Mexico Automotive Tire Market Growth, Size, Trends, Share, Demand, Revenue and Future Outlook
Mexico Automotive Tire Market Size– By Vehicle Type, By Demand Type, By Price Category, By Tire Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Sep-2024 | Report ID: AMIN24211 | Pages: 1 - 109 | Formats*: |
| Category : Automotive & Transportation | |||
Mexico Automotive Tire Market Introduction and Overview
According to SPER Market Research, the Mexico Automotive Tire Market is estimated to reach USD 2770.21 million by 2033 with a CAGR of 8.75%.
The report includes an in-depth analysis of the Mexico Automotive Tire Market, including market size and trends, product mix, applications, and supplier analysis. An automobile tire is a rubberised ring-shaped component that supports the weight of the vehicle, absorbs shocks, and offers traction. Natural rubber tires increase the cushioning flexibility of the tire while shielding the wheel rim from outside damage. Tires are made up of tread, jointless cap piles, beads, and other materials such as fabric, carbon black, and synthetic rubber.
- In 2024, Yokohama Tire Corporation announced that, with the YRC board's consent, it would construct a new consumer and light vehicle tire plant at Saltillo, Coahuila, Mexico's Alianza Industrial Park.
- In 2024: ZC Rubber announced the planned construction of a 60,000 square foot production facility in Saltillo, Mexico.
- The international tyre company Pirelli announced in September 2021 that a USD 36 million investment had been approved to increase the plant's yearly manufacturing capacity to 7.2 million tires in Silao, Mexico.
Market Opportunities and Challenges
Opportunities- Commercial vehicle sales, including trucks, tractors, and trailers, have surged due to the recent rapid expansion of the automobile sector brought about by growing industrialisation. In addition, the sales of high-end motorcycles and luxury passenger automobiles are increasing due to rising disposable income and living standards. Over the anticipated timeframe, it is also anticipated that sales of electric vehicles will rise. Further driving the demand for these vehicles is the decline in cost of parts for electric vehicles, such as alternators, gearboxes, and batteries. As a result, increased consumer demand for automobiles across the board drives up auto and tyre manufacturing. Moreover, the expansion of the automotive industry influences the automobile tyre market, as the automotive sector consolidates through mergers and acquisitions between domestic and foreign automakers. Therefore, it is anticipated that the need for tires would rise as the automotive sector grows.
Challenges:
High Tire Costs and Increased Use of Used Tires - The high cost of tires in Mexico is a significant barrier to market growth. This is because several multinational businesses have a market monopoly on tires, resulting in limited availability. The majority of tires in Mexico are imported from other countries. Import duties on tires from Asian countries such as China or Japan are typically over 50%. Furthermore, weak distribution systems and high shipping expenses influence tyre prices. Because of these disadvantages, a large number of end users turn to old tires, stifling the expansion of the Mexican tire sector.
Market Competitive Landscape
The Mexico Automotive tire market is highly competitive, with several key players. Some of the major players in the market are 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.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Demand Type, By Price Category, By Tire Type, By Sales Channel |
| Regions covered | North, South, East, West, Central |
| Companies Covered | 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. |
COVID-19 Impact on Mexico Automotive Tire Market
The enormous COVID-19 epidemic has significantly slowed Mexico's economic growth rate. Low testing rates, particularly early in the pandemic, are believed to have contributed to the country's high infection rate. Due to a lack of government intervention and refusal to enforce a lockdown, COVID-19 cases increased significantly across the country, resulting in an 8.5% GDP decrease in 2020. Furthermore, falling disposable incomes reduced demand for automobiles, hindering the growth of the country's tyre industry.
Key Target Audience:
- Automobile Manufacturers (OEMs)
- Tire Retailers and Distributors
- Independent Repair Shops and Service Centers
- Fleet Operators and Logistics Companies
- Commercial Vehicle Operators (Trucks, Buses, etc.)
- End-Consumers (Vehicle Owners)
- Automotive Dealerships
- Government and Municipal Fleets
- Tire Resellers and Wholesalers
- Rental Car Companies
Our in-depth analysis of the Mexico Automotive Tire Market includes the following segments:
| By Vehicle Type: | |
| By Demand Type: | |
| By Price Category: | |
| By Tire Type: | |
| By Sales Channel: |
Key Topics Covered in the Report:
- Mexico Automotive Tire Market Size (FY’2024-FY’2033)
- Overview of Mexico Automotive Tire Market
- Segmentation of Mexico Automotive Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicle, Two-Wheeler, Three-Wheeler, Off the Road)
- Segmentation of Mexico Automotive Tire Market By Demand Type (OEMs, Replacement)
- Segmentation of Mexico Automotive Tire Market By Price Category (Budget, Economy, Premium)
- Segmentation of Mexico Automotive Tire Market By Tire Type (Radial, Bias)
- Segmentation of Mexico Automotive Tire Market By Sales Channel (Direct Sales, Multi Brand Stores, Exclusive Outlets, Online)
- Statistical Snap of Mexico Automotive Tire Market
- Expansion Analysis of Mexico Automotive Tire Market
- Problems and Obstacles in Mexico Automotive Tire Market
- Competitive Landscape in the Mexico Automotive Tire Market
- Impact of COVID-19 and Demonetization on Mexico Automotive Tire Market
- Details on Current Investment in Mexico Automotive Tire Market
- Competitive Analysis of Mexico Automotive Tire Market
- Prominent Players in the Mexico Automotive Tire Market
- SWOT Analysis of Mexico Automotive Tire Market
- Mexico Automotive Tire Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Mexico Automotive Tire Market.
