The Central America Tire Market size is estimated to grow at a CAGR of around 2.80% during the forecast period, ie, 2024-30.
Key Findings of the Study: Central America Tire Market
Central America Tire Market Driver: Expanding Usage of Commercial Vehicles
In recent years, the governments of Central American countries have invested heavily to improve the digital infrastructure of their countries. As a result, the regional nations witnessed an increase in the overall internet penetration & smartphone accessibility. According to the Data Reportal, in 2023, the internet penetration in Costa Rica reached around 89.3% and internet users in the country reached around 4.84 million, which is an increase of about 8.9% compared to 2022. Likewise, other Central American countries also witnessed a surge in internet users. The rising internet penetration & higher smartphone accessibility are driving the e-commerce market across Central American countries. Hence, this surge in online retail activity is enhancing the requirement for vehicles like commercial vans & pickup trucks, further contributing to the increased need for tires across the region.
Moreover, e-commerce logistics companies are expanding their fleets to deliver products to individuals. This expansion of the fleets will directly decode into a higher requirement for tires across different types of vehicles, including vans, trucks, and specialized delivery vehicles, uplifting the Central American Tire Market in the forecast period.
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Scope of the Report and Central America Tire Market Segmentation
By Vehicle Type
-Passenger Car
--Sedan
--SUV
--Hatchback
-Light Commercial Vehicle (LCV)
--Light Truck
--Light Bus
--Pickup Trucks and Vans
-Medium & Heavy Commercial Vehicles (MHCV)
--Bus
--Truck
-Two-Wheeler
--Moped & Scooter
--Motorcycle
-Three-Wheeler
---Load Carrier
-Passenger Carrier
-Off-the-Road (OTR)
--Earth Moving Equipment
--Material Handling Equipment
--Agriculture Equipment
By Demand Category
-OEMs
Replacement
-Price Category
-Budget
-Economy
-Premium
By Tire Type
-Radial
-Bias
- Radial Tires held the largest share in the Central America Tire Market.
By Distribution Channel
-Direct Sales
-Online
-Multi Brand Stores
-Exclusive Outlets
By Tire Size
-Tire Size 1
-Tire Size 2
-Tire Size 3
-Tire Size 4
-Tire Size 5
Top leading companies in the Central America Tire Market includes:
Bridgestone Corporation, Goodyear Tire and Rubber Company, Michelin, Continental AG, Hankook Tire and Technology, Yokohama Rubber Co.Ltd., Cooper Tire Rubber Company, Pirelli Tire SpA, Sumitomo Rubber Industries, Toyo Tire Corporation, Maxxis International, Others
Central America Tire Market Development
- 2023: Yokohama Rubber Co.Ltd ., acquired Trelleborg Wheel System, a tire manufacturer, to expand its product portfolio and provide innovative tire solutions to consume in Central America, North America, Europe, and other regions across the globe.
- 2023: Bridgestone Corporation launched M863 Radial Tire for trucks, concrete mixers, dump trucks, construction fleets, and logging trucks. These tires will provide more durability and better performance on- and off-highway.
For more detailed information about the Central America Tire market report, click here – https://www.marknteladvisors.com/research-library/central-america-tire-market.html
Geographical analysis:
Guatemala
El Salvador
Costa Rica
Honduras
Panama
Rest of Central America
- Costa Rica holds a dominant share in the Central America Tire Market due to the rising construction projects, improving economic growth, and higher vehicle ownership rate. In recent years, the country has witnessed a significant surge in tourism thanks to the prevalence of historical sites & natural landscapes.
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