Press Release

Mexico Tire Market is Expected to be Valued USD 7.39 Billion by 2025

Rising income levels and growing automobile sales are expected to propel the growth of Mexico tire market in next five years.

According to TechSci Research report, “Mexico Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Mexico tire market is projected to grow at 5.57% CAGR during the forecast period. Easy availability of cheap labour, strong domestic automobile demand and favourable tax policies are some of key factors fuelling Mexico’s automotive industry and consequently boosting the demand for tires in the country. The growth in the country’s tire market can also be attributed to the planned capacity expansions of major automobile OEMs and rapidly expanding automobile fleet in Mexico.

Additionally, Mexico is the home to some of the leading global automobile manufacturers which also makes the country a profitable market for tire manufacturers. Rapid infrastructure activities and increasing urbanization are some of other factors which are positively influencing the growth of Mexico tire market. Apart from that, rise in per capita income, improved road infrastructure and increasing infrastructural activities are also expected to augment the tire market growth over next five years.

Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on "Mexico Tire Market"

Mexico tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three-wheeler. Among them, the passenger car tire segment dominated the market in 2019 with share of 63.35%. Moreover, on account of increase in production and sales of passenger cars, the passenger car tire segment is expected to continue its dominance in Mexico tire market during the forecast period. Based on demand category, Mexico tire market can be split into replacement vs OEM. Due to expanding vehicle fleet size, the replacement segment is projected to account for the largest share of the market.

Leading market players in Mexico tire market are Bridgestone de Mexico, SA de CV, Michelin México Services, S.A. De C.V., JK Tornel S.A. de C.V, Continental Tire de México S.A. de C.V, Cooper Tire & Rubber Co. de Mexico SA de CV, Goodyear Servicios Comerciales S. de R.L. de C.V., Pirelli Neumáticos de México, S.A. de C.V, Yokohama Tire Mexico S. de R.L. de C.V, Sumitomo Tires and Hankook Tire De Mexico S.A. De C.V. Among them, Pirelli has nine tire manufacturing facilities in the country and hence the company holds a significant market share in Mexico tire market. Furthermore, tire manufacturers are adopting growth strategies such as new product launches, partnerships, joint ventures, mergers & acquisitions, and collaborations.

“Major OEMs are increasingly investing in the country for capacity expansions or for setting up new automobile production facilities. On account of this, the country’s tire market is expected to witness a healthy growth in medium to long term. Growing mechanization of agriculture farms coupled with expanding vehicle fleet and growing infrastructural developments are catalyzing the growth of the market over the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Mexico Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Mexico tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Mexico tire market.

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