Mexico OTR Tire Market to Grow at 8.13% CAGR in Value Terms by 2026
Continuously evolving manufacturing industry and continuous demand
for OTR vehicles to drive the Mexico OTR tire market through 2026.
According
to TechSci Research report “Mexico
OTR Tire Market, By Application Type (Agriculture, Construction,
Mining, Material Handling, Ports, Forestry), By Demand Category (Replacement,
OEM), By Rim Size (Upto 25’’, Above 25”) ,By Tire Construction (Radial,
Bias), By Company and By Region,
Forecast & Opportunities, 2026”, Mexico OTR Tire Market
is estimated to reach around USD1.60 billion by 2026.
Growth in the Mexico OTR Tire Market is driven by increasing number of construction
activities in the country. Along with construction activities, mining sector is
also one of the major driving sectors for expanding OTR tire market in the
country. The increase in income and improving living standards of the people as
well as growing tourism across the country is booming the demand for construction
activities in the country. According to the Oxford Business Group a total of
around 41.4 million tourists visited the country in year 2018. These significant
numbers of tourists reflect a total of 5.5% increase from the number of people
visited the country in year 2017. The country is also witnessing the increasing
demand for business travel, ecotourism, and cultural heritage visits potential
of the tourism industry. The growing tourism industry in the country needs
increasing number of hotels for the tourists to stay, alongside better road
infrastructure and connectivity is also required for safe and comfortable
travel. According to the Executive Summary report of Tourism Policy Review of
Mexico, tourism industry of the country is a heavy contributor to the GDP,
accounting 8.7% of the nation’s GDP. Since, tourism is contributing heavily to
the economic growth of the country, construction industry has grown at an
increasing pace over the past years and is anticipated to continuously grow in
the forecast years as well. Heavy equipment machineries like Excavators, Backhoe
loaders, Bulldozers, Wheel Tractor and Scrapers are increasingly used for
construction purposes, and sales of these construction machineries have
witnessed an increasing growth over the past few years. Since, the construction
machineries perform off-road duty work, these machineries are equipped with OTR
tires. The increasing use of construction machineries in the country is driving
the Mexico OTR tire market.
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Mexico OTR tire market can be segmented based on Application
Type, Demand Category, Rim Size, Tire Construction, Company and Region. In
terms of OTR tire application type, agriculture and construction application
category is collectively holding around 50% market share in Mexico OTR tire
market. Growing agriculture and construction activities are inducing the sales
of OTR tires in Mexico.
In terms of demand category, OTR tires in Mexico are distinguished based
on Replacement and Original Equipment Manufacture category. In terms of demand,
Replacement category of the segment is generating the most demand, but its
counterpart Original Equipment Manufacture category of the segment has gained
more popularity over the last few years. The market share of Original Equipment
Manufacture category is anticipated to grow at a faster rate in the forecast
years.
In terms of Rim Size, Mexico OTR Tire market is distinguished based on the
size of the rim up to 25” and above 25”. Since, smaller OTR machineries are
sold more than the larger ones, OTR tires with rim size up to 25” are leading
the market by fair margin. For the forecast years, sales of OTR tire with rim
size up to 25” are expected to increase even further at an increasing rate.
Based on tire construction, Mexico OTR market is distinguished between Bias
Tires and Radial Tires. The market share of Bias category is significantly
higher than that of Radial category of the segment in Mexico. However, Radial
OTR tire penetration in the market is gaining momentum across the country, due
to features such as better control, high durability and better fuel efficiency
as well as enhanced load carrying capacity. Owing
to this, the demand for radial OTR tires is expected to evolve over the next
five years.
Addition to that, by region Mexico OTR Tire Market is segmented Ciudad de
México, Nuevo León, Jalisco, Tamaulipas, Rest of Mexico. Majority of OTR
tire demands come from Ciudad de México, hence organizing the region as
leader of the mainstream market. OTR tire sales are briskly growing in Nuevo León region,
witnessing an increasing growth rates in the past few years, the same is
expected in the forecasting period.
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Some of the major players operating in Mexico OTR tire market are Pirelli Neumáticos de
México, S.A. de C.V., Michelin Industrias, S.A. de C.V., Goodyear Commercial
Services, S. de RL de CV, Bridgestone de México, S.A. de C.V., Continental Tire
de México S.A. de C.V., Hankook Tire de Mexico, S.A de C.V., Cooper Tire &
Rubber Co. de Mexico SA de CV, Yokohama Tire Mexico (YTMX). Companies like Westlake
México (Hangzhou Zhongce Rubber Company) and NT MEXICO S. DE R.L. DE C.V
(México) (Toyo Tires) are also increasing their marketing
activities and enriching their product portfolio in the country to increase
their customer outreach.
“In 2020, Ciudad de México accounted
for the largest share i.e., 20.05% in Mexico OTR Tire market. The
region is expected to maintain its dominance over the next five years as well,
but Nuevo León is giving neck to
neck competition. Increasing Agriculture and Construction activities are
boosting the demand for OTR Tires in the country.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based Indian management
consulting firm.
“Mexico
OTR Tire Market, By Application Type (Agriculture, Construction, Mining,
Material Handling, Ports, Forestry), By Demand Category (Replacement, OEM), By
Rim Size (Upto 25’’, Above 25”), By Tire Construction (Radial, Bias), By Company and By Region, Forecast &
Opportunities, 2026”, has evaluated the future growth potential of in Mexico OTR Tire market and provides statistics &
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 decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Mexico OTR tire market.
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