According to the latest report by IMARC Group, titled "Pakistan Tyre Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Pakistan tyre market reached a volume of 21.6 Million Units in 2021. Tyres are widely utilized in various types of automobiles. They generally comprise a bead, sidewall, inner liner and body ply that is mounted over a wheel rim to act as a cushion. These components are usually molded together that help in providing smooth transactions between the surface and the wheel. Tyres are widely utilized to support the weight of the vehicle while transmitting braking or traction force to the road surface. Additionally, they are also designed for reducing vibrations and absorbing road shocks while changing and maintaining the direction of travel.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Pakistan Tyre Market Trends:
The market in Pakistan is majorly driven by significant growth in the automotive sector. Moreover, the rising demand for enhanced comfort while traveling among the masses is providing a boost to the market growth. This has encouraged numerous leading players in the market to heavily invest in product innovations, which is creating a positive outlook for the market. Apart from this, the increasing population and the inflating disposable income levels of individuals across the country have led to a considerable rise in the sales of personal vehicles, which is providing an impetus to the market growth. The market is further driven by continual technological advancements and the widespread integration of advanced techniques with the manufacturing process. Other factors, including rapid urbanization, continuous improvements in the construction and agriculture infrastructure and extensive research and development (R&D) activities conducted by key players to introduce improved product variants, are further projected to drive the market growth across Pakistan. On account of the aforementioned factors, the market is anticipated to reach a volume of 29.6 Million Units by 2027.
- On the basis of the vehicle type, the market has been segmented into two-wheeler and three-wheeler, passenger cars and light truck, heavy commercial and OTR. Among these, two-wheeler and three-wheeler represent the most preferred vehicles in Pakistan.
- Based on the segment, the market has been bifurcated into OEM and replacement, wherein replacement tyres account for the majority of the total market share.
- The market has been segregated into domestic production and imports, wherein domestic production exhibits the largest market share.
- The market has been classified into legitimate and grey market, wherein the legitimate market currently holds the largest market share.
- The market has been categorized into radial and bias tyres. Among these, bias tyres account for the majority of the market share.
- The market has been segmented tube and tubeless tyres, wherein tube tyres are widely utilized in Pakistan.
- On the basis of the regional insights, the market has been divided into Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include General Tyre and Rubber Co. Ltd., Panther Tyres Limited, Diamond Tyres Limited, Service Industries Limited and Ghauri Tyre and Tube Pvt. Limited.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal