Latin America Two Wheeler Tire Market to Surpass $ 2.1 Billion by 2025
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
$ 2.1 billion by 2025, owing to rising two wheeler sales due to their ease of
maneuverability and high mileage coupled with expanding two wheeler fleet in Latin
America. Increasing vehicle population and traffic congestion on city roads are
expected to boost the demand for two wheelers and their tires during forecast
period. Continuous business expansions of prominent two wheeler tire
manufacturing companies across the region and their continuous research and
development activities to manufacture technologically advanced, economical as
well as efficient tires is further anticipated to intensify the competition in
two wheeler tire market across Latin America over the course of the next five
years.
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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“Brazil dominated the Latin America two wheeler tire market in 2019,
backed by increase of two-wheeler fleet and production in the country. Over the
next five, demand for two wheeler tires is anticipated to increase in the
countries namely Brazil, Colombia, Argentina and Mexico, on account of rising
crude oil prices and increasing traffic congestions. Moreover, with growing
inclination of general population towards two wheelers owing to their high
maneuverability and expansions of product portfolios by major two wheeler tire
manufacturer.”, 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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