Latin America and Caribbean Tire Market, Size, Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis
Description
Latin America and Caribbean Tire Market, Size, Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis
Latin America & Caribbean Tire Market is projected to be valued at US$ 4.4 Billion by 2027. Over the years, Latin America & the Caribbean have been expected to be one of the fastest-growing industries for tires across the globe. The market is hovered to reflect strong growth in the demand for tires, owing to increased sales of passenger vehicles, commercial vehicles, and electric vehicles in the region. Consequently, leading the growth of the high tire replacement rate in Latin America & the Caribbean has also fostered the development of the tire market in the region. Besides, the vehicle owners in the region are embracing low-cost solutions to fulfill their needs, and the market is laboriously reliant on imports of tires from diverse parts of the globe.
Trends Evolution to Recur in the Latin America & Caribbean Automotive Tire Industry:
The tire market in Latin America and the Caribbean is proposed to register remarkable growth due to the rise in automotive production & sales across different vehicle segments. The advent of advanced technology in the manufacturing process and expansion in competition among tire manufacturers propel the growth of the Latin America and Caribbean Tire Market. The government of major economies has been recreating an instrumental role in altering the tire manufacturing sector or the whole automotive industry in the region. The Latin American and Caribbean Tire Industry are poised to grow at a healthy CAGR of approximately 3.4%, in value terms, during 2021-2027.
The Passenger Vehicle Segment to Capture Growing Market Share:
Our report analyzed the Latin America & Caribbean Automotive Tire Market - By Vehicle Types such as passenger vehicles, commercial vehicles, and electric vehicles. The multiple vehicle types segment is expected to reflect growth in demand for tires owing to the inauguration of new auto manufacturing facilities in the region by the global manufacturers to augment their production base in the area and capitalize on the growth opportunities in the market. The passenger vehicle segment is expected to capture a growing market share in the Latin America & Caribbean Automotive Tire Market, followed by the electric vehicle gaining their market share.
Latin America and the Caribbean - Undergoing an Overhaul with Radial Tires Overpowering Bias:
The tire industry in Latin America and the Caribbean is undergoing an overhaul with radial tires overpowering bias. The pace of radicalization is higher amongst passenger vehicles, commercial vehicles, and electric vehicles, registering steady growth. Our report covers Latin America & Caribbean Automotive Tire Market - By Rim Size categorized as less than 15 inches, 15 To 20 inch, and more than 20 inches.
Latin America Automotive Tire Market Size was valued at US$ 3.6 Billion in 2021
Latin America and Caribbean Tire Market have witnessed positive growth trends over the years. The growth in the market is attracting multiple market players to augment their production base for tires and other auto components, and this trend is expected to witness a significant increase in the regional market during the forecasted years. Moreover, the high reliance of the customers on imported tires has also urged the manufacturers to augment the production of tires indigenously in Latin America and the Caribbean with the support of the local governing bodies. The key players operating in the European tire market comprise Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation.
COVID-19 Impact on Latin America and Caribbean Automotive Tire Industry
With the advent of the COVID-19 pandemic across the world, the Latin America and Caribbean automotive tire market has been impacted as the automotive tire manufacturing units have been shut down due to the imposed lockdown in significant countries across Latin America and the Caribbean. Similar to the downfall of traffic volumes across the nation, there has also been a decrease in demand for aftermarket tires and tire products. The downturn in the aftermarket business is due to the decline in consumers purchasing from local tire retailers.
Renub Research latest report “Latin America & Caribbean Tire Market, Forecast By 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), Companies (Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation)” provides a detailed analysis of Latin America & Caribbean Tire Industry.
Vehicle Types - Latin America & Caribbean Automotive Tire Market has been covered from 3 viewpoints:
1. Passenger Vehicle
2. Commercial Vehicle
3. Electric Vehicle
Rim Size - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:
1. Less Than 15 Inches
2. 15 To 20 Inch
3. More Than 20 Inches
Sales Channels - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:
1. OEM (Original Equipment Manufacturer)
2. Aftermarket
Company Insights
• Overviews
• Recent Developments
• Sales Analysis
Company Analysis:
1. Hankook Tire & Technology Co., Ltd.
2. Continental Corporation
3. Michelin
4. Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
5. The Yokohama Rubber Co. Ltd
6. Bridgestone Corporation
7. Toyo Tire Corporation
Latin America & Caribbean Tire Market is projected to be valued at US$ 4.4 Billion by 2027. Over the years, Latin America & the Caribbean have been expected to be one of the fastest-growing industries for tires across the globe. The market is hovered to reflect strong growth in the demand for tires, owing to increased sales of passenger vehicles, commercial vehicles, and electric vehicles in the region. Consequently, leading the growth of the high tire replacement rate in Latin America & the Caribbean has also fostered the development of the tire market in the region. Besides, the vehicle owners in the region are embracing low-cost solutions to fulfill their needs, and the market is laboriously reliant on imports of tires from diverse parts of the globe.
