The tires market for Latin America stood at around 156 million units in 2019 and it is expected to witness healthy growth, during the next five years. The growth in Latin America tire market can be attributed to increasing focus of the medium and heavy commercial vehicle manufacturers and customers to opt for price effective tire solutions for use in trailers has propelled the demand for tires imported from China and other Asian countries. The truck fleets are focused towards adoption of low-cost solutions to the tire replacement market in the region, making China to be the largest exporter of tires into Latin America.

According to MarkNtel Advisors’ research report “Latin America Tire Market Analysis, 2020”, high import duties on the tires imported from the Asian countries such as China, Japan and India, etc. have propelled the demand for tires imported from North America region. Countries like Brazil, Argentina, Mexico and Colombia has also imposed anti-dumping duties on tires imported from Asia, primarily from China in recent past to counter any market disruption and restrict the inflow of low quality tires. Brazil remains the largest market for tires in the region, followed by Argentina and Colombia. Infrastructural development and revival of auto industry in the growing economies in the region are projected to positively influence the demand for tires in the region, during the next five years.

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“Latin America Tires Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decisions, hotspots, and opportunities available for tire suppliers across Latin America. Moreover, the report also encompasses the expert verbatim, key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.

Slowdown in the Largest Regional Market
The market for tires in Brazil has been traversing through slowdown during the historical period, on the back of significant dropdown in the sales of passenger cars and light commercial vehicles market. The tire sales registered a CAGR below 1% during 2015-19 in the country. The situation of corruption in the Brazilian market has slowed down the overall economy, impacting the tire markets for not only Brazil but also the neighboring countries such as Paraguay and Uruguay, during the historic period. However, the market is anticipated to witness positive growth trend during the forecast period, revealed by MarkNtel Advisors’ in its research report “Latin America Tire Market Analysis, 2020.

Market Segmentation:
1. By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and High Commercial Vehicles, Two-Wheelers, Three-Wheelers and OTR)
2. By Demand Category (OEM & Replacement)
3. By Tire Type (Radial and Bias)
4. By Sales Channel (Direct Sales, Online, Channel Partners)
5. By Season (All Season, Winter, Summer)
6. By Rim Size (Up to 12”, 12.1” to 15”, 15.1” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, 47” and above)
7. By Country (Brazil, Argentina, Colombia, Venezuela, Chile, Peru, Uruguay, Paraguay, Cuba, Ecuador, Mexico, Others)
8. By Company (Continental AG, Bridgestone, Goodyear, Michelin, Toyo, Kumho, Cooper, Hankook and Yokohama among others)

Key questions answered in the study
1. What are the current and future trends of the Latin America Tire Market?
2. How the market has been evolving in terms of vehicle type demand, technology trends and demand category?
3. What is the expert opinion on the future current and future outlook of the Latin America Tire Market?
4. How the competition has been shaping across various regions followed by competitor’s comparative factorial indexing?
5. What are the key growth drivers, challenges and hotspots coming up in the Latin America Tire Market across various geographies?
6. What are the margins of stakeholders at various levels of the value chain of Tire Market?