vehicle from the axle to the ground. They are manufactured using materials such as fabric, wire, carbon black, natural and synthetic rubber, and other chemical compounds. As tyres are pneumatically inflated, they provide a flexible cushion for absorbing shock when the vehicle travels on a rough surface. Presently, the rising vehicle motorization rate in Pakistan is impelling the demand for tyres in the country.
The Pakistan tyre (tire) industry is currently experiencing moderate growth on account of the increasing vehicle ownership in the country. This can also be attributed to numerous infrastructural and macroeconomic reforms undertaken by the Government of Pakistan, which is resulting in the development of industrial, construction and agricultural industries. For instance, the Government has reduced the prices of fertilizers, approved the Seed Act and Plant Breeders Bill, and increased loans for farmers to improve agricultural activities which, in turn, is boosting the overall sales of tyres in this sector. Apart from this, the Government is also imposing taxes on tyre imports to support domestic manufacturers. Furthermore, due to a consistent rise in the demand for tyres, local and foreign investors are showing interest in the industry, which is anticipated to strengthen the market growth in the upcoming years. For example, General Tyre and Rubber Company (GTR), one of the leading companies in Pakistan, is planning to set up a new manufacturing unit in the Special Economic Zone (SEZ) in Faisalabad. Looking forward, IMARC Group expects the market value to reach 28.5 Million Units by 2024.
Breakup by Vehicle Type:
Two-wheelers and three-wheelers represent the most preferred vehicles in Pakistan.
Breakup by OEM and Replacement Segment:
At present, replacement tyres account for the majority of the total market share
Breakup by Domestic Production and Imports:
Domestic production exhibits a clear dominance in the market as various new players from the automobile industry are setting up tyre manufacturing plants in Pakistan, which is increasing the domestic production in the country.
Breakup by Legitimate and Grey Market:
The legitimate market currently holds the largest market share.
Breakup by Radial and Bias Tyres:
Presently, radial tyres account for the majority of the market share.
Breakup by Tube and Tubeless Tyres:
Tubeless tyres are widely utilized in Pakistan as they are lightweight and can run on lower air pressure.
On the geographical front, Punjab enjoys the leading position in the market on account of rapid urbanization and increasing demand for automotive vehicles.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are:
Key Questions Answered in This Report:
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