Trends Evolution to Recur in the Latin America & Caribbean Automotive Tire Industry:
The tire market in Latin America and the Caribbean is proposed to register remarkable growth due to the rise in automotive production & sales across different vehicle segments. The advent of advanced technology in the manufacturing process and expansion in competition among tire manufacturers propel the growth of the Latin America and Caribbean Tire Market. The government of major economies has been recreating an instrumental role in altering the tire manufacturing sector or the whole automotive industry in the region. The Latin American and Caribbean Tire Industry are poised to grow at a healthy CAGR of approximately 3.4%, in value terms, during 2021-2027.
The Passenger Vehicle Segment to Capture Growing Market Share:
Our report analyzed the Latin America & Caribbean Automotive Tire Market - By Vehicle Types such as passenger vehicles, commercial vehicles, and electric vehicles. The multiple vehicle types segment is expected to reflect growth in demand for tires owing to the inauguration of new auto manufacturing facilities in the region by the global manufacturers to augment their production base in the area and capitalize on the growth opportunities in the market. The passenger vehicle segment is expected to capture a growing market share in the Latin America & Caribbean Automotive Tire Market, followed by the electric vehicle gaining their market share.
Latin America and the Caribbean - Undergoing an Overhaul with Radial Tires Overpowering Bias:
The tire industry in Latin America and the Caribbean is undergoing an overhaul with radial tires overpowering bias. The pace of radicalization is higher amongst passenger vehicles, commercial vehicles, and electric vehicles, registering steady growth. Our report covers Latin America & Caribbean Automotive Tire Market - By Rim Size categorized as less than 15 inches, 15 To 20 inch, and more than 20 inches.
Latin America Automotive Tire Market Size was valued at US$ 3.6 Billion in 2021
Latin America and Caribbean Tire Market have witnessed positive growth trends over the years. The growth in the market is attracting multiple market players to augment their production base for tires and other auto components, and this trend is expected to witness a significant increase in the regional market during the forecasted years. Moreover, the high reliance of the customers on imported tires has also urged the manufacturers to augment the production of tires indigenously in Latin America and the Caribbean with the support of the local governing bodies. The key players operating in the European tire market comprise Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation.
COVID-19 Impact on Latin America and Caribbean Automotive Tire Industry
With the advent of the COVID-19 pandemic across the world, the Latin America and Caribbean automotive tire market has been impacted as the automotive tire manufacturing units have been shut down due to the imposed lockdown in significant countries across Latin America and the Caribbean. Similar to the downfall of traffic volumes across the nation, there has also been a decrease in demand for aftermarket tires and tire products. The downturn in the aftermarket business is due to the decline in consumers purchasing from local tire retailers.
Renub Research latest report “Latin America & Caribbean Tire Market, Forecast By 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), Companies (Hankook Tire & Technology Co., Ltd., Continental Corporation, Michelin, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Yokohama Rubber Co. Ltd, Bridgestone Corporation, Toyo Tire Corporation)” provides a detailed analysis of Latin America & Caribbean Tire Industry.
Vehicle Types - Latin America & Caribbean Automotive Tire Market has been covered from 3 viewpoints:
1. Passenger Vehicle
2. Commercial Vehicle
3. Electric Vehicle
Rim Size - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:
1. Less Than 15 Inches
2. 15 To 20 Inch
3. More Than 20 Inches
Sales Channels - Latin America & Caribbean Automotive Tire Market has been covered from 2 viewpoints:
1. OEM (Original Equipment Manufacturer)
2. Aftermarket
Company Insights
• Overviews
• Recent Developments
• Sales Analysis
Company Analysis:
1. Hankook Tire & Technology Co., Ltd.
2. Continental Corporation
3. Michelin
4. Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
5. The Yokohama Rubber Co. Ltd
6. Bridgestone Corporation
7. Toyo Tire Corporation
Table of Contents
85 Pages
- 1. Introduction
- 2. Research Methodology
- 3. Executive Summary
- 4. Market Dynamics
- 4.1 Growth Driver
- 4.2 Challenges
- 5. Latin America & Caribbean Automotive Tire Market
- 6. Market Share – Latin America & Caribbean Automotive Tire
- 6.1 Vehicle Types
- 6.2 Rim Size
- 6.3 Sales Channels
- 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. Porters Five Forces
- 10.1 Overview
- 10.2 Bargaining Power of Buyers
- 10.3 Bargaining Power of Suppliers
- 10.4 Degree of Competition
- 10.5 Threat of New Entrants
- 10.6 Threat of Substitutes
- 11. Company Analysis
- 11.1 Hankook Tire & Technology Co., Ltd.
