BRITISH COLUMBIA, Canada—Argentina's tire market is forecast to grow at a CAGR of around 10 percent during 2014-19, according to TechSci Research.
In the “Argentina Tyre Market Forecast & Opportunities, 2019” market report, a low motorisation rate coupled with rising disposable income and growing SME sector is augmenting the penetration of automobiles in Argentina, which consequently promises a “bright future” for the country's tire market.
Though the growth trajectory of the Argentina tire market, particularly passenger car segment, was hit by adverse internal economic conditions in 2012, which consequently affected the demand for tires in the country, the passenger car sales witnessed a bounce back in 2013 with a “robust” double digit growth, thereby boosting the country's tire market.
Presently, around 10 major international automobiles producers—namely Ford, General Motors, Iveco, Mercedes Benz, Peugeot-Citroen, Renault, Toyota, Volkswagen, Fiat and Honda—are operating in Argentina's automotive market. In terms of regional demand share, Pampas, Dry Pampas and Pampas Sierras regions account for over 60 percent of the country's tire demand.
TechSci Research is a global market research and consulting company with offices in Canada, England and India.