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Latin America and Caribbean Tire Market, Size, Forecast 2022-2028, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

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    Report

  • 120 Pages
  • August 2023
  • Region: Latin America
  • Renub Research
  • ID: 5521679

Latin America and Caribbean Tire Market size will be worth US$ 4.79 Billion by 2028

Latin America and Caribbean Tire Market size will be worth US$ 4.79 Billion by 2028, according to the report. Nowadays, a wide range of automotive tires are offered on the market to meet the needs of various types of vehicles, such as passenger cars, commercial vehicles, and electric vehicles. A tire is a part that is attached to the rim of a wheel and helps a vehicle axle transfer weight to the ground. The majority of tires have pneumatic inflation to provide a flexible cushion that absorbs shock when the tire is traveling over uneven terrain. Its main purpose is to safeguard the rim and act as a tractive force between the car and the ground. Natural and synthetic rubber, carbon black, polyester, rayon, steel, silica, and vulcanization accelerator are some of the materials used in the production of automotive tires.

Between 2022 and 2028, the Latin America and Caribbean tire market will expand at a CAGR of 3.27%

The growing middle class, urbanization, and advanced road infrastructure are riding this increase. Moreover, radial tires are getting extra popular because of their durability and gasoline efficiency that is changing the market. Tire producers are emphasizing innovation and product differentiation as customer’s area a higher precedence on safety and overall performance. These developments, at the side of the place increasing automobile industries, put the Latin America and Caribbean tire market in a sturdy position for lengthy-term growth.

Factors inclusive of an upward push in competition amongst tire manufacturers, increase in automotive production and sales across awesome vehicle components, and the advent of modern era within the manufacturing process are propelling marketplace increase. Furthermore, worthwhile opportunities for market enlargement are anticipated due to technological improvements, fuel performance improvements, and safety concerns. Hence, the Latin America and Caribbean tire marketplace changed into well worth USD 3.95 Billion in 2022.

Electric Vehicles (EVs) are witnessing rapid growth within the Latin America and Caribbean tire market

Vehicle types present within the Latin America and Caribbean tire market are Passenger Vehicle, Commercial Vehicle, and Electric Vehicle. The Latin America and Caribbean area attention on sustainability aligns with EVs' environmental blessings, using purchaser hobby. Supportive authority’s guidelines, incentives, and infrastructure improvement further inspire EV adoption. Rising gasoline prices make EVs appealing, leading to better demand. Advancements in EV era decorate performance, making them a possible preference. As the rush for cleanser transportation intensifies, the electrical car segment holds significant capacity, positioning it because the quickest-developing within the Latin America and Caribbean tire market.

In Latin America and the Caribbean marketplace, rim sizes starting from 15 to twenty are the most famous

Less Than 15 Inches, 15 To 20 Inches, and More Than 20 Inches are the rim sizes to be had in the Latin America and Caribbean tire market. The 15 to 20 rim sizes satisfy the alternatives of costumer within the area via hanging a balance among look, functionality, and practicality. Numerous vehicles on this market segment, along with compact automobiles, SUVs, and small vehicles, include rims in this charge range. It is a famous option for the numerous street situations gift inside the location because it gives a cushy journey, advanced handling, and a huge variety of tire options. The adaptability and extensive compatibility of this variety make contributions to its dominance.

Aftermarket income channel will remain the dominant pressure in the Latin American and Caribbean tire markets

Based on income channel, the Latin America and Caribbean tire market is fragmented into OEM (Original Equipment Manufacturer), and Aftermarket. Aftermarket gives consumer with a much wider range of tire manufacturers, sizes, and rate factors which could accommodate various wishes and budgets. Convenience is ensured by way of the channel accessibility thru unbiased outlets and online shopping structures. Furthermore, there may be a regular want for substitute tires due to the automobile possession patterns inside the region, wherein many customers pressure older motors. The aftermarket sales channel is the pass-to alternative for customers looking for low cost, personalized, and effortlessly on hand tire solutions because of its adaptability, aggressive pricing, and tailored offerings that healthy the traits of market.

Brazil claims the most proportion in the Latin America and Caribbean tire market

The international locations comprising the Latin America and Caribbean tire market are Brazil, Mexico, Argentina, Haiti, Cuba, Dominican Republic, Bahamas, Guatemala, Panama, and Rest of Latin America and Caribbean. The Brazil has the largest automotive industry within the area, which significantly increases demand for tires. Tire replacements are important because of its tremendous landmass, varied topography, and widespread road community, which drive up income. Brazil has an increasing middle class, rising prices of car possession, and economic improvement all help the enlargement of the tire market.

Furthermore, Brazil tire producers are interested in government guidelines that help alternate and production, which encourages rivalry. Brazil continues to dominate the Latin American and Caribbean tire market as a key financial player within the location with a growing car quarter and favorable demographics.