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Mexico Automotive Tire Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Mexico Automotive Tire Market
7. Mexico Automotive Tire Market, By Vehicle Type (USD Million) 2020-2033
7.1. Mexico Automotive Tire Market Size, Share and Forecast, By Vehicle Type, 2020-20267.2. Mexico Automotive Tire Market Size, Share and Forecast, By Vehicle Type, 2027-20337.3. Passenger Car7.4. Light Commercial vehicle7.5. Medium & Heavy Commercial Vehicle7.6. Two-Wheeler7.7. Three-Wheeler7.8. Off the Road
8. Mexico Automotive Tire Market, By Demand Type (USD Million) 2020-2033
8.1. Mexico Automotive Tire Market Size, Share and Forecast, By Demand Type, 2020-20268.2. Mexico Automotive Tire Market Size, Share and Forecast, By Demand Type, 2027-20338.3. OEMs8.4. Replacement
9. Mexico Automotive Tire Market, By Price Category (USD Million) 2020-2033
9.1. Mexico Automotive Tire Market Size, Share and Forecast, By Price Category, 2020-20269.2. Mexico Automotive Tire Market Size, Share and Forecast, By Price Category, 2027-20339.3. Budget9.4. Economy9.5. Premium
10. Mexico Automotive Tire Market, By Tire Type (USD Million) 2020-2033
10.1. Mexico Automotive Tire Market Size, Share and Forecast, By Tire Type, 2020-202610.2. Mexico Automotive Tire Market Size, Share and Forecast, By Tire Type, 2027-203310.3. Radial10.4. Bias
11. Mexico Automotive Tire Market, By Sales Channel (USD Million) 2020-2033
11.1. Mexico Automotive Tire Market Size, Share and Forecast, By Sales Channel, 2020-202611.2. Mexico Automotive Tire Market Size, Share and Forecast, By Sales Channel, 2027-203311.3. Direct Sales11.4. Multi Brand Stores11.5. Exclusive Outlets11.6. Online
12. Mexico Automotive Tire Market Forecast, 2020-2033 (USD Million)
12.1. Mexico Automotive Tire Market Size and Market Share
13. Mexico Automotive Tire Market, By Region, 2020-2033 (USD Million)
13.1. Mexico Automotive Tire Market Size and Market Share By Region (2020-2026)13.2. Mexico Automotive Tire Market Size and Market Share By Region (2027-2033)13.3. North13.4. South13.5. East13.6. West13.7. Central
14. Company Profile
14.1. Bridgestone Corporation14.1.1. Company details14.1.2. Financial outlook14.1.3. Product summary14.1.4. Recent developments14.2. Goodyear tyre and Rubber Company14.2.1. Company details14.2.2. Financial outlook14.2.3. Product summary14.2.4. Recent developments14.3. Michelin14.3.1. Company details14.3.2. Financial outlook14.3.3. Product summary14.3.4. Recent developments14.4. Continental Ag14.4.1. Company details14.4.2. Financial outlook14.4.3. Product summary14.4.4. Recent developments14.5. Hankook Tire and Technology14.5.1. Company details14.5.2. Financial outlook14.5.3. Product summary14.5.4. Recent developments14.6. Yokohama Rubber Co. Ltd14.6.1. Company details14.6.2. Financial outlook14.6.3. Product summary14.6.4. Recent developments14.7. Cooper Tire Rubber Company14.7.1. Company details14.7.2. Financial outlook14.7.3. Product summary14.7.4. Recent developments14.8. Pirelli Tyre S.p.A14.8.1. Company details14.8.2. Financial outlook14.8.3. Product summary14.8.4. Recent developments14.9. Sumitomo Rubber Industries14.9.1. Company details14.9.2. Financial outlook14.9.3. Product summary14.9.4. Recent developments14.10. Toyo tyre Corporation14.10.1. Company details14.10.2. Financial outlook14.10.3. Product summary14.10.4. Recent developments14.11. Maxxis International14.11.1. Company details14.11.2. Financial outlook14.11.3. Product summary14.11.4. Recent developments14.12. Others
13 Conclusion
14 List of Abbreviations
15 Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Mexico Automotive Tire Market is projected to reach USD 2770.21 million by 2033, growing at a CAGR of 8.75% during the forecast period.
Mexico Automotive Tire Market grew in Market size from 2024. The Market is expected to reach USD 2770.21 million by 2033, at a CAGR of 8.75% during the forecast period.
Mexico Automotive Tire Market CAGR of 8.75% during the forecast period.
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Mexico Automotive Tire Market size is USD 2770.21 million from 2024 to 2033.
Mexico Automotive Tire Market is covered By Vehicle Type, By Demand Type, By Price Category, By Tire Type, By Sales Channel
The North America is anticipated to have the highest Market share in the Mexico Automotive Tire Market.
The key players in the Market include Companies Covered 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.
The high cost of advanced diabetes drugs and the financial burden of treating diabetes remain major obstacles to market growth, despite the fact that numerous drugs have been approved for the condition and that governments and industry players are launching numerous initiatives.
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