The Tire Industry in Bangladesh: Current Situation and Opportunities

In Bangladesh, the world's eighth most populous country with a population of 170 million, the economy is in a stage of rapid growth. In 2023, the country's economic output reached $1.413 trillion, showing a significant increase compared to previous years and gradually emerging on the global economic stage.

With the advancement of industrialization and urbanization and the expansion of the automotive industry, the tire market in Bangladesh has also entered a period of booming development. According to statistics, the number of motor vehicles in use has surged from 1.427 million in 2010 to 5.864 million in 2023, directly driving a substantial increase in tire demand. Currently, the total value of the tire market in Bangladesh is approximately 80 billion taka (about 4.8 billion yuan). Among them, two-wheeler tires account for 20 billion taka (about 1.2 billion yuan), and truck tires account for 50 billion taka (about 3 billion yuan). The annual tire demand is 2.5 million pieces, and the monthly demand for heavy-duty/commercial vehicle tires is 70,000 pieces.

In terms of product types, commercial vehicle tires occupy a 45% market share, being the largest segment; passenger vehicle tires account for 30%; two-wheeler tires account for 20%; and construction machinery tires account for 5%. However, the local tire industry has not been without challenges. In August 2024, a fire broke out at the factory of Gazi Tyres, which had dominated the domestic small car tire market (with a 70% share). This disaster not only caused casualties but also changed the market pattern, creating a market gap.

In terms of imports, China and India play important roles in the tire import market of Bangladesh, accounting for 45% and 25% of the market share respectively, and both show a certain year-on-year growth in import volume. However, local manufacturers such as Meghna Group and Rupsha Tyres are striving to expand production, and MTF Tyres also plans to fully utilize its production capacity to produce 3 million rickshaw tires annually.

It is worth mentioning that the rubber production in Bangladesh has been increasing continuously. Last year, it reached 67,939 tons, a 58% increase compared to 2021. This has reduced the local tire manufacturers' dependence on imported rubber, lowered production costs, and enhanced product competitiveness. Some local manufacturers have been able to adopt advanced technologies and produce world-class tires.

In this context, we warmly welcome customers from Bangladesh to visit and negotiate. Our company has a team of top-notch engineers with rich experience in the tire machinery manufacturing field. We can provide you with a complete factory construction plan, covering site planning, equipment selection, personnel training, and technical support, to solve all your needs in one stop. Our products include various equipment such as tire vulcanizing machines and tire building machines, with excellent quality to meet the needs of different production scales. Moreover, we also provide comprehensive after-sales services to ensure the stable operation of the equipment, so you don't have to worry. We look forward to working with you to explore the tire market in Bangladesh and create a better future!

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