The Mexico Tire Market size is estimated to grow at a CAGR of around 8.31% during the forecast period, i.e., 2024-30.                        Â
Key Findings of the Study: Mexico Tire Market
Mexico Tire Market Driver: 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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Scope of the Report and Mexico Tire Market Segmentation
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
-Replacement
- the Replacement tires have high demand due to the regular need for tire changes due to wear and tear from prolonged usage.
By Price Category
-Budget
-Economy
-Premium
By Tire Type
-Radial
-Bias
By Sales Channel
-Direct Sales
-Multi Brand Stores
-Exclusive Outlets
-Online
By Tire Size
-Tire Size 1
-Tire Size 2
-Tire Size 3
-Tire Size 4
-Tire Size 5
Top leading companies in the Mexico Tire Market includes:
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
Mexico Tire Market 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.
For more detailed information about the Mexico Tire market report, click here – https://www.marknteladvisors.com/research-library/mexico-tire-market.html                                       Â
Geographical analysis:
North
South
East
West
Central
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