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, The Mexico 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 (2024-2030): 8.31%
What are the major Driver the Mexico Tire industry?
Increase of Ride Hailing Fleets in Mexico – During the past few decades Mexico has witnessed substantial population growth in urban areas. The public transportation system in Mexico has been struggling to keep pace with population growth. Owing to this, residents of urban areas have significantly turned towards ride-hailing services, as they offer on-demand solutions for getting around. Moreover, Mexico's surging smartphone and internet penetration has made booking rides a more efficient process. As a result, more individuals are utilizing these ride-hailing applications to travel to intercity and intracity destinations. This increasing inclination towards taxi services is necessitating the top companies to expand their ride-hailing car fleets in the country, which is subsequently uplifting the demand for tires.
Moreover, the governing body of the nations has increased its focus on the tourism sector, owing to which investment in tourism infrastructure is gradually increasing. This would subsequently enhance the tourist inflows and would continue to generate significant demand for ride-hailing services. As the usage of these ride-hailing surges, the demand for tires would also subsequently increase during the forecast period.
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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 Mexico 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
Others reports:
Mexico Tire Industry 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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