- 11.1.1 Overview
- 11.1.2 Recent Development
- 11.1.3 Sales Analysis
- 11.2 Continental Corporation
- 11.2.1 Overview
- 11.2.2 Recent Development
- 11.2.3 Sales Analysis
- 11.3 Michelin
- 11.3.1 Overview
- 11.3.2 Recent Development
- 11.3.3 Sales Analysis
- 11.4 Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
- 11.4.1 Overview
- 11.4.2 Recent Development
- 11.4.3 Sales Analysis
- 11.5 The Yokohama Rubber Co. Ltd
- 11.5.1 Overview
- 11.5.2 Recent Development
- 11.5.3 Sales Analysis
- 11.6 Bridgestone Corporation
- 11.6.1 Overview
- 11.6.2 Recent Development
- 11.6.3 Sales Analysis
- 11.7 Toyo Tire Corporation
- 11.7.1 Overview
- 11.7.2 Recent Development
- 11.7.3 Sales Analysis
- List Of Figures:
- Figure-01: Latin America & Caribbean Automotive Tire Market (Million US$), 2016 – 2021
- Figure-02: Forecast for – Latin America & Caribbean Automotive Tire Market (Million US$), 2022 – 2027
- Figure-03: Vehicle Types – Passenger Vehicle Market (Million US$), 2016 – 2021
- Figure-04: Vehicle Types – Forecast for Passenger Vehicle Market (Million US$), 2022 – 2027
- Figure-05: Vehicle Types – Commercial Vehicle Market (Million US$), 2016 – 2021
- Figure-06: Vehicle Types – Forecast for Commercial Vehicle Market (Million US$), 2022 – 2027
- Figure-07: Vehicle Types – Electric Vehicle Market (Million US$), 2016 – 2021
- Figure-08: Vehicle Types – Forecast for Electric Vehicle Market (Million US$), 2022 – 2027
- Figure-09: Rim Size – Less Than 15 Inches Market (Million US$), 2016 – 2021
- Figure-10: Rim Size – Forecast for Less Than 15 Inches Market (Million US$), 2022 – 2027
- Figure-11: Rim Size – 15 To 20 Inch Market (Million US$), 2016 – 2021
- Figure-12: Rim Size – Forecast for 15 To 20 Inch Market (Million US$), 2022 – 2027
- Figure-13: Rim Size – More Than 20 Inches Market (Million US$), 2016 – 2021
- Figure-14: Rim Size – Forecast for More Than 20 Inches Market (Million US$), 2022 – 2027
- Figure-15: Sales Channels – Oem (Original Equipment Manufacturer) Market (Million US$), 2016 – 2021
- Figure-16: Sales Channels – Forecast for Oem (Original Equipment Manufacturer) Market (Million US$), 2022 – 2027
- Figure-17: Sales Channels – Aftermarket Market (Million US$), 2016 – 2021
- Figure-18: Sales Channels – Forecast for Aftermarket Market (Million US$), 2022 – 2027
- Figure-19: Hankook Tire & Technology Co., Ltd. – Global Revenue (Million US$), 2016 – 2021
- Figure-20: Hankook Tire & Technology Co., Ltd. – Forecast for Global Revenue (Million US$), 2022 – 2027
- Figure-21: Continental corporation – Global Revenue (Million US$), 2016 – 2021
- Figure-22: Continental corporation – Forecast for Global Revenue (Million US$), 2022 – 2027
- Figure-23: Michelin – Global Revenue (Million US$), 2016 – 2021
- Figure-24: Michelin – Forecast for Global Revenue (Million US$), 2022 – 2027
- Figure-25: Pirelli Tyre C. S.p.A. (China National Chemical Corporation) – Global Revenue (Million US$), 2016 – 2021
- Figure-26: Pirelli Tyre C. S.p.A. (China National Chemical Corporation) – Forecast for Global Revenue (Million US$), 2022 – 2027
- Figure-27: The Yokohama Rubber Co., Ltd. – Global Revenue (Million US$), 2016 – 2021
- Figure-28: The Yokohama Rubber Co., Ltd. – Forecast for Global Revenue (Million US$), 2022 – 2027
- List Of Tables:
- Table-01: Latin America & Caribbean Automotive Tire Market Share by Vehicle Types (Percent), 2016 – 2021
- Table-02: Forecast for – Latin America & Caribbean Automotive Tire Market Share by Vehicle Types (Percent), 2022 – 2027
- Table-03: Latin America & Caribbean Automotive Tire Market Share by Rim Size (Percent), 2016 – 2021
- Table-04: Forecast for – Latin America & Caribbean Automotive Tire Market Share by Rim Size (Percent), 2022 – 2027
- Table-05: Latin America & Caribbean Automotive Tire Market Share by Sales Channels (Percent), 2016 – 2021
- Table-06: Forecast for – Latin America & Caribbean Automotive Tire Market Share by Sales Channels (Percent), 2022 – 2027
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