Latin America and Caribbean Tire Market, Size, Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis

Latin America and Caribbean Tire Market, Size, Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis

Latin America & Caribbean Tire Market is projected to be valued at US$ 4.4 Billion by 2027. Over the years, Latin America & the Caribbean have been expected to be one of the fastest-growing industries for tires across the globe. The market is hovered to reflect strong growth in the demand for tires, owing to increased sales of passenger vehicles, commercial vehicles, and electric vehicles in the region. Consequently, leading the growth of the high tire replacement rate in Latin America & the Caribbean has also fostered the development of the tire market in the region. Besides, the vehicle owners in the region are embracing low-cost solutions to fulfill their needs, and the market is laboriously reliant on imports of tires from diverse parts of the globe.

Trends Evolution to Recur in the Latin America & Caribbean Automotive Tire Industry:

The tire market in Latin America and the Caribbean is proposed to register remarkable growth due to the rise in automotive production & sales across different vehicle segments. The advent of advanced technology in the manufacturing process and expansion in competition among tire manufacturers propel the growth of the Latin America and Caribbean Tire Market. The government of major economies has been recreating an instrumental role in altering the tire manufacturing sector or the whole automotive industry in the region. The Latin American and Caribbean Tire Industry are poised to grow at a healthy CAGR of approximately 3.4%, in value terms, during 2021-2027.

The Passenger Vehicle Segment to Capture Growing Market Share:

Our report analyzed the Latin America & Caribbean Automotive Tire Market - By Vehicle Types such as passenger vehicles, commercial vehicles, and electric vehicles. The multiple vehicle types segment is expected to reflect growth in demand for tires owing to the inauguration of new auto manufacturing facilities in the region by the global manufacturers to augment their production base in the area and capitalize on the growth opportunities in the market. The passenger vehicle segment is expected to capture a growing market share in the Latin America & Caribbean Automotive Tire Market, followed by the electric vehicle gaining their market share.

Latin America and the Caribbean - Undergoing an Overhaul with Radial Tires Overpowering Bias:

The tire industry in Latin America and the Caribbean is undergoing an overhaul with radial tires overpowering bias. The pace of radicalization is higher amongst passenger vehicles, commercial vehicles, and electric vehicles, registering steady growth. Our report covers Latin America & Caribbean Automotive Tire Market - By Rim Size categorized as less than 15 inches, 15 To 20 inch, and more than 20 inches.

Latin America Automotive Tire Market Size was valued at US$ 3.6 Billion in 2021

Latin America and Caribbean Tire Market have witnessed positive growth trends over the years. The growth in the market is attracting multiple market players to augment their production base for tires and other auto components, and this trend is expected to witness a significant increase in the regional market during the forecasted years. Moreover, the high reliance of the customers on imported tires has also urged the manufacturers to augment the production of tires indigenously in Latin America and the Caribbean with the support of the local governing bodies. The key players operating in the European tire market comprise Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation.

COVID-19 Impact on Latin America and Caribbean Automotive Tire Industry

With the advent of the COVID-19 pandemic across the world, the Latin America and Caribbean automotive tire market has been impacted as the automotive tire manufacturing units have been shut down due to the imposed lockdown in significant countries across Latin America and the Caribbean. Similar to the downfall of traffic volumes across the nation, there has also been a decrease in demand for aftermarket tires and tire products. The downturn in the aftermarket business is due to the decline in consumers purchasing from local tire retailers.

Renub Research latest report “Latin America & Caribbean Tire Market, Forecast By Vehicle Types (Passenger Vehicle, Commercial Vehicle and Electric Vehicle), Rim Size (Less Than 15 Inches, 15 To 20 Inch and More Than 20 Inches), Sales Channels (OEM (Original Equipment Manufacturer) and Aftermarket), Companies (Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation)” provides a detailed analysis of Latin America & Caribbean Tire Industry.

Vehicle Types - Latin America & Caribbean Automotive Tire Market has been covered from 3 viewpoints:

1. Passenger Vehicle
2. Commercial Vehicle
3. Electric Vehicle

Rim Size - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:

1. Less Than 15 Inches
2. 15 To 20 Inch
3. More Than 20 Inches

Sales Channels - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:

1. OEM (Original Equipment Manufacturer)
2. Aftermarket

Company Insights

• Overviews
• Recent Developments
• Sales Analysis

Company Analysis:

1. Hankook Tire & Technology Co., Ltd.
2. Continental Corporation
3. Michelin
4. Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
5. The Yokohama Rubber Co. Ltd
6. Bridgestone Corporation
7. Toyo Tire Corporation