According to recent findings, the Bangladesh Tire Market is projected to grow at a CAGR of around 2.4% during the forecast period, i.e., 2022-27.
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Bangladesh Tire Overview:
Since Bangladesh mostly relies on the import of tires & automobile components for the sustainability of its automotive sector, the tire market might witness slow growth in the coming years. It owes principally to the implementation of several policies by the Bangladesh government emphasizing the development of road infrastructure.
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Bangladesh Tire Outlook and Future Trends :
Growing Government Support through Policies & Encouragement for Electric Vehicle Adoption. – Since the country lacks capital investment for the sustainability of the automotive & tire industry, the government is seeking measures to support the industry expansion. Hence, with a rising number of tax exemptions for tire manufacturing entwined with the increasing encouragement for the adoption of Electric Vehicles (EV), the tire industry is expanding. Moreover, norms like Automobile Industry Development Policy-2020, which aims to reach the goal of at least 15% EV registrations by 2030 as a step forward in reducing carbon emissions, are projected to boost the Bangladesh Tire Market over the coming years.
Bangladesh Tire Segmentation Analysis:
By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
According to reports, Amongst all vehicles, Buses & Trucks are anticipated to demonstrate the fastest growth in the Bangladesh Tire Market during the forecast period.
By Demand Category
- OEM
- Replacement
By Type of Tire
- Radial
- Bias
According to reports, Bias tires dominated the Bangladesh Tire Market with the largest share in recent years & is anticipated to prevail the same trend during the forecast period.
By Sales Channel
- Dealer/Exclusive Outlets
- Online
By Season
- All season
- Summer
By Price Category
- Budget
- Economy
- Premium
- By Rim Diameter
- Upto 12”
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”.
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Some of the Market players in the Bangladesh Tire are:
- Bridgestone
- Goodyear and Dunlop Tyres
- Continental
- Yokohama
- Michelin
- Hankook
- Toyo
- MRF Tyres
- JK Tyres
- Apollo Tyres.
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