A tyre is a circular piece of material that goes around a wheel's rim. A tyre is a membrane made of flexible material that encircles a rim, distributing the weight of the car on the road and enhancing traction between the car and the surface. Fabric, wire, synthetic rubber, carbon black, and natural rubber are the materials used to make tires. Their strength and flexibility aid in the absorption of vibrations. The purpose of tires is to improve the overall performance of automobiles, motorcycles, buses, trucks, bicycles, shopping carts, wheelchairs, forklifts, aeroplanes, and parts used in the automobile industry.

Driving Factors- Growth of Mexico's Ride-Hailing Fleets: Mexico has seen significant population increase in its cities during the last few decades. With the country's population growing, the public transit infrastructure in Mexico has been finding it difficult to keep up. Due to the fact that ride-hailing services provide on-demand transportation options, people living in metropolitan regions have shifted heavily towards them. Plus, ride booking is now a more efficient procedure because to Mexico's rapidly increasing smartphone and internet adoption. For both intracity and intercity transport, more people are using these ride-hailing apps as a result. Because of this growing preference for taxi services, the leading businesses are being forced to increase the number of ride-hailing cars they have around the nation, which is driving up tyre demand.

Challenges- Tire manufacture uses petroleum-based reinforcing compounds as raw ingredients, such as polyester and nylon. Furthermore, the creation of tires requires both natural and synthetic rubber, the price of which varies greatly. Rubber tires are made up of tread, apex, core, textile cord plies, jointless cap plies, and steel-cord belt plies. They also have bead reinforcement. In addition to petrochemical reinforcing elements like polyester, fabric, nylon, steel, and rayon, it also incorporates synthetic rubber, natural rubber, steel wire, and carbon black. The tire's final cost is determined in large part by the cost of these necessary components. Since these metals are traded on a community exchange, changes in the economy's market conditions have an impact on their prices.

The extraordinary COVID-19 pandemic severely slowed down Mexico's economic expansion. The high prevalence of infection in the nation has probably been influenced by low testing rates, particularly in the early stages of the epidemic. The country's COVID-19 cases spiked rapidly in 2020 as a result of the government's inaction and refusal to implement a lockdown, which caused an 8.5% GDP decline. Falling disposable incomes also had an impact on the country's automobile demand, which hindered the expansion of the tyre industry.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as 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.

By Vehicle Type: Based on the Vehicle Type, Mexico Automotive Tire Market is segmented as; Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler, Off the Road.

By Demand Type: Based on the Demand Type, Mexico Automotive Tire Market is segmented as; OEMs, Replacement.

By Price Category: Based on the Price Category, Mexico Automotive Tire Market is segmented as; Budget, Economy, Premium.

By Tire Type: Based on the Tire Type, Mexico Automotive Tire Market is segmented as; Radial, Bias.

By Sales Channel: Based on the Sales Channel, Mexico Automotive Tire Market is segmented as; Direct Sales, Multi Brand Stores, Exclusive Outlets, Online.

By Region: This research also includes data for North, South, East, West, central.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.