Latin America and Caribbean Tire Market, Size, Forecast 2022-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Latin America and Caribbean Tire Market, Size, Forecast 2022-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Latin America and Caribbean Tire Market size will be worth US$ 4.79 Billion by 2028, according to Renub Research. Nowadays, a wide range of automotive tires are offered on the market to meet the needs of various types of vehicles, such as passenger cars, commercial vehicles, and electric vehicles. A tire is a part that is attached to the rim of a wheel and helps a vehicle axle transfer weight to the ground. The majority of tires have pneumatic inflation to provide a flexible cushion that absorbs shock when the tire is traveling over uneven terrain. Its main purpose is to safeguard the rim and act as a tractive force between the car and the ground. Natural and synthetic rubber, carbon black, polyester, rayon, steel, silica, and vulcanization accelerator are some of the materials used in the production of automotive tires.

Between 2022 and 2028, the Latin America and Caribbean tire market will expand at a CAGR of 3.27%

The growing middle class, urbanization, and advanced road infrastructure are riding this increase. Moreover, radial tires are getting extra popular because of their durability and gasoline efficiency that is changing the market. Tire producers are emphasizing innovation and product differentiation as customer’s area a higher precedence on safety and overall performance. These developments, at the side of the place increasing automobile industries, put the Latin America and Caribbean tire market in a sturdy position for lengthy-term growth.

Factors inclusive of an upward push in competition amongst tire manufacturers, increase in automotive production and sales across awesome vehicle components, and the advent of modern era within the manufacturing process are propelling marketplace increase. Furthermore, worthwhile opportunities for market enlargement are anticipated due to technological improvements, fuel performance improvements, and safety concerns. Hence, the Latin America and Caribbean tire marketplace changed into well worth USD 3.95 Billion in 2022.

Electric Vehicles (EVs) are witnessing rapid growth within the Latin America and Caribbean tire market

Vehicle types present within the Latin America and Caribbean tire market are Passenger Vehicle, Commercial Vehicle, and Electric Vehicle. The Latin America and Caribbean area attention on sustainability aligns with EVs' environmental blessings, using purchaser hobby. Supportive authority’s guidelines, incentives, and infrastructure improvement further inspire EV adoption. Rising gasoline prices make EVs appealing, leading to better demand. Advancements in EV era decorate performance, making them a possible preference. As the rush for cleanser transportation intensifies, the electrical car segment holds significant capacity, positioning it because the quickest-developing within the Latin America and Caribbean tire market.

In Latin America and the Caribbean marketplace, rim sizes starting from 15 to twenty are the most famous

Less Than 15 Inches, 15 To 20 Inches, and More Than 20 Inches are the rim sizes to be had in the Latin America and Caribbean tire market. The 15 to 20 rim sizes satisfy the alternatives of costumer within the area via hanging a balance among look, functionality, and practicality. Numerous vehicles on this market segment, along with compact automobiles, SUVs, and small vehicles, include rims in this charge range. It is a famous option for the numerous street situations gift inside the location because it gives a cushy journey, advanced handling, and a huge variety of tire options. The adaptability and extensive compatibility of this variety make contributions to its dominance.

Aftermarket income channel will remain the dominant pressure in the Latin American and Caribbean tire markets

Based on income channel, the Latin America and Caribbean tire market is fragmented into OEM (Original Equipment Manufacturer), and Aftermarket. Aftermarket gives consumer with a much wider range of tire manufacturers, sizes, and rate factors which could accommodate various wishes and budgets. Convenience is ensured by way of the channel accessibility thru unbiased outlets and online shopping structures. Furthermore, there may be a regular want for substitute tires due to the automobile possession patterns inside the region, wherein many customers pressure older motors. The aftermarket sales channel is the pass-to alternative for customers looking for low cost, personalized, and effortlessly on hand tire solutions because of its adaptability, aggressive pricing, and tailored offerings that healthy the traits of market.

Brazil claims the most proportion in the Latin America and Caribbean tire market.

The international locations comprising the Latin America and Caribbean tire market are Brazil, Mexico, Argentina, Haiti, Cuba, Dominican Republic, Bahamas, Guatemala, Panama, and Rest of Latin America and Caribbean. The Brazil has the largest automotive industry within the area, which significantly increases demand for tires. Tire replacements are important because of its tremendous landmass, varied topography, and widespread road community, which drive up income. Brazil has an increasing middle class, rising prices of car possession, and economic improvement all help the enlargement of the tire market.

Furthermore, Brazil tire producers are interested in government guidelines that help alternate and production, which encourages rivalry. Brazil continues to dominate the Latin American and Caribbean tire market as a key financial player within the location with a growing car quarter and favorable demographics.

Key Players

Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli TyreC.S.p.A. (China National Chemical Corporation), Yokohama Rubber Co., Ltd., and Bridgestone Corporation are competitors in the Latin American and Caribbean tire market.

Renub Research latest report “Latin American and Caribbean Tire Market, 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), Countries (Brazil, Mexico, Argentina, Haiti, Cuba, Dominican Republic, Bahamas, Guatemala, Panama, and Rest of Latin America and Caribbean), Companies (Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli TyreC.S.p.A. (China National Chemical Corporation), Yokohama Rubber Co., Ltd., and Bridgestone Corporation)” provides a detailed analysis of Latin American and Caribbean Tire Market.

Vehicle Types – Latin American and Caribbean Tire Market has been covered from three viewpoints.

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

Rim Sizes – Latin American and Caribbean Tire Market has been covered from three viewpoints.

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

Sales Channel – Latin American and Caribbean Tire Market has been covered from two viewpoints.

1. OEM (Original Equipment Manufacturer)
2. Aftermarket

Countries – Latin American and Caribbean Tire Market has been covered from ten viewpoints.

1. Brazil
2. Mexico
3. Argentina
4. Haiti
5. Cuba
6. Dominican Republic
7. Bahamas
8. Guatemala
9. Panama
10. Rest of Latin America and Caribbean

Company Insights

• Overview
• Recent Development
• Sales Analysis

Company Analysis

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