Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Latin America & Caribbean Automotive Tire Market Report, Forecast by Vehicle Types, Rim Size, Sales Channels, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Latin America & Caribbean Automotive Tire Market was valued at US$ 3.96 Billion in 2023 and will grow to US$ 5.38 Billion by 2032, with a CAGR of 3.46% from 2024 to 2032. The market is expanding as a result of factors like rising tire manufacturer competition, increased automotive production and sales across all vehicle segments, and the use of cutting-edge technologies in the manufacturing process. 
An increase in tire manufacturers' competition
Due to the low cost of labor in emerging nations, major automakers are still making investments there in order to reduce production costs and meet the growing demand for automobiles. Over the past ten years, the tire industry has grown at an exponential rate, and this expansion is being driven by both the increased demand for automobiles and the tire industry's adoption of collaborative and consolidation manufacturing.
Consequently, this fosters the expansion of the vehicle tyre industry. For example, Hankook Tire introduced the Dynapro AT2' for SUVs that are used both on and off-road. Quietness, comfort, and a strong drive on the off-road are characteristics of these tires, which offer post-optimal performance in all road situations. In addition, the industry leader in tire production, Bridgestone Corporation, introduced BATTLECROSS E50 motorcycle tires specifically designed for enduro racing. In the United States and Canada, these tires were first offered in one front tire size and two rear tire sizes.
There is fierce competition among tire manufacturing companies to gain a larger market share as a result of these new tactics for business expansion across the globe. Additionally, this aspect is in charge of the tire market's quick adjustments, which increase its dynamic nature. As a result, tire producers are becoming more competitive, which promotes market expansion.
Innovation in Tire Technology Drives Market Expansion
Significant research and development expenditures are being made by the tire industry, with an emphasis on novel materials and tread designs that will increase tire longevity, lower rolling resistance, and improve grip in a variety of scenarios. In response to consumer demand for tires that are safer, more effective, and less harmful to the environment, these developments are bringing about a rush of new product improvements.
The tire business is undergoing a revolution thanks to the use of automotive 3D printing in tire manufacturing. This technology makes it possible to create complex tread designs and unique tire structures that improve performance, longevity, and safety.
This cycle of continual innovation ensures the sector's resilience and adaptability by not only meeting present market demands but also anticipating those of the future. In addition to raising product standards, the use of new technologies in tire manufacturing is creating a competitive climate that propels growth and establishes new industry standards in the automobile tire sector.
Brazil Automotive Tire Market Overview:
The rise in tire manufacturer competitiveness and the growth in automotive production and sales across various vehicle segments are the main drivers of the Brazilian automotive tire market. The use of cutting-edge technologies in the production process is also expected to fuel the market's expansion for car tires.
However, elements including shifting raw material prices and changes in the retread tire industry are anticipated to impede market expansion. In addition, technological advancements, worries about fuel efficiency and safety, and government assistance are anticipated to generate a number of growth and expansion prospects for the industry.
Fast industrialization has caused the automobile industry to grow rapidly recently, which has increased sales of commercial vehicles like trucks, tractors, and trailers. Additionally, rising disposable income and rising living standards are contributing causes to the surge in sales of high-end motorcycles and passenger automobiles. Additionally, it is anticipated that sales of electric vehicles will rise during the projected time. The sales of electric vehicles are further boosted by the declining costs of electric vehicle components including batteries, transmissions, and alternators
. As a result, as customer demand for vehicles rises across all market categories, so does the number of cars and tires produced to go along with them. Additionally, the growth of the automotive sector influences the automobile tire market in Brazil. This is because the consolidation of the automotive sector leads to mergers and acquisitions among domestic and foreign car manufacturers. As a result, it is anticipated that the need for tires would rise overall as the automotive industry grows.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $3.96 Billion |
| Forecasted Market Value (USD) by 2032 | $5.38 Billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Latin America |
Company Analysis:
- 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
Vehicle Type - Market breakup in 3 viewpoints:
- Passenger Vehicle
- Commercial Vehicle
- Electric Vehicle
Rim Size - Market breakup in 3 viewpoints:
- Less Than 15 Inches
- 15 To 20 Inch
- More Than 20 Inches
Sales Channel - Market breakup in 2 viewpoints:
- Oem (Original Equipment Manufacturer)
- Aftermarket
Country - Market breakup in 10 viewpoints:
- Brazil
- Mexico
- Argentina
- Haiti
- Cuba
- Dominican Republic
- Bahamas
- Guatemala
- Panama
- Rest of Latin America and Caribbean
For more information about this report visit https://www.researchandmarkets.com/r/fc4ry1
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