Key Players

Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli TyreC.S.p.A. (China National Chemical Corporation), Yokohama Rubber Co., Ltd., and Bridgestone Corporation are competitors in the Latin American and Caribbean tire market.

This latest report “Latin American and Caribbean Tire Market, Vehicle Types (Passenger Vehicle, Commercial Vehicle, and Electric Vehicle), Rim Size (Less Than 15 Inches,15 To 20 Inch, and More Than 20 Inches), Sales Channels (OEM (Original Equipment Manufacturer), and Aftermarket), Countries (Brazil, Mexico, Argentina, Haiti, Cuba, Dominican Republic, Bahamas, Guatemala, Panama, and Rest of Latin America and Caribbean), Companies (Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli TyreC.S.p.A. (China National Chemical Corporation), Yokohama Rubber Co., Ltd., and Bridgestone Corporation)” provides a detailed analysis of Latin American and Caribbean Tire Market.

Vehicle Types - Latin American and Caribbean Tire Market has been covered from three viewpoints.

1. Passenger Vehicle
2. Commercial Vehicle
3. Electric Vehicle

Rim Sizes - Latin American and Caribbean Tire Market has been covered from three viewpoints.

1. Less Than 15 Inches
2. 15 To 20 Inch
3. More Than 20 Inches

Sales Channel - Latin American and Caribbean Tire Market has been covered from two viewpoints.

1. OEM (Original Equipment Manufacturer)
2. Aftermarket

Countries - Latin American and Caribbean Tire Market has been covered from ten viewpoints.

1. Brazil
2. Mexico
3. Argentina
4. Haiti
5. Cuba
6. Dominican Republic
7. Bahamas
8. Guatemala
9. Panama
10. Rest of Latin America and Caribbean

Company Insights

  • Overview
  • Recent Development
  • Sales Analysis

Company Analysis

1. Hankook Tire & Technology Co., Ltd.
2. Continental Corporation
3. Michelin
4. Pirelli TyreC.S.p.A. (China National Chemical Corporation)
5. Yokohama Rubber Co., Ltd.
6. Bridgestone Corporation

