Mexico Tire Market Forecast & Opportunities, 2021
Vehicle production in Mexico grew at a CAGR of around 6.7% during 2011-2015 and reached 3.48 million units in 2015. Growth in demand for tires is being witnessed on account of rising income levels, growing passenger as well as commercial vehicle sales, and expanding passenger car fleet size. Mexico houses six major tire companies, viz. Bridgestone Americas Inc., Continental AG, Cooper Tire & Rubber Co., JK Tire & Industries Ltd. and Pirelli, with nine tire manufacturing facilities being operated in the country. Moreover, with presence of almost all major passenger car and commercial vehicle OEMs such as Toyota, Ford, Chrysler, Fiat, General Motors, Nissan, Volkswagen, Mercedes Benz, Kenworth, Freightliner, International, MAN, Volkswagen, Scania, Dina, Isuzu, Volvo, etc., the country’s tire market is expected to continue growing in the coming years.
According to TechSci Research report “Mexico Tire Market Forecast & Opportunities, 2021”, Mexico tire market is projected to grow at a CAGR of 10.6%, during 2016-2021. Expansion in production capacities of the OEMs coupled with rapid infrastructure development and increasing urbanization are the key factors attributable to the anticipated growth in Mexico tire market over next five years. In 2015, the country’s tire market was dominated by passenger car tire segment, followed by light commercial vehicle tire segment and heavy commercial vehicle tire segment. On account of increase in production and sales of passenger cars, the passenger car tire segment is expected to continue its dominance in the country’s tire market during the forecast period. Bridgestone, Michelin, Tornel and Continental are the leading tire players operating in the country, and their cumulative market share in the country’s tire market stood at more than 50%, in volume terms, in 2015. “Mexico Tire Market Forecast and Opportunities, 2021” discusses the following aspects related to tire market in Mexico:
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