The Latin America tire market is anticipated to grow with a significant CAGR of 3.6% during the forecast period (2020-2026). Increasing vehicle fleet at a modest growth rate, downfall in 2020 (base year), and growth in the demand of high-performance tires in the region will drive the market growth of the market in Latin America.
The majority of the market is covered by foreign market players. Bridgestone Corp. is a major player in Latin America and operates as Latin American Tire Division (BATO LA), a part of Bridgestone Americas Tire Operations. BATO LA has five tire production plants in Latin America which include two in Brazil, and one each in Argentina, Costa Rica, and Mexico. BATO LA has the largest number of points of tire sale in Latin America, with around 2,100 locations.
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A major domestic manufacturer is Standard Tyres Ltd., which is the largest solid industrial tire manufacture in the region, however, it is also owned by Trelleborg AB. Foreign companies are also expanding their footprints in the region. For instance, In November 2019, Cooper Tire & Rubber Co. announced a plan to increase ownership in its joint venture ownership in Guadalajara, Mexico, from 58% to 100%.
Moreover, in April 2019 Pirelli initiated a three-year expansion in Brazil, to domestically manufacture bus and trucks tires for the country with an investment of $133 million. The expansion will allow the company to manufacture 1,000 tires for buses and trucks per day.
A full Report of Latin America Tire Market is Available at: https://www.omrglobal.com/industry-reports/latin-america-tire-market
• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered-
o Vehicle Type
o Road Application
o Tire Type
o Sales Channel
• Region Covered-
o Latin America (Mexico, Argentina, Brazil, Chile, Colombia)
• Competitive Landscape- Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Michelin Group, Goodyear Tire and Rubber Co., Cooper Tire & Rubber Co., Trelleborg AB
Key Questions Addressed by the Report
• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
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
• Ceat Ltd.
• Ceat Ltd. in Latin America
• Ceat Ltd. in Tire Landscape
• Recent Developments
• Continental AG
• Giti Tire Pte Ltd.
• Goodyear Tire and Rubber Co.
• Hankook Tire Co. Ltd.
• JKTyre& Industries Ltd.
• Michelin Group
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries Ltd.
• The Yokohama Rubber Co, Ltd.
• Toyo Tire Corp.
• Trelleborg AB (Standard Tyres Ltd.)
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