The latest report shows the Latin American tire market grows steadily

Its 2024 size reached USD 16.64 billion, projected to hit USD 21.52 billion by 2032 with a 3.27% CAGR during 2024-2032, emerging as a key global growth driver.

Growth is driven by three core factors: middle-class expansion lifts vehicle ownership (notably passenger/commercial fleets in Brazil and Mexico); aging vehicles in Argentina, Colombia boost replacement tire demand; and infrastructure/logistics expansion drives heavy-duty/OTR tire needs.

Segment and tech trends bring new opportunities: two-wheeler tires shine (2024 size USD 1.17 billion, 4.8% CAGR in 2025-2033) with cost-efficiency and fuel-saving upgrades. Green transition accelerates – eco-friendly tire adoption rises, with renewable materials as key R&D focus.

Brazil and Mexico dominate as core markets, supported by mature auto manufacturing and favorable trade policies. Analysts note: as EV penetration rises, specialized tire R&D and localization will be key for competition; suppliers with performance and cost advantages will seize opportunities.