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.
Browse the full report description of "Latin America Tire Market Size, Share & Trends Analysis Report By Vehicle Type (Passenger Cars, Light & Medium Commercial Vehicle, Heavy Commercial Vehicle, Two-Wheeler and Other), By Road Application (All-Season Tire, Summer Tire, Winter Tire and Other), By Construction (Radial Tire and Bias Ply Tire), By Tire Type (Tubeless Tire and Tubbed Tire), By Sales Channel (OEM and Aftermarket) Forecast Period 2020-2026" at https://www.omrglobal.com/industry-reports/latin-america-tire-market
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.
Market Coverage
o Vehicle Type
o Road Application
o Construction
o Tire Type
o Sales Channel
o Latin America (Mexico, Argentina, Brazil, Chile, Colombia)
Key Questions Addressed by the Report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected region
Latin America Tire Market Report Segment
By Vehicle Type
By Road Application
By Construction
By Tire Type
By Sales Channel
Latin America Tire Market Report Segment by Geography