The Latin America Tire Market is expecting around 2.6% CAGR during 2022-27, 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, 2022.”
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 2022-27, 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 market growth.
Vast Business of Vehicle Exports in Mexico to Drive the Market through 2027
Of all countries across Latin America, Mexico is predicted to demonstrate the fastest market growth for tires during 2022-27. 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 2027.
The leading players in the Latin America Tire Market are Bridgestone, Continental AG, Goodyear, Hankook, Michelin, Pirelli, Sumitomo Tires, Kumho Tires, Yokohama, and Apollo Tires.
Key Questions Answered in the Research Report