The Latin America and Caribbean automotive tire market were valued at $3,517.5 million in 2019, and is projected to reach $4,538.7 million by 2027, registering a CAGR of 3.3% from 2020 to 2027.
Automotive tire is the circular vehicle component made of rubber used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Since it is manufactured from rubber, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbs the shock of the vehicle. Rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric.
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Major Market Players:
• Bridgestone Corporation
• Continental corporation
• MICHELIN
• Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
• The Goodyear Tire & Rubber Company
• Toyo Tire Corporation
• Sumitomo Rubber Industries Ltd.
• The Yokohama Rubber Co., Ltd.
• Hankook Tire & Technology Co., Ltd.
• Nokian Tyres plc
COVID Impact Analysis: With the advent in COVID-19 pandemic across the globe, the Latin America and Caribbean automotive tire market has been affected as the automotive tire manufacturing units have been shut down due to the imposed lockdown in major countries across the Latin America and Caribbean. Similar to the decline of traffic volumes across the country, there has also been a decrease in demand for the aftermarket tires and tire products. The downturn in aftermarket business is due to the decrease in consumers purchasing from local tire retailers.
Factors such as increase in automotive production & sales across different vehicles segment, rise in competition among tire manufacturers and introduction of advanced technology in the manufacturing process are driving the market growth. However, volatile prices of raw materials and development in the market of retreading tires hinder the market growth. Furthermore, advancement in technology and fuel efficiency and safety concerns is expected to offer lucrative opportunities for the market growth.
KEY MARKET SEGMENTS
By Season Type
• Summer
• Winter
• All Season
By Rim Size
• Less than 15 inches
• 15 to 20 inches
• more than 20 inches
By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
• Electric Vehicle
By Channel
• OEM
• Aftermarket
The Latin America and Caribbean automotive tire market is segmented into season type, vehicle type, rim size, distribution channel, and Latin America and Caribbean countries. By season type, it is divided into summer, winter and all-season tires. By vehicle type, it is divided into passenger car, commercial vehicle, and electric vehicle. By rim size, the market is categorized into less than 15 inch, 15 to 20 inch, and more than 20 inch. By distribution channel, it is bifurcated into OEM and aftermarket. By Latin America and Caribbean countries, the market is analyzed across Brazil, Mexico, Argentina, Haiti, Cuba, Dominican Republic, Bahamas, Guatemala, Panama and rest of Latin America and Caribbean countries.
Raw materials to manufacture tires include petroleum reinforcing materials such as nylon and polyester. Also, rubber (natural and synthetic) is the basic element required to manufacture tires, which witnesses high fluctuations in cost. The materials used to manufacture rubber tires are tread, jointless cap plies, steel-cord for belt plies, textile cord ply, Bead reinforcement, apex, and core. Also, it consists of synthetic rubber, natural rubber, steel wire, and carbon black along with the petrochemical reinforcing materials such as polyester, fabric, nylon, steel, and rayon. The pricing of these raw materials plays a vital role in deciding the overall price of the tire. Prices of these metals fluctuate occasionally due to global economic ups and downs in the market, as these are traded on a community exchange basis. Inflation and increase in the demand for these raw materials have fueled their prices in the recent past. In addition, players that operate in the automotive tire market require a large amount of raw materials to overcome the demand for tires from the automotive industry. Uncertainty in the pricing of these raw materials prove to be a major restraint for the growth of the rubber tire market.
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