Rising Demand in Latin America and Caribbean Automotive Tire Market to Achieve $4,538.7 Million Valuation by 2027

OREGAON, PORTLAND, UNITED STATES , July 28, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Latin America and Caribbean automotive tire market by Season Type, Rim Size, Vehicle Type and Channel: Opportunity Analysis and Industry Forecast, 2020–2027,” the Latin America and Caribbean automotive tire market was valued at $3.51 billion in 2019, and is projected to reach $4.53 billion by 2027, registering a CAGR of 3.3% from 2020 to 2027.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/A10400

An increase in automotive production & sales across different vehicle segments, the introduction of advanced technology in the manufacturing process, and a surge in competition among tire manufacturers have boosted the growth of the Latin America and Caribbean automotive tire market. However, development in retreading tire market and volatile prices of raw materials hinder the market growth. On the contrary, fuel-efficiency and safety concerns, and technological advancements are expected to open lucrative opportunities for the market players in the future.

Brazil dominates the market, in terms of revenue, followed by Mexico, Argentina, and Rest of Latin America and Caribbean in 2019. However, Bahamas is expected to grow at a significant rate during the forecast period, increase in demand along with the vehicle sale.

Tires are important for the vehicles, as they protect the wheel rim. The rapid growth of the automobile sector across all segments fuels the growth of the Latin America and Caribbean automotive tire market. There are prominent key factors that drive the growth of the Latin America and Caribbean automotive tire market such as rise in the competition among global tire manufacturers and an increase in the operating life of automobiles.

The market economy is also responsible for the growth of the automotive tire market. Countries such as Brazil, and Mexico are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the Latin America and Caribbean automotive tire market. Moreover, improving economy results in an increase in the standard of living of consumers, which is why people consider vehicles as a necessary mode of transport. This change in the perception of consumers indirectly governs the tire market, especially in the developed countries. Also, in some undeveloped countries in Latin America and Caribbean region, there is an increase in the automobile sales, which is expected to boost the Latin America and Caribbean automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the Latin America and Caribbean automotive tire market.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/latin-america-and-caribbean-automotive-tire-market/purchase-options

The Latin America and Caribbean automotive tire market is driven by increase in automotive production & sales across different vehicles segment and rise in competition among tire manufacturers. In addition, introduction of advanced technology in the manufacturing process is anticipated to propel the growth of the Latin America and Caribbean automotive tire market. However, factors such as volatile prices of raw materials and growing market of retreading tires are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency and safety concerns coupled with the government support are expected to create numerous opportunities for the growth expansion.

𝐌𝐚𝐣𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

Continental Corporation,
Bridgestone Corporation,
Pirelli Tyre C. S.p.A. (China National Chemical Corporation),
MICHELIN,
Toyo Tire Corporation,
The Goodyear Tire & Rubber Company,
The Yokohama Rubber Co., Ltd.,
Sumitomo Rubber Industries Ltd.,
Hankook Tire & Technology Co., Ltd.,
Nokian Tyres plc.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A10400

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲

In 2019, by season tire type, the all-season type segment generated the highest revenue.
In 2019, by vehicle type, the commercial vehicle segment was the highest revenue contributor.
In 2019, by rim size, the 15-20-inch segment was the highest revenue contributor.
In 2019, by channel, the aftermarket segment was the highest revenue contributor.
In 2019, country wise-wise, Brazil dominates the market, in terms of revenue, followed by Mexico, Argentina, and Rest of Latin America and Caribbean.

David Correa
Allied Market Research
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