Colombia Tire Market Size Set to Grow at Steady CAGR of 4.47% to Reach USD 1.93 Million by 2029

Published | 23 March 2023

Colombia tire market size is flourishing due to the country's growing population, urbanization, rapidly expanding middle class population, and increased investments in agriculture by both public and private entities driving the demand for automobiles.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Colombia tire market size at USD 1.39 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Colombia tire market size to grow at a significant CAGR of 4.47% reaching a value of USD 1.93 million by 2029. The rapidly expanding middle class in Colombia is increasing demand for cars, which in turn raises demand for tires. A bigger fleet and higher public and private sector spending on agriculture are also contributing to the nation's increased tire needs. The launch of new car models, an increasing fleet of vehicles, and rising per capita income all contribute to the growth of the Colombia automotive sector. It, in turn, drives the demand for tires in the country.

Colombia Tire Market – Overview

Externally, the rim of the wheel is covered by a round, rubber-based car tire. The fundamental function of the tire is to transmit tractive force from the vehicle to the road surface while safeguarding the wheel rim. Rubber's flexibility and ability to provide a cushion reduce the effect of vibrations and absorb vehicle shock. The tread, jointless cap piles, beads, as well as synthetic rubber, carbon black, and fabric, are all parts of a rubber tire.

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Impact of COVID-19 on Colombia Tire Market

COVID-19 pandemic adversely affected the growth of Colombia tire market. The government's nationwide quarantine, enforced to stop the virus's spread, hindered the availability of raw materials needed to create tires as well as tire production. Also, the necessity for personal mobility was decreased by the fact that many employees worked from home and many people stayed inside during the pandemic. The nation's economic turmoil has also influenced consumer purchasing power. All of these elements combined to cause a severe decline in tire demand in Colombia, which had an impact on the market's expansion as a whole.

Colombia Tire Market - By End Use

On basis of the end use, Colombia tire market is divided into OEM and Replacement segments. The fastest rate of growth in tire replacement demand is anticipated in Colombia throughout the projection period. It primarily highlights the nation's excessive reliance on imported tires as a result of a dearth of vehicle and tire manufacturing facilities, highlighting the absence of OEMs (Original Equipment Manufacturers). Advantages like the simplicity of locating a wide selection of tires for all vehicle kinds at various price points are probably going to accelerate the expansion of the replacement market. Moreover, during the forecast period, the demand for replacement tires is expected to be driven by a growing consumer understanding of the significance of proper tire replacement and maintenance.

Competitive Landscape

Colombia tire market is fiercely competitive. Major companies in the market include Apollo Tires Ltd., Michelin, Bridgestone Corporation, Continental Aktiengesellschaft, Sumitomo Rubber Industries, Ltd., Pirelli Tire S.p.A., and Yokohama Tire Corporation. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Colombia tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Colombia Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Colombia Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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