In a report named “Latin America and Caribbean Tire Market: Market Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2028,” issued recently by Renub Research, market share insights are incorporated along with a detailed industry analysis. The analysis of competitors, topographical regions, and growth for Latin America and Caribbean tire market is also enclosed in the report.
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Latin America and Caribbean tire market will experience a CAGR of 3.27% between 2022 and 2028. Over the years, Latin America and the Caribbean have been predicted to be among the world’s fastest-growing tire markets. The market is expected to experience strong growth in tire demand as a result of increased sales of passenger vehicles, commercial vehicles, and electric vehicles in the region. As a result, the region’s high tire replacement rate has aided the development of the tire market. Furthermore, vehicle owners in the region are embracing low-cost solutions to meet their needs, and the market is heavily reliant on tire imports from around the world.
There is a wide variety of automotive tires available on the market today that cater to the needs of various types of vehicles. Factors such as increased automotive production and sales across all vehicle segments, increased competition among tire manufacturers, and the incorporation of advanced manufacturing technology are driving market growth. However, volatile raw material prices and developments in the retreading tire market stifle market growth. Furthermore, profitable opportunities for market expansion are anticipated as a result of technological developments, improved fuel efficiency, and safety concerns. So, Latin America and Caribbean Tire Market will value about US$4.79 billion by 2028.
An increase in the sales of commercial vehicles like trucks, tractors, and trailers has been seen recently as a result of the automobile industry’s rapid growth as a result of rapid industrialization. The increased sales of opulent passenger cars and premium-segment bikes are also influenced by rising disposable income and rising standards of living. Moreover, the automotive industry’s consolidation, which includes mergers and acquisitions between domestic and foreign automakers, spurs the industry’s expansion and has an impact on the automotive tire market.
Commercial vehicles dominate the Latin America and Caribbean tire market due to the region’s robust industries like agriculture, logistics, and transportation.
The reliance on trucks and buses for cargo movement and passenger transport drives consistent demand for replacement tires. The region’s diverse terrains and challenging road conditions also contribute to higher wear and tear, necessitating frequent tire replacements. These factors, coupled with economic growth and urbanization, sustain the demand for commercial vehicle tires. Further, favorable trade agreements and export-oriented industries foster cross-border transportation, elevating the significance of commercial vehicle tires in the regional market.
Vehicle types – Latin American and Caribbean Tire Market has been covered from three viewpoints.
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicle
Tire sizes exceeding 20 inches are experiencing the fastest-growing share in the Latin America and Caribbean market.
Rising consumer affluence has led to increased demand for larger vehicles, including SUVs and premium cars, which often require larger tires for enhanced performance and aesthetics. These regions also feature diverse terrains, including rough roads and varying weather conditions, necessitating tires with greater durability and stability. The aspiration for improved vehicle handling, comfort, and aesthetics is driving the preference for larger tires. As economies expand and lifestyles evolve, the demand for vehicles equipped with more than 20-inch tires is rapidly gaining traction, boosting their market share in the region.
Rim sizes – Latin American and Caribbean Tire Market has been covered from three viewpoints.
- Less Than 15 Inches
- 15 To 20 Inch
- More Than 20 Inches
The aftermarket segment is witnessing the fastest-growing share in the Latin America and Caribbean tire market due to its adaptability and cost-effectiveness.
As vehicle ownership rises, consumers are seeking affordable and high-quality replacement tires for optimal performance and safety. Aftermarket tire options offer a wide range of choices to match various vehicle types and budgets. Additionally, the region’s diverse terrains and harsh road conditions lead to higher tire wear, driving demand for frequent replacements. The convenience of aftermarket services and the flexibility to select from various brands and sizes further bolster its growth.
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Sales channel – Latin American and Caribbean Tire Market has been covered from two viewpoints.
- OEM (Original Equipment Manufacturer)
The synergy of economic prowess, transportation needs, and favorable market conditions positions Brazil to maintain its leadership in the Latin America and Caribbean tire market.
Brazil has robust automotive and manufacturing industries that create substantial demand for tires across various vehicle categories. The nation’s diverse geography and extensive road networks necessitate a steady supply of replacement tires. Furthermore, Brazil’s growing consumer base and increasing disposable income drive demand for new vehicles, bolstering tire sales. With a strategic geographic location and established distribution networks, Brazil serves as a central hub for tire imports and exports in the region.
Countries – Latin American and Caribbean Tire Market has been covered from ten viewpoints.
- Dominican Republic
- Rest of Latin America and Caribbean
In the Latin American and Caribbean tire market, rivals include Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C.S.p.A. (China National Chemical Corporation), Yokohama Rubber Co., Ltd., and Bridgestone Corporation.
- Recent Development and Initiatives
- Sales Analysis
- Hankook Tire & Technology Co., Ltd.,
- Continental Corporation,
- Pirelli Tyre C.S.p.A. (China National Chemical Corporation),
- Yokohama Rubber Co., Ltd.,
- Bridgestone Corporation
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