A rubberised ring that provides traction, absorbs shocks, and supports the weight of the car is called an automobile tire. Natural rubber tires protect the wheel rim from outside harm while providing greater cushioning flexibility. Tires are made comprised of tread, jointless cap piles, beads, and other materials including fabric, carbon black, and synthetic rubber.
According to SPER Market Research, ‘Mexico Automotive Tire Market Size – By Vehicle Type, By Demand Type, By Price Category, By Tire Type, By Sales Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Mexico Automotive Tire Market is estimated to reach USD 2770.21 million by 2033 with a CAGR of 8.75%.
Drivers:
Growth of Mexico’s Ride-Hailing Fleets: Mexico’s cities have experienced tremendous population growth in recent decades. Mexican public transport infrastructure has struggled to keep up with the country’s rising population. People in metropolitan areas have gravitated towards ride-hailing services because they give on-demand transportation options. Furthermore, as Mexico’s smartphone and internet penetration grows, ride booking has become more efficient. As a result, more people use ride-hailing applications for both intracity and interstate transportation. Because of the increased demand for taxi services, major companies are being obliged to increase the number of ride-hailing vehicles they have around the country, which is driving up tyre demand.
Restraints:
The high price of tires in Mexico is a key impediment to market expansion. This is due to numerous multinational corporations holding a market monopoly on tires, resulting in limited supply. Most tires in Mexico are imported from other nations. Tyre import tariffs from Asian countries like China and Japan are often more than 50%. Furthermore, poor distribution systems and excessive shipping costs have an impact on tyre pricing. Because of these drawbacks, a huge number of end users resort to used tires, suffocating the growth of the Mexican tire industry.
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The exceptional COVID-19 outbreak has significantly halted Mexico’s economic progress. Low testing rates, particularly in the early phases of the epidemic, are likely to have contributed to the nation’s high incidence of infection. The country’s COVID-19 cases increased dramatically in 2020 as a result of the government’s delay and refusal to impose a lockdown, resulting in an 8.5% GDP decline. Falling disposable incomes also had an impact on the country’s automotive demand, impeding the growth of the tyre sector.
The Central Region of Mexico, particularly Mexico City, dominates the Mexican Automotive Tyre Market. This area is