Colombia Tire Market to Cross $1.5 Billion by 2022, Says TechSci Research

NEW YORK, February 21, 2017 /PRNewswire/ --

Continuously expanding fleet of passenger cars and commercial vehicles coupled with increasing automobile production to drive Colombia tire market through 2022 

According to recently released TechSci Research report, "Colombia Tire Market Forecast & Opportunities, 2022", the tire market in Colombia is anticipated to cross $1.5 Billion by 2022, on account of growing automobile sales and favorable government policies. Moreover, expanding automobile fleet coupled with growing Gross National Income per capita, which increased from USD6,180 in 2011 to USD7,140 in 2015, are expected to aid the country's tire market over the next five years.

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"Colombia Tire Market" 

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Central region acquired the largest share in the country's tire market in 2016. Owing to the presence of the country's capital, and being the hub of various commercial and cultural activities, the region is anticipated to maintain its dominance over the next five years as well. Radial tire dominated Colombia tire market in 2016, as it offers several benefits such as better mileage, lesser fuel consumption and better road grip. Some of the major players operating in the country's tire market are Goodyear, Michelin, Hankook, and Toyo, among others.

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"Continuous growth in infrastructure and construction sectors in the country is the major factor contributing to the growth of the country's tire market. The government as well as private investors are investing heavily in various infrastructural and development projects. Thus, the need for commercial vehicles is anticipated to increase as they play a vital role in transportation of raw materials, consequently aiding Colombia tire market." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.