Colombia Automotive Tyre Market Report and Forecast 2024-2032

Colombia Automotive Tyre Market Outlook

The Colombia automotive tyre market size is projected to expand at a CAGR of 4.30% between 2024 and 2032.

Key Takeaways

• Colombia imported $756 million worth of rubber tyres in 2022, ranking as the 30th largest importer of the product globally. During the same year, rubber tyres held the 13th position among the most imported products in Colombia.

• Colombia emerged as the 44th largest global importer of cars in 2022, with imports amounting to $2.73B, consequently driving up the Colombia automotive tyre market share.

• Colombia imported $225k worth of used pneumatic tyres in the year 2022.

The Colombia automotive tyre market growth is supported by the rise in passenger car production and the steady expansion of the automotive sector. The surge in population and the swift urbanisation have led to a higher need for vehicles, both for personal and commercial purposes, thus propelling the size of the market. Furthermore, increase in the number of middle-class individuals in Colombia has contributed to the growing demand for cars, consequently fuelling the market demand.

Colombia's commitment to environmental protection has prompted investments in electric vehicles, aiming to mitigate greenhouse gas emissions and address climate change. Consequently, the tyre market has experienced significant growth due to the unique requirements of electric cars. As the number of Colombians choosing electric vehicles continues to rise, the demand for tyres specifically tailored to these vehicles has also increased. Moreover, electric vehicles necessitate tyres with reduced rolling resistance to optimise energy efficiency and prolong battery lifespan. Consequently, the market has witnessed the emergence of specialised eco-friendly tyres that cater to evolving electric vehicle technology.

Shift towards sustainability has encouraged manufacturers to focus on developing tyres that minimise their carbon footprint and reduce waste throughout their lifecycle. There is a surge in use of recycled materials in tyre production. Instead of relying solely on virgin rubber, manufacturers are incorporating recycled rubber from old tyres into their tyre compounds. This not only reduces the demand for new raw materials but also helps to address the issue of tyre wastage.

Market Segmentation

Colombia Automotive Tyre Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments

Market Breakup by Design

• Radial

• Bias

Market Breakup by Season Type

• Summer

• Winter

• All Season

Market Breakup by Rim Size

• Less than 15 Inch

• 15-20 Inch

• More than 20 Inch

Market Breakup by Vehicle Type

• Two-Wheeler and Three-Wheeler

• Passenger Vehicle

• Heavy Commercial Vehicle

• Light and Medium Commercial Vehicle

• Others

Market Breakup by Sales Channel

• OEM

• Aftermarket

Competitive Landscape

The market participants are focusing on the production of sustainable tyres to secure a competitive advantage within the market.

• Bridgestone Corporation

• Continental AG

• Sumitomo Rubber Industries, Ltd.

• The Goodyear Tire & Rubber Company

• Hankook Tire & Technology Co., Ltd.

• Pirelli & CSpA

• Michelin Group

• AEOLUS TYRE Co. Ltd.

• JK Tyre & Industries Ltd.

• Apollo Tyres Ltd.

• Others

Key Highlights of the Report