Market Research Report

Latin America Tire Market Research Report: Forecast (2024-2030)

Latin America Tire Market Report - By Vehicle Type (Passenger Car, Commercial Vehicle, Two Wheeler, Three Wheeler), By Price Category (Budget, Economy, Premium), By Sales channel (...Online, Direct Sales, Multi-Brand Stores, Exclusive Outlets), By Demand Type (OEM’s, Aftermarket), By Tire Type (Radial, Bias), By Rim Size (Up to 12”, 12.1” to 15”, 15.1” to 18”, 18.1” to 20, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47), By Country (Mexico, Brazil, Argentina, Columbia, Venezuela, Chile, Peru, Uruguay, Paraguay, Cuba Ecuador), By Company (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, Other) Read more

  • Tire
  • Jan 2024
  • Pages 167
  • Report Format: PDF, Excel, PPT

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Market Definition

The tire industry across Latin America is vast & expanding on the back of the more massive automotive sector, i.e., positively influencing the sales of tires. The active participation & extensive presence of prominent tire manufacturers across the region are contributing notably to the growth of the automotive & tire industries. Besides, governments of different countries in Latin America are laying out favorable policies for establishing tire manufacturing facilities, which projects lucrative prospects for the leading players in the tire industry over the coming years.

Market Insights & Analysis: Latin America Tire Market (2024-30)

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. The growth of the market is likely to be driven primarily by the rapidly expanding automotive & tire industries owing to the increasing automobile production & exports across several countries across Latin America. Besides, the gradually improving economic conditions of people & their mounting inclination toward private ownership of vehicles are also driving tire sales in the region.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 2.6%
Country Covered Mexico, Brazil, Argentina, Columbia, Venezuela, Chile, Peru, Uruguay, Paraguay, Cuba Ecuador
Key Companies Profiled

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, Other
Unit Denominations USD Million/Billion

 

Moreover, growing consumer awareness about the significance & benefits of timely replacement of tires for enhanced passenger safety & driving experience is another prominent aspect contributing to the expansion of the tire market in Latin America. 

Additionally, the rising competition between the leading tire manufacturers has led to the extensive availability of tires of multiple brands & budgets and with advanced features. Furthermore, an escalating need for enhanced fuel efficiency & safety in vehicles is another potential driver for the Latin America Tire Market through 2030.




Latin America Tire Market (2024-30): Segmentation Analysis

The Latin America Tire Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the level. According to the analysis, the market has been further classified as:

Based on the Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Medium & Heavy Commercial Vehicles (M&HCV)
  • Two-Wheelers
  • Three-Wheelers
  • Off the Road (OTR)

Amongst all vehicle types, Medium & Heavy Commercial Vehicles are anticipated to dominate the Latin America Tire Market with the largest share during 2024-30. It owes to the mounting focus of governments of different countries across the region on infrastructural developments, i.e., showcasing an increasing number of construction activities and accelerated demand for medium & heavy commercial vehicles. It, in turn, is positively influencing the production & sales of tires across Latin America.

Besides, since several countries in the region undergo various mining & construction activities, the demand for medium & heavy commercial vehicles is prevalent. It, in turn, is generating growth opportunities for the leading players to increase their production & distribution capacities to meet the rising consumer requirements for tires. Furthermore, Mexico being one of the prominent manufacturers & exporters of heavy commercial vehicles is another notable aspect anticipated to promulgate the demand for tires and drive the Latin America Tire Market over the forecast years.

Based on the Demand Category:

  • OEM
  • Aftermarket

Here, the mounting demand for aftermarket tires across Latin America is anticipated to contribute substantially to the expansion of the tire market across the region through 2030. Aftermarkets offer a wide tire range of different brands, features, & budgets. The growing consumer awareness about the importance of providing timely repairs & replacements to tires is driving the market for aftermarket tires across several countries in the region.

On the other hand, OEMs are projected to emerge as an opportunity area for the leading market players during 2024-30. It owes principally to the extensive presence of prominent tire manufacturers across different regional countries and the mounting inclination of brands toward expanding their visibility & customer base rigorously. It, in turn, is showcasing a growing establishment of OEMs and positively impacting the growth of the tire industry across Latin America.

