Press Release

Latin America Tire Market to Witness a Projected 2.6% CAGR Growth by 2030

The Latin America Tire Market size is projected to grow at a CAGR of around 2.6% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in their recent research report. The rapidly increasing vehicle fleet in different countries across Latin America is the prime aspect driving the tire industry. Besides, the swiftly growing automotive sector, owing to the extensive presence of leading automakers introducing new vehicle models, is another crucial aspect augmenting the demand for tires and, in turn, positively influencing the market growth. 

Moreover, growing competition between the leading tire manufacturers is leading to the emergence of new tires with different features & brands to attract a larger consumer base and attain prominence in the industry, shall further boost tire sales across the region in the coming years, further states the research report, “Latin America Tire Market Analysis, 2024.”

Latin America Tire Market Segmentation Analysis

Various Ongoing Construction Projects to Boost the Demand for Medium & Heavy Commercial Vehicle Tires

Medium & Heavy Commercial Vehicles would be acquiring the largest share in the Latin America Tire Market during 2024-30, principally due to the growing focus of different countries on infrastructural developments, i.e., demonstrating a rising number of construction projects & accelerating demand for medium & heavy commercial vehicles. As a result, the need for robust tires for these vehicles is surging at a significant pace while instigating the leading players to increase their production & distribution capacities to meet the burgeoning tire requirements across Latin America, and thus, fueling the overall tire market growth.

Vast Business of Vehicle Exports in Mexico to Drive the Market through 2030

Of all countries across Latin America, Mexico is predicted to demonstrate the fastest market growth for tires during 2024-30. It owes prominently to the improving economic conditions of people & their mounting inclination toward private ownership of vehicles, i.e., leading to a rapidly increasing vehicle fleet & burgeoning demand for tires.

Besides, the growing consumer awareness among Mexicans about the benefits of timely repairs & replacements of tires to ensure enhanced safety & driving experience are other crucial factors contributing to the growth of the tire industry across the country. Moreover, since Mexico is one of the prominent automobile exporters across the region owing to its geographical benefit, it projects remunerative opportunities for the leading players in the tire industry to expand their product portfolio & scalability and augment the overall market growth through 2030.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Pirelli Tires, Bridgestone Tyres, Cooper Tire Rubber Company, CEAT Tyres, Apollo Tyres, Goodyear Tires, Continental Tires, JK Tyres, Michelin Tyres, Maxxis Tyres, Yokohama Rubber Company, and Others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the current & future trends in the Latin America Tire Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across Latin America, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Latin America Tire Market?
5. What are the customer orientation, purchase behavior, & expectations from tire manufacturers across Latin America?