Mexico Replacement Tire Market to Grow at 5.94% CAGR by 2026
Growing automotive fleet size and high tire replacement ratio
are expected to drive the Mexico replacement tire market through 2026.
According
to TechSci Research report “Mexico Replacement Tire Market, By Vehicle Type (Passenger Car, Two-Wheeler, LCV, M&HCV and
OTR), By Tire Construction Type (Radial vs
Bias), By Sales Channel (Online vs Offline), By Price Segment (Ultra Budget,
Budget and Premium), By Region
(Central Mexico, Central North Mexico, North Mexico, South Mexico), By Top 10
Cities, By Company, By Tier Type Forecast & Opportunities, 2026”, Mexico
replacement tire market is anticipated to be valued around USD6.75 billion by 2026. Tire
is a ring like component that encircles the vehicle’s rim and meets the ground.
Tires are filled with compressed air to provide a gripping surface for traction
on the surface over which the vehicle travels. Most vehicles are equipped with
pneumatic tires where the air is held under pressure inside the tire. Natural
rubber is extensively used in the fabrication of tires since the tire
production began. However, the modern tires make use of materials like
synthetic rubber, fabric, steel wires, carbon black, etc. adding advanced
characteristics to the tires. These tires are replaced by new tires when the company
fitted tires wear out after continuous usage. Replacement tires are commonly
known as aftermarket tires as these tires are purchased by consumers for
replacing the company fitted Original Equipment (OE) tires. Replacement tires
overcome the limitations of OEM tires, by giving the consumer the option of
customizing the vehicle to benefit his or her needs for superior driving
experience over comfort. Growth in the Mexico replacement tire market is driven
by increasing fleet and prolonged use of large fleet size which leads to high tire replacement ratio of automobiles in the country. High replacement rate is being
witnessed due to poor infrastructure in rural areas across Mexico. Moreover,
the average life of automobiles across the country has been increasing due to
technological advancements and competitions among automotive manufactures,
resulting in growing need of replacement tires. Use of automobiles on bad road
conditions result in early diminishing of tire tread, which is leading to
higher aftermarket demand for tires in the country. As most of the population
in the country prefers to travel by their personal vehicles instead of using public
transportation services, it directly results in generating high demand for
replacement tires in Mexico.
Browse more than 66 market data Figures and
spread through 128 Pages and an in-depth TOC on “Mexico Replacement Tire
Market."
Increase in the fleet size of
vehicles is boosting the after-market demand for tires in Mexico. Rise in per
capita income has led to increase in the purchasing power as well as growth in the
living standard of Mexico’s population. This is resulting in growth of vehicle
sales as well as expansion of fleet size, leading to growth in the replacement
demand for tires in Mexico. Growing sales of replacement tires in the country
can also be attributed to increasing number of construction activities and
flourishing mining sector, which is driving the sales of OTR replacement tires.
According to the Oxford Business Group, a total of around 41.4 million tourists
visited the country in year 2018. These significant number of tourists reflect
a total of 5.5% increase from the number of people visited the country in year 2017.
The growing tourism industry in the country needs increasing number of hotels
for the tourists to stay, alongside better road infrastructure and connectivity
is also required for safe and comfortable travel. According to the Executive
Summary report of Tourism Policy Review of Mexico, Tourism industry of the
country is a heavy contributor to the GDP, accounting 8.7% of the nation’s GDP.
Since, tourism is contributing heavily to the economic growth of the country, the
construction industry has grown at a robust pace over the past years. Heavy equipment
machineries like excavators, backhoe loaders, bulldozers, wheel tractor and
scrapers are increasing used for construction purposes, sales of these
construction machineries have witnessed an increasing growth over the past few
years. Since, the construction machineries performs off-road duty work, these
machineries are equipped with OTR tires. The increasing use of construction
machineries in the country is wearing out the company fitted Original Equipment
Tires, driving the Mexico replacement tire market.
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Mexico replacement tire market can be
segmented based by vehicle type, by tire construction type, by sales channel,
by price segment, by region, by top 10 cities, by company, and by tier type. Based
on tire construction type, the Mexico replacement tire market is segmented into
Bias tires and Radial tires. The market share of bias category is higher than
that of radial category. Radial OTR tire penetration in the market is gaining
momentum across the country, due to features such as better control, high
durability and better fuel efficiency as well as enhanced load carrying
capacity. Owing
to this, the demand for radial OTR replacement tires is expected to evolve over
the next five years.
“In 2020, Central México accounted
for the largest market share, i.e., 40.16% in Mexico replacement
tire market. The region is expected to maintain its
dominance over the next five years as well, but Central North
México is giving neck to neck competition. High tire
replacement ratio is boosting the demand for replacement tires in the country.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Mexico
Replacement Tire Market, By Vehicle Type (Passenger Car, Two-Wheeler, LCV,
M&HCV and OTR), By Tire Construction Type (Radial vs Bias), By Sales Channel
(Online vs Offline), By Price Segment (Ultra Budget, Budget and Premium), By
Region (Central Mexico, Central North Mexico, North Mexico, South Mexico), By
Top 10 Cities, By Company, By Tier Type Forecast & Opportunities, 2026”, has
evaluated the future growth potential of the Mexico replacement
tire market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Mexico replacement tire market.
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