Latin America Tire Aftermarket, Tire Replacement Market 2022-2028
MARKET OUTLOOK
Triton Market Research’s report insinuates that the Latin America tire aftermarket, tire replacement market is expected to develop at a compound annual growth rate of 3.78% during the forecast years 2022-2028. Brazil, Mexico, and Rest of Latin America are evaluated in the given region.
In the region, Mexico is among the largest producer of automobiles owing to the availability of low-cost labor. Moreover, several US-based automakers are investing in the country, which is expected to elevate the need for tire aftermarket services. The country also witnessed a rise in the sale of luxury cars, given the implementation of advanced technologies. Such developments in the automotive industry are anticipated to create lucrative opportunities for the tire aftermarket, tire replacement market over the forecast period.
Likewise, Argentina’s automotive industry has grown substantially over the past few years owing to the growing adoption of electric vehicles. The rise in per capita disposable income is a key factor that has elevated the sales of electric vehicles across the nation. The rise in favorable government policies also expands the automotive industry, ultimately boosting the tire aftermarket, tire replacement market.
COMPETITIVE OUTLOOK
The renowned players in the tire aftermarket, tire replacement market consist of Bridgestone Corporation, Continental AG, Sumitomo Rubber Industries Ltd, Toyo Tires, and Michelin.
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