Tire Market in Mexico to Grow at 10% CAGR till 2021
Booming
automotive production, rising vehicle sales, and growth in infrastructure
sector to drive tire market in Mexico until 2021
According to TechSci Research
report, “Mexico Tire Market Forecast and
Opportunities, 2021’’, tire market in Mexico is forecast to grow at a CAGR
of more than 10% during 2016-2021. Easy availability of cheap labor, strong
domestic automobile demand and favorable tax policies are fueling Mexico’s automotive
industry, consequently boosting demand for tires in the country. This growth in
the country’s tire market can be
attributed to the planned capacity expansions of major automobile OEMs coupled
with rapidly expanding automobile fleet in the country. Moreover, an overall investment
of USD596 billion under the National Infrastructure Program by the Federal
government, is another factor driving growth in the country’s automobile
as well as tire market. Mexico houses some of the major global automobile manufacturers such as Toyota, Ford, Chrysler, Fiat, General Motors, Mercedes
Benz, Kenworth, Freightliner, International, MAN, Volkswagen, Scania, etc., that
are involved in producing passenger cars, light trucks as
well as heavy trucks and buses.
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Automobile sales in Mexico exhibited a CAGR of around 9.6% during
2011-2015, with automobile unit sales increasing from 0.94 million units in
2011 to 1.35 million units in 2015, resulting in expansion of the country’s automotive
fleet from 33.28 million units in 2011 to 37.10 million units in 2015. Expanding
vehicle fleet size subsequently boosted demand for tires from the replacement segment
as well during 2011-2015. A similar trend is expected to be witnessed during
the forecast period as well, both in the OEM as well as replacement segments,
consequent to which, Mexico tire market is poised to witness considerable
growth during 2016-2021. As of 2015, Mexico tire market was dominated by
passenger car tire segment, in volume terms, followed by light commercial
vehicle tire segment. On account of increase in production and sales of
passenger cars, the passenger car tire segment is expected to remain the largest
contributor in the country’s tire market over the next five years.
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“With National
Infrastructure Program 2014-2018 in place, Mexico is undergoing a major
infrastructure transformation, which is leading to developmental activities
being undertaken in energy, communication, transport, water, health and housing
sectors across the country. Also, major global OEMs are increasingly investing
in the country for capacity expansions or for setting up new automobile
production facilities. On account of this, the country’s tire market is
expected to witness a healthy growth in medium to long term.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Mexico
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth
potential of Mexico tire market and provides statistics and information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in Mexico tire
market.
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