Table of Contents

1. Introduction2. Research Methodology3. Executive Summary
4. Market Dynamics
4.1 Growth Driver
4.2 Challenges
5. Latin America & Caribbean Automotive Tire Market
6. Share Analysis - Latin America & Caribbean Automotive Tire Market
6.1 Vehicle Types
6.2 Rim Size
6.3 Sales Channels
6.4 Country
7. Vehicle Types - Latin America & Caribbean Automotive Tire Market
7.1 Passenger Vehicle
7.2 Commercial Vehicle
7.3 Electric Vehicle
8. Rim Size - Latin America & Caribbean Automotive Tire Market
8.1 Less Than 15 Inches
8.2 15 To 20 Inch
8.3 More Than 20 Inches
9. Sales Channels - Latin America & Caribbean Automotive Tire Market
9.1 Oem (Original Equipment Manufacturer)
9.2 Aftermarket
10. Country - Latin America & Caribbean Automotive Tire Market
10.1 Brazil
10.2 Mexico
10.3 Argentina
10.4 Haiti
10.5 Cuba
10.6 Dominican Republic
10.7 Bahamas
10.8 Guatemala
10.9 Panama
10.10 Rest of Latin America and Caribbean
11. Porter’s Five Forces
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threat
13. Company Analysis
13.1 Hankook Tire & Technology Co., Ltd.
13.1.1 Overview
13.1.2 Recent Development
13.1.3 Revenue
13.2 Continental Corporation
13.2.1 Overview
13.2.2 Recent Development
13.2.3 Revenue
13.3 Michelin
13.3.1 Overview
13.3.2 Recent Development
13.3.3 Revenue
13.4 Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
13.4.1 Overview
13.4.2 Recent Development
13.4.3 Revenue
13.5 The Yokohama Rubber Co., Ltd.
13.5.1 Overview
13.5.2 Recent Development
13.5.3 Revenue
13.6 Bridgestone Corporation
13.6.1 Overview
13.6.2 Recent Development
13.6.3 Revenue
List of Figures
Figure 01: Latin America & Caribbean Automotive - Tire Market (Billion US$), 2018 - 2022
Figure 02: Latin America & Caribbean Automotive - Forecast for Tire Market (Billion US$), 2023 - 2028
Figure 03: Vehicle Type - Passenger Vehicle Market (Million US$), 2018 - 2022
Figure 04: Vehicle Type - Forecast for Passenger Vehicle Market (Million US$), 2023 - 2028
Figure 05: Vehicle Type - Commercial Vehicle Market (Million US$), 2018 - 2022
Figure 06: Vehicle Type - Forecast for Commercial Vehicle Market (Million US$), 2023 - 2028
Figure 07: Vehicle Type - Electric Vehicle Market (Million US$), 2018 - 2022
Figure 08: Vehicle Type - Forecast for Electric Vehicle Market (Million US$), 2023 - 2028
Figure 09: Rim Size - Less Than 15 Inches Market (Million US$), 2018 - 2022
Figure 10: Rim Size - Forecast for Less Than 15 Inches Market (Million US$), 2023 - 2028
Figure 11: Rim Size - 15 To 20 Inch Market (Million US$), 2018 - 2022
Figure 12: Rim Size - Forecast for 15 To 20 Inch Market (Million US$), 2023 - 2028
Figure 13: Rim Size - More Than 20 Inches Market (Million US$), 2018 - 2022
Figure 14: Rim Size - Forecast for More Than 20 Inches Market (Million US$), 2023 - 2028
Figure 15: Sales Channel - Oem (Original Equipment Manufacturer) Market (Million US$), 2018 - 2022
Figure 16: Sales Channel - Forecast for Oem (Original Equipment Manufacturer) Market (Million US$), 2023 - 2028
Figure 17: Sales Channel - Aftermarket Market (Million US$), 2018 - 2022
Figure 18: Sales Channel - Forecast for Aftermarket Market (Million US$), 2023 - 2028
Figure 19: Brazil - Tire Market (Million US$), 2018 - 2022
Figure 20: Brazil - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 21: Mexico - Tire Market (Million US$), 2018 - 2022
Figure 22: Mexico - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 23: Argentina - Tire Market (Million US$), 2018 - 2022
Figure 24: Argentina - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 25: Haiti - Tire Market (Million US$), 2018 - 2022
Figure 26: Haiti - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 27: Cuba - Tire Market (Million US$), 2018 - 2022
Figure 28: Cuba - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 29: Dominican Republic - Tire Market (Million US$), 2018 - 2022
Figure 30: Dominican Republic - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 31: Bahamas - Tire Market (Million US$), 2018 - 2022
Figure 32: Bahamas - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 33: Guatemala - Tire Market (Million US$), 2018 - 2022
Figure 34: Guatemala - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 35: Panama - Tire Market (Million US$), 2018 - 2022
Figure 36: Panama - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 37: Rest of Latin America and Caribbean - Tire Market (Million US$), 2018 - 2022
Figure 38: Rest of Latin America and Caribbean - Forecast for Tire Market (Million US$), 2023 - 2028
Figure 39: Hankook Tire & Technology Co., Ltd. - Global Revenue (Million US$), 2018 - 2022
Figure 40: Hankook Tire & Technology Co., Ltd. - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 41: Continental Corporation - Global Revenue (Million US$), 2018 - 2022
Figure 42: Continental Corporation - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 43: Michelin - Global Revenue (Million US$), 2018 - 2022
Figure 44: Michelin - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 45: Pirelli Tyre C. S.p.A. (China National Chemical Corporation) - Global Revenue (Million US$), 2018 - 2022
Figure 46: Pirelli Tyre C. S.p.A. (China National Chemical Corporation) - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 47: The Yokohama Rubber Co., Ltd. - Global Revenue (Million US$), 2018 - 2022
Figure 48: The Yokohama Rubber Co., Ltd. - Forecast for Global Revenue (Million US$), 2023 - 2028
Figure 49: Bridgestone Corporation - Global Revenue (Million US$), 2018 - 2022
Figure 50: Bridgestone Corporation - Forecast for Global Revenue (Million US$), 2023 - 2028
List of Tables
Table 01: Latin America & Caribbean Automotive Tire Market Share by Vehicle Types (Percent), 2018 - 2022
Table 02: Latin America & Caribbean Automotive - Forecast for Tire Market Share by Vehicle Types (Percent), 2023 - 2028
Table 03: Latin America & Caribbean Automotive Tire Market Share by Rim Size (Percent), 2018 - 2022
Table 04: Latin America & Caribbean Automotive - Forecast for Tire Market Share by Rim Size (Percent), 2023 - 2028
Table 05: Latin America & Caribbean Automotive Tire Market Share by Sales Channels (Percent), 2018 - 2022
Table 06: Latin America & Caribbean Automotive - Forecast for Tire Market Share by Sales Channels (Percent), 2023 - 2028
Table 07: Latin America & Caribbean Automotive Tire Market Share by Countries (Percent), 2018 - 2022
Table 08: Latin America & Caribbean Automotive - Forecast for Tire Market Share by Countries (Percent), 2023 - 2028

Companies Mentioned

  • Hankook Tire & Technology Co., Ltd.
  • Continental Corporation
  • Michelin
  • Pirelli TyreC.S.p.A. (China National Chemical Corporation)
  • Yokohama Rubber Co., Ltd.
  • Bridgestone Corporation

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

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