Market Overview

The Latin America two wheeler tire market was valued at USD 1.17 Billion in 2024 and is forecasted to reach USD 1.84 Billion by 2033. The market is projected to grow at a CAGR of 4.80% during 2025-2033. This growth is driven by increasing demand for cost-effective and fuel-efficient transportation and rising popularity of electric two-wheelers, supported by expanding urbanization in the region.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Latin America Two Wheeler Tire Market Key Takeaways

• The market size reached USD 1.17 Billion in 2024.
• The market is expected to grow at a CAGR of 4.80% during the forecast period 2025-2033.
• The market is projected to reach USD 1.84 Billion by 2033.
• Rising demand for affordable and fuel-efficient transportation is driving market growth.
• Increasing adoption of electric two-wheelers contributes significantly to the market expansion.
• Urbanization in Latin America further supports the increasing demand for two-wheeler tires.
• Companies like Michelin are focusing on sustainability by developing tires with renewable materials.

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Market Growth Factors

The Latin America two wheeler tire market is forecast to rise with the rising demand for affordable and fuel-efficient transportation in the region, leading to a surge in demand for two wheelers and their tires. The Michelin demonstration tire was launched in 2024, comprising 42% of renewable materials within tire components, with the target of achieving 100% sustainable tire by 2050. Tire technology has been focused on improving tire performance, reducing rolling resistance, improving fuel consumption and thus reducing transport costs to consumers.

The growth of electric two-wheelers is driven by the increasing number of eco-conscious individuals and the support of electric vehicle programs to promote sustainable transportation in Latin America. For example, the Brazilian electric vehicle market is projected to grow by 60% in 2024. The demand for specialty tires to handle the different torque and weight balance of electric vehicle drivelines could be a potential opportunity for developing tires that could last long and provide high performance in electric vehicles.

In Latin America, urbanization is another factor driving the growth of the market. Urban areas are expanding, a situation leading to a demand for cost-effective, low-maintenance two-wheeler vehicles. Tire manufacturers innovate to meet the challenges of urbanization. Manufacturers use sustainable materials. Manufacturers develop tires suitable for all terrains. The inclusion of green technologies, in addition to value for money offerings, is expected to assist the Latin America two wheeler tire market to grow over the coming years.

Market Segmentation

• Tire Insights: The market is segmented into tubes and tubeless tires, which cater to different user preferences and vehicle requirements in the two-wheeler segment.
• Vehicle Insights: The category includes motorcycles and scooters, further segmented as follows: Motorcycles (standard/commuter, sport/performance, adventure/touring, off-road/dirt bikes) and Scooters (standard scooters, maxi scooters). These segments reflect the diverse types of two-wheelers prevalent in the region.
• Tire Size Insights: The segmentation covers tires sized up to 12 inches, 12 to 17 inches, and above 17 inches, addressing various vehicle specifications and use cases.
• Sales Channel Insights: The market is analyzed by sales channels comprising OEM (original equipment manufacturer) tubed and tubeless tires, and aftermarket tubed and tubeless tires, reflecting different customer purchasing patterns and distribution networks.
• Location Insights: The market differentiates tires by their positioning on vehicles, i.e., front and rear tires, acknowledging distinct performance characteristics and wear patterns.
• Country Insights: The report encompasses key regional markets including Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others, covering the comprehensive geographic scope of Latin America’s two wheeler tire demand.

Regional Insights

Brazil emerges as a dominant market within Latin America, evidenced by significant adoption rates and market activities such as Brazil’s electric vehicle market growing by 60% in 2024. This highlights Brazil's pivotal role in driving the region’s electrification trend and two wheeler usage, contributing substantially to the regional market growth and demand for specialized tires.

Recent Developments & News

In May 2024, Ceat, a prominent Indian tire manufacturer, announced its expansion into North Latin America to strengthen its regional market presence and leverage the growing demand for automotive products. Earlier in February 2024, Vipal Rubber was appointed as the official tire supplier for Honda motorcycles in Brazil, starting with the Honda CG 160 Fan, which features Vipal’s Street ST600 tires manufactured locally in Bahia. These tires underwent rigorous testing to ensure superior quality, safety, and durability to meet Honda’s production requirements.

Key Players

• Ceat
• Vipal Rubber
• Michelin

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