Latin America Tire Market Regional Projection

Geographically, the Latin America Tire Market expands across:

  • Brazil
  • Argentina
  • Mexico
  • Colombia
  • Venezuela
  • Chile
  • Peru
  • Uruguay
  • Paraguay
  • Cuba
  • Ecuador

Amongst all countries across Latin America, Mexico is expecting rapid growth in the tire market over the forecast years. It attributes principally to the improving economic conditions of Mexicans & their rising inclination toward private ownership of vehicles, i.e., demonstrating a rapidly increasing vehicle fleet and frequent tire repairs & replacements for enhanced safety & driving experience.

As a result, the leading players in Mexico Tire Market are witnessing lucrative opportunities to expand their visibility, product portfolio, & consumer base across the country in the coming years. Besides, Mexico is among the prominent manufacturers & exporters of automobiles across several countries and benefited regionally from sharing the market with the Americas, thereby likely to emerge as an opportunistic area for the leading tire manufacturers in the years to come.

Gain a Competitive Edge with Our Latin America Tire Market Report

  1. Latin America Tire Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Latin America Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Latin America Tire Market is expected to grow at a compound annual growth rate (CAGR) of around 2.6% from 2024 to 2030.

   A. The swiftly expanding automotive sector & its direct & positive influence on the demand for tires is a prominent growth driver for the Latin America Tire Market through 2030.

   A. A significant rise in private ownership of vehicles is a key trend benefitting the tire industry across Latin America.

   A. 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 the top companies in the Latin America Tire Market.

   A. Mexico would present growth prospects in the Latin America Tire Market during 2024-30.

  1. Market Segmentation
  2. Introduction
    1. Market Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Latin America Tire Production Overview
  5. Latin America Tire Market Trends & Development
  6. Latin America Tire Market Dynamics
    1. Drivers
    2. Challenges
  7. Latin America Tire Market Hotspot & Opportunities
  8. Latin America Tire Market Analysis, 2019-2030
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type
        1. Passenger Car-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        2. Commercial Vehicle
          1. Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
          2. Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
          3. Off-Road Tire (OTR) -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        3. Two Wheeler-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        4. Three Wheeler-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type
        1. OEM’s-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        2. Aftermarket-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type
        1. Radial-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        2. Bias-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel
        1. Online-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        2. Direct Sales-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        3. Multi Brand Stores-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        4. Exclusive Outlets-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category
        1. Budget-Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
        2. Economy-Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
        3. Premium-Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
      6. 6.2.6. By Rim Size
        1. Up to 12” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        2. 12.1” to 15” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        3. 15.1” to 19” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        4. 19.1” to 20” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        5. 20.1” to 22.5” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        6. 22.6” to 26” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        7. 26.1” to 35” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        8. 35.1” to 47” -Market Size & Forecast 2019-2030F, Units Sold (Thousands)
        9. Above 47-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      7. By Country
        1. Mexico
        2. Brazil
        3. Argentina
        4. Colombia
        5. Venezuela
        6. Chile
        7. Peru
        8. Uruguay
        9. Paraguay
        10. Cuba
        11. Ecuador
      8. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
  9. Mexico Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  10. Brazil Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  11. Argentina Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  12. Colombia Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  13. Venezuela Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  14. Chile Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  15. Peru Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  16. Uruguay Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  17. Paraguay Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  18. Cuba Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  19. Ecuador Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Vehicle Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      2. By Demand Type- Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      3. By Tire Type-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      4. By Sales Channel, Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      5. By Price Category-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
      6. By Rim Size-Market Size & Forecast 2019-2030F, Units Sold (Thousands)
  20. Latin America Tire Market Key Strategic Imperatives for Success & Growth
  21. Competition Outlook
    1. Company Profiles
      1. Pirelli Tyres
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Bridgestone Tyres
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Cooper Tire Rubber Company
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. CEAT Tyres
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Apollo Tyres
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Goodyear Tires
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Continental Tires
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. JK Tyre
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Michelin Tyre
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Maxxis International
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Yokohama Rubber Co. Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Others
  22. Disclaimer


MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

Data Trangulation

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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