Iran Tire Market Growth Analysis 2021

1. Iran Tire Market; By type, Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Iran Tire Market- Industry Trends & Forecast Report 2027 Iran's tire industry has achieved outstanding growth despite the ongoing COVID-19 pandemic. A recent study by the strategic consulting and market research firm BlueWeave Consulting revealed that the Iran Tire Market was worth USD 2,178.6 Million in 2020 and is anticipated to reach USD 4,023.8 Million at a CAGR of 10.1%. The expected growth of the market can be attributed to an increase in demand for automobiles across the country. With the country's economy growing again and national sanctions relaxed by the UN Security Council, the Iranian tire market is poised for further growth. Many domestic tire manufacturers invest heavily in research and development to produce high-quality advanced tires, which in turn favors the market’s growth.

3. Growth Drivers  Increased Demand for Automobiles Driving the Iran Tire Market Iran accounts for 41% of tire production in the West Asia region. The country’s automobile industry accounts for 10% of the GDP and 4% of employment of Iran, according to the Middle-East economic and political institutions. The two largest local manufacturers, Iran Khodro (IKCO) and Saipa, employ more than 100,000 people, while another 700,000 Iranians work in industries related to car manufacturing. Thus, Iran’s automotive industry is the key driving force and keeps other industries moving. Even though the automotive sector suffered from sanctions imposed by the West, Iran is now aiming to strengthen its domestic production and achieve self-sufficiency; thus, companies are eager to explore business opportunities in Iran. 

4. Restraints  Unstable Prices of Raw Material Slowing Market Growth The fluctuating cost of raw materials, such as nylon and polyester, negatively affect the Iran tire market. In addition, rubber (natural and synthetic) plays an essential role in manufacturing tires, which comes at a high cost. Rubber tires consist of tread, textile cord ply, jointless cap plies, steel-cord belt plies, bead reinforcement, apex, and core. Furthermore, it contains steel wire, synthetic rubber, natural rubber, carbon black, and petrochemical strengthening materials, such as polyester, fabric, nylon, steel, and rayon. The value of these raw materials plays an essential role in determining the tire's overall price. Due to economic fluctuations, the prices of these metals fluctuate irregularly. 

5. Impact of COVID-19 The coronavirus-induced pandemic has dealt a big blow to the automotive industry in general. As a result, related industries, such as the tire industry, have also been adversely affected. COVID 19 has affected the automotive industry's supply chain and product requests. When all non-essential services were shut down during the lockdown, commercial vehicle sales & production declined, decreasing demand for tires. Changes in consumer buying behavior also affected demand. The disruption of supply chains made procuring raw materials and delivering finished goods more difficult. However, with the reopening of several services and the easing of restrictions on movement, the market is expected to recover soon and regain its previous position.

6. Iran Tire Market - Competitive Landscape The key players dominating the Iran tire market are Barez Industrial Group, Yazd Rubber Industries Complex (YRIC), Hankook Tire, Kumho Tire Co. Inc., Nexen Tire Co., Ltd., Iran Tire Manufacturing Co., Artawheel Tire Co.,Michelin,Bridgestone Corporation,Goodyear Tire & Rubber Company, and other prominent players. To maintain their dominance in the market, the market players invest in launching enhanced products and services. Strategic alliances and collaborations are among the strategies used by the market participants to gain a competitive edge.

7. Recent Developments In February 2021, Yazd Rubber Industries (Iranian tire manufacturer) completed an expansion project at its manufacturing facility in the southern city of Yazd. According to the company, the project was launched three years ago and is expected to increase the production capacity of passenger cars and light truck tires by 3,000 and 12,000 units respectively, per day. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/iran-tire-market/report-sample

8. Key Players Key players in the market include Barez Industrial Group, Yazd Rubber Industries Complex (YRIC), Hankook Tire, Kumho Tire Co. Inc., Nexen Tire Co., Ltd., Iran Tire Manufacturing Co., Artawheel Tire Co.,Michelin,Bridgestone Corporation,Goodyear Tire & Rubber Company

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