The Latin America tire market is projected to register a CAGR of 3.6% during the forecast period (2020-2026). The flat automotive market and economic instability will impact the growth of the market in the region. Moreover, due to the COVID-19 pandemic, a significant downfall in vehicle sales has been witnessed which will further decrease the demand for the tire from the OEM side. However, a positive trend in the market growth is expected in the forthcoming years, which will drive the market growth. The expansion by various global players such as Pirelli, Sumitomo, Goodyear, and Cooper Tire also represents a positive prospect for the market in the region.
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The Latin American tire market is segmented based on vehicle type, road application, construction, tire type, and sales channel. By vehicle type, the market is further segmented into passenger cars, light & medium commercial vehicles, heavy commercial vehicles, two-wheeler, and other. Passenger cars are expected to maintain a major market share during the forecast period. The market is further studied based on geography and is segmented into Mexico, Brazil, Argentina, Chile, Colombia, and others. Brazil and Mexico cover a large chunk of the regional market.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Latin America Tire Market Report Segment
By Vehicle Type
- Passenger Cars
- Light & Medium Commercial Vehicle
- Heavy Commercial Vehicle
- Other (Construction, Agricultural, Customized Sports)
By Road Application
- All-Season Tire
- Summer Tire
- Winter Tire
- Radial Tire
- Bias Ply Tire
By Tire Type
- Tubeless Tire
- Tubbed Tire
By Sales Channel
Latin America Tire Market Report Segment by Geography
- Rest of Latin America
The Report Covers
- Comprehensive research methodology of the Latin America Tire market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Latin America Tire industry.
- Insights about market determinants which are stimulating the Latin America Tire market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
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