The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Mexico Tire Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Mexico Tire Industry (2024-2030):
According to the latest report, TheMexico Tire Market size is estimated to grow at a CAGR of around 8.31% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Mexico Tire industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR: 8.31%
What are the major Challenge facing the Mexico Tire industry?
Growing Penetration of Tire Retreading Plants – In 2019-2023, several new tire retreading plants were established in Mexico to cater to the growing demand for cost-effective OTR and Heavy commercial vehicle tires. These retreading plants refurbish the used tires by replacing their old tread with new ones. Therefore, the average cost of these tires is relatively lower than the new tires. Hence, the end-users, particularly the mining & construction industries, tend to seek these retreated tires as they are more cost-effective and economical. Moreover, this shift in preference is particularly impacting these sectors since companies within the sector are renowned for their strict cost management. Thus, as the adoption of retreaded tires continues to grow, it would pose a significant challenge to the demand for fresh tires in the country, thus slowing down the Mexico Tire Market growth.
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Mexico Tire Market Segmentation
The Mexico Tire Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Vehicle Type
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium and Heavy Commercial Vehicle (MHCV)
- Two-Wheeler
- Three-Wheeler
- Off the Road (OTR)
- By Demand Type
- OEMs- Market Size & Forecast 2019-2030F, Thousand Units
- Replacement- Market Size & Forecast 2019-2030F, Thousand Units
- By Price Category
- Budget- Market Size & Forecast 2019-2030F, Thousand Units
- Economy- Market Size & Forecast 2019-2030F, Thousand Units
- Premium- Market Size & Forecast 2019-2030F, Thousand Units
- By Tire Type
- Radial- Market Size & Forecast 2019-2030F, Thousand Units
- Bias- Market Size & Forecast 2019-2030, Thousand Units
- By Sales Channel
- Direct Sales- Market Size & Forecast 2019-2030F, Thousand Units
- Multi Brand Stores – Market Size & Forecast 2019-2030F, Thousand Units
- Exclusive Outlets – Market Size & Forecast 2019-2030F, Thousand Units
- Online- Market Size & Forecast 2019-2030F, Thousand Units
- By Tire Size
- Tire Size 1 – Market Size & Forecast 2019-2030F, Thousand Units
- Tire Size 2 – Market Size & Forecast 2019-2030F, Thousand Units
- Tire Size 3 – Market Size & Forecast 2019-2030F, Thousand Units
- Tire Size 4 – Market Size & Forecast 2019-2030F, Thousand Units
- Tire Size 5 – Market Size & Forecast 2019-2030F, Thousand Units
- By Region
- North
- South
- East
- West
- Central
As per the regional aspect, the Mexico Tire Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/mexico-tire-market.html
Top Companies in the Mexico Tire Market
Bridgestone Corporation, Goodyear tyre and Rubber Company, Michelin, Continental Ag, Hankook Tire and Technology, Yokohama Rubber Co. Ltd, Cooper Tire Rubber Company, Pirelli Tyre S.p.A, Sumitomo Rubber Industries, Toyo tyre Corporation, Maxxis International
Mexico Tire Market Recent Development
2024: Yokohama Tire Corporation has showed its intend to build a new consumer/light truck tire plant at the Alianza Industrial Park in Saltillo, Coahuila, Mexico after approval by the YRC board.
2024: ZC Rubber has declared the opening of a 60,000 square foot prospective production plant in Saltillo, Mexico.
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