Mexico Tire Market Overview, 2027

Mexico Tire Market Overview, 2027

Bonafide Research 02-07-2022 45 Pages Figures : 8 Tables : 17
Region : North America Country : Mexico Category : Automotive & Transport Automotive Parts

Mexico is a country in the southern portion of North America. Growth in demand for tyres is being witnessed on account of rising income levels, growing passenger as well as commercial vehicle sales, and expanding passenger car fleet size. One additional reason is the government's support of different manufacturing companies for innovation in their technology. A tyre is a rubber covering, typically inflated or surrounding an inflated inner tube, placed around a wheel to form a soft contact with the road. It supports the weight of the vehicle, absorbs road shocks, transmits traction, torque, and braking forces to the road surface, and maintains and changes the direction of travel. Due to rising internet penetration, online tyre sales in the country are increasing, backed by a variety of benefits such as brand and price comparison, fast delivery, and high discount offers. The online platform also cuts the overhead expenses and time that customers would incur while opting for the traditional style of buying tires, making the process hassle-free and helping them make better product choices.

According to the report titled "Mexico Tyre Market Overview, 2026" published by Bonafide Research, the tyre market of the country Mexico is expected to grow at CAGR around 7% market size by the end of the forecast period. In Mexico, different types of tyres are present and they are categorised in different segments. On the basis of the vehicle type, passenger cars, commercial light weight tyres, commercial-heavy, two-wheeler tyres, three-wheelers and others, Commercial-heavy vehicles are only used for heavy business work such as construction, mining, and digging, so this type of vehicle is in short supply and has a small market share of commercial-heavy tyres. Radial tyres and bias-ply tyres are classified on the basis of design type. Radial tyres have poor transport handling since low lateral stiffness causes the tyre sway to increase as the speed of the vehicle increases and the sidewall tends to bulge, which could cause damage and punctures, so radial tyre demand is low in Mexico. On the basis of end use, OEM tyres and replacement tyres are available. The replacement has high demand among the people of Mexico because it is less expensive and provides off-road driving and terrain trips.

A bias plied tyre is a tyre constructed on a base of diagonally laid layers of fabric. The bias ply tyres have plies running at 45 degrees to the centre line of the tread, alternating in direction with each layer. A radial tyre is a type of vehicular tyre. In this design, the cord plies are arranged at 90 degrees in the direction of travel, or radially. The market attractiveness of bias ply was high in the past year because it has a thicker sidewall, which is more resistant to cuts and punctures and provides good traction at low speeds. It is expected that it will have robust growth by 2026. OEM tyres are those tyres that are specified by the vehicle manufacturer and are initially fitted when the vehicle is new. Replacement tyres are also called aftermarket tyres, and they are only used to replace damaged tyres. The CAGR of OEM tyres was very low from 2015 to 2020, and during the forecasted period it is expected to grow gradually.

The tyre used in passenger cars supports the vehicle load and provides high braking and tractive force on the road surface. Commercial-lightweight tyres have a tougher internal construction, which offers greater strength and puncture resistance than a standard tyre. Commercial-heavy tyres are in adaptation to the load and pressure higher than those foreseen for the standard version of a specific size. Two-wheeler tyres, three-wheeler tyres, and other needs vary with the size of the vehicle, and they are designed to better absorb the bumps and shocks along the road. In the past year, the market share of three-wheelers was comparatively low and during the forecasted period the market share is expected to grow gradually.

Mexico houses six major tyre companies, viz., Bridgestone Americas Inc., Continental AG, Cooper Tire & Rubber Co., JK Tire & Industries Ltd., and Pirelli. In Mexico, Bridgestone is one of the largest tyre manufacturers and offers an array of options. Its run-flat tyres and winter tyres are some of the best in the industry. Other tyre lines are good, but not exceptional. Bridgestone tyres may be less affordable than most brands.

The spread of COVID-19 has affected all countries across the globe. The COVID-19 virus has a negative impact on the tyre market. Due to lockdowns initiated by governments in Mexico, they have resulted in an economic crisis, which has pushed the automotive industry to a near-collapse, shutting down factories and emptying showrooms. The automotive sector is one of the sectors most affected by the outbreak of the pandemic.

Considered in this report
• Geography: Germany
• Base year: 2020
• Estimated year: 2021
• Forecast year: 2026

Aspects covered in this report
• Germany Tyre market and its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Five force models
• Top profiled companies
• Strategic recommendation

Tyre by End Use
• OEM (Original Equipment Manufacturer)
• Replacement

Tyre by Vehicle type
• Passenger Car
• Commercial-Light Weight
• Commercial-Heavy
• Two -Wheeler
• Three- wheeler and Other

Tyre by Design type
• Radial
• Bias ply

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to tyre industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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