Continuously growing demand for two wheelers coupled with expanding fleet size to drive Latin America two wheeler tire market through 2025
According to TechSci Research report, “Latin America Two Wheeler Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2025”, Latin America two wheeler tire market is anticipated to reach USD 2.1 billion by 2025. Growth in the region’s two wheeler tire market is led by rising two wheeler sales, expanding two wheeler fleet size and increasing per capita income across Latin America. Rise in demand for two wheelers for personal transportation has stimulated two wheeler production in the region, which in turn has also increased the OEM two wheeler tire demand in Latin America over the last five years. The Latin America two wheeler tire market is majorly dominated by Brazil, followed by Colombia, Argentina and Mexico. These countries account for the highest number of two wheeler tire sales in the region, with their combined market share being well over 75% in 2019 in the region’s two wheeler tire market.
Companies across the region are also introducing more performance-oriented radial tires to better suit different driving conditions, which is further anticipated to augment the level of radialization in Latin America two wheeler tire market in the coming years. Brazil accounts for the maximum share in Latin America two wheeler tire market on account of large fleet of two wheelers and large-scale production of two wheelers across the country. Countries such as Brazil, Argentina, Colombia, Mexico are major contributor to the Latin America two wheeler tire market.
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Latin America two wheeler tire market can be segmented based on demand category, vehicle type and region. In terms of vehicle type, the motorcycle segment accounts for the largest share and the trend is expected to continue in the forthcoming years as well. While, scooter segment is expected to grow at an impressive rate in the forecast period. The road infrastructure in major parts of Latin America is poor making it difficult for other vehicles to traverse easily. Hence, motorcycles are preferred in Latin America due to its large tire sizes as they provide a comfortable ride as compared to scooters in both paved and unpaved roads.
Maggion, Michelin, Technic, Rinaldi, etc., are among some of the leading players operating in Latin America two wheeler tire market. Apart from these companies, Asia-based two wheeler tire manufacturers are also increasing their marketing activities and enriching product portfolio in the region to increase their customer outreach. Major companies in the Latin America two wheeler tire industry are also focusing on increasing their dealer and distributor network to grab a larger share in the region’s two wheeler tire market.
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“In 2019, Brazil accounted for the largest share i.e. 40.59% in Latin America two-wheeler tire market. The region is expected to maintain its dominance over the next five years as well. Brazil is the Latin America’s corporate hub. The country is also the main attraction for daily commuters & travelers. Increase in two-wheeler sales and expanding fleet size in the region is boosting demand for two-wheeler tires in Brazil.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based Latin America management consulting firm.
“Latin America Two Wheeler Tire Market By Vehicle Type, By Demand Category, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of Latin America two wheeler tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Latin America two wheeler tire market.
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