Mexico Tire Market 2023 Expected to Witness the Highest Revenue Growth Over Forecast to 2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "Mexico Tire Market". Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

According to a recent study by strategic consulting and market research firm Report Ocean, the Mexico tire market is expected to grow at a CAGR of 6.1% during the forecast period of 2021-2027. The market's growth is attributed to the presence of multinational tire companies that are establishing tire production plants in the region. Companies like Pirelli are investing in expanding their tire production capacity to meet global demand and boost exports. Additionally, the increasing automobile production in Mexico and the growing ownership of private vehicles due to changing economic scenarios present lucrative growth opportunities for the market. However, high tire prices in the domestic market and the penetration of imported used tires act as restraints for market growth.

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The growing online market presents lucrative growth opportunities for the Mexico tire market. While Mexican consumers traditionally prefer offline stores for purchasing tires, online sales channels have gained significant popularity, especially after the COVID-19 outbreak. Tire brands are launching exclusive websites and mobile apps to target younger consumers and boost sales. Third-party suppliers and distributors are also tapping into this growing opportunity by leveraging popular online platforms. Consumers are attracted to online platforms due to attractive deals, discounts, and the convenience of doorstep delivery, driving market growth.

The increasing automobile production in Mexico is estimated to drive the tire market. The country is home to several established automobile brands, and a large portion of vehicles manufactured in Mexico is exported, with the majority destined for sales in the United States. Mexico's low labor costs and free trade agreements make it an attractive location for automobile manufacturers. As automobile production increases, the demand for tires is expected to rise, fueling overall market growth.

In terms of vehicle types, the passenger cars segment holds the largest market share in the Mexico tire market. The increasing demand for private vehicles, driven by consumers' purchasing power, contributes to the growth of this segment. Additionally, the heavy commercial vehicle segment also holds a significant share in the market due to the prominent demand for buses and truck fleets in Mexico.

Key players in the Mexico tire market include Bridgestone Americas Inc., Continental AG, Cooper Tire & Rubber Co., JK Tire & Industries Ltd., Pirelli, Goodyear Mexico, Michelin, Hankook Tire de Mexico, TBC Corporation, BKT Tires, and other prominent players. The market is highly consolidated, dominated by multinational tire corporations. These manufacturers are setting up local production facilities to target the untapped potential of the region and expand their customer base by offering a wide range of tire types. Competitive strategies such as partnerships, mergers, acquisitions, and joint ventures are also prominent in this market.

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Market Overview
Market Size & Forecast by Value, 2017-2027
Market Size and Forecast, By Segment

By Design
Radial
Bias

By Vehicle Type
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Three Wheelers
Off-The-Road (OTR)

By End-User
OEM
Replacements

By Distribution Channel
Online Distributors
Offline Distributors

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This release was published on openPR.