Sri Lanka Tire Market grow at a CAGR of 8.3%
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Sri Lanka tire market is?flourishing due to increasing fleet size and sales of automobiles, expanding infrastructure, and the availability of low-interest auto loans.
BlueWeave Consulting, a leading strategic consulting, and market research firm, in its recent study, expects Sri Lanka tire market size to grow at a significant CAGR of 8.25% during the forecast period between 2023 and 2029.?Sri Lanka tire market ?size expansion is primarily attributed to increase in two- and three-wheeler sales owing to a variety of factors, including rising private sector investments in the nation's industrial, agricultural, and construction sectors as well as an expanding fleet of commercial vehicles. Sri Lankan tire business has grown over the past five years owing to rising fleet and vehicle sales, a growing infrastructure sector, and the ease with which low-interest auto loans are available.
Sri Lanka Tire Market?– Overview
A tire is a spherical, air-filled, rim-shaped part of a vehicle. It is made from a variety of synthetic and natural materials, including steel, rubber, wire, cotton, glass, silica, and wire that has been strengthened with carbon black. It is offered in tires with a bead, bead filler, belts, body ply, inner liner, sidewall, and tread that are tubed and tubeless. In addition to supporting the vehicle's weight and offering shock-absorbent cushions, it helps the vehicle deal with forces operating on it while it is traveling. It improves fuel efficiency, vehicle performance, and passenger safety. Also, it facilitates stopping and enhances vehicle handling on inclining roadways.
Impact of COVID-19 on?Sri Lanka Tire Market
The unprecedented COVID-19 pandemic hampered the expansion of Sri Lanka tire market. The government's statewide quarantine, which was imposed to stop the virus's spread, hampered tire production and the availability of raw materials. Also, the outbreak prompted many people to work from home and stay at home, reducing the need for individual activity. Consumer purchasing power was also affected by the state of the nation's economy. These factors combined significantly reduce demand for car tires in Sri Lanka, weighing on the market's overall growth.
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Sri Lanka Tire Market?- By Application
Sri Lanka tire market by application is segmented into agricultural tires, on-road tires, and off-road tires. The off-road tires segment is growing as mechanization penetrates industries including construction, mining, and agriculture. These tires are appropriate for harsh weather conditions and uneven roads as they contain thick threads that offer traction on a range of terrain, such as loose gravel, mud, and dirt. Their deeper and broader grooves boost rolling turbulence and stability in addition to penetrating sand and mud surfaces.
Competitive Landscape
Sri Lanka tire market is highly competitive with major companies including Bridgestone Europe NV/SA, Continental AG, Michelin Group, Goodyear Dunlop Tires Europe B.V., Pirelli & C. S.p.A., Hankook Tire Co. Ltd., Nokian Tires plc, Cooper Tire & Rubber Company, Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Kumho Tire Co. Ltd., Apollo Tires Ltd. The 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 Sri Lanka tire market.
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