South America Automotive Tire AfterMarket Share by Size and Growth 2028

The automotive tire aftermarket market in SAM is expected to grow from US$ 6,774.68 million in 2021 to US$ 8,612.86 million by 2028; it is estimated to grow at a CAGR of 3.5% from 2021 to 2028.

Brazil, Chile, Argentina, Peru, and Colombia are among the key countries in SAM. The SAM automotive industry is booming due to increased credit supply, economic prosperity, and low-interest rates. SAM is predicted to be one of the fastest-growing automotive tire aftermarkets in the automobile industry. Due to increased sales of passenger cars, light commercial vehicles, and two-wheelers, the industry is expected to witness a considerable rise in demand for tires. To satisfy customer demands, car owners in the region are turning to low-cost options, and the market is mainly reliant on tire imports. Governments of major economies have aided the change in the tire manufacturing sector and the automotive industry. The US exports many vehicle parts, especially tires, to Colombia, Peru, and Argentina. In the previous five years, the Chilean tire market witnessed excellent development. The industry's expansion is enticing manufacturers to grow their tire & other auto component manufacturing bases, and this trend is projected to continue in the regional market over the next five years. Furthermore, these three nations are Free Trade Agreement (FTA) partners with the US, which improves market access for the US by removing possible market entrance restrictions. The US has a competitive edge in SAM markets because of the FTA cooperation, product quality, accessible warranties, and geographic closeness. The International Trade Administration (ITA) recognized the prospects for automotive aftermarket providers in SAM. It awarded the Auto Care Association a three-year matching grant of little under US$ 300,000 to help with operations aimed at increasing exports to that region.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM automotive tire aftermarket market, which is expected to grow at a decent CAGR during the forecast period.

South America Automotive Tire Aftermarket Market Revenue and Forecast to 2028 (US$ Million)

SAM Automotive Tire Aftermarket Market Segmentation

The SAM automotive tire aftermarket market is segmented into tire type, distribution channel, rim size, and country. Based on tire type, the market is bifurcated into radial and bias. The radial segment held a larger market share in 2020. In terms of distribution channel, the market is bifurcated into OES and IAM. The IAM segment held a larger market share in 2020. Based on rim size, the SAM automotive tire aftermarket market is segmented into 13–15, 16–18, 19–21, and more than 21. The 13–15 segment held the largest market share in 2020. Based on country, the SAM automotive tire aftermarket market is segmented into Brazil, Argentina, and the Rest of SAM.

Bridgestone Corporation; Continental AG; Michelin; NEXEN TIRE AMERICA INC; PIRELLI and C. S.P.A.; Sumitomo Rubber Industries, Ltd.; The Goodyear Tire and Rubber Company; Yokohama Rubber Co., Ltd; and ZHONGCE RUBBER GROUP CO. LTD. are among the leading companies in the SAM automotive tire aftermarket market.

South America Automotive Tire Aftermarket Market Strategic Insights

Get more information on this report

South America Automotive Tire Aftermarket Market Segmentation Analysis

South America Automotive Tire Aftermarket Market Report Highlights

South America Automotive Tire Aftermarket Report Scope

Report Attribute	Details
Market size in 2021	US$ 6,774.68 Million
Market Size by 2028	US$ 8,612.86 Million
CAGR (2021 - 2028)	3.5%
Historical Data	2019-2020
Forecast period	2022-2028
Segments Covered	By Tire Type Radial Tire Bias Tire By Distribution Channel OES IAM By Rim Size 13-15 16-18 19-21 More than 21
Regions and Countries Covered	South and Central America Brazil Argentina Rest of South and Central America
Market leaders and key company profiles	Apollo Tires Ltd Bridgestone Corporation Continental AG Michelin NEXEN TIRE AMERICA INC PIRELLI and C. S.P.A. Sumitomo Rubber Industries, Ltd. The Goodyear Tire and Rubber Company Yokohama Rubber Co., Ltd ZHONGCE RUBBER GROUP CO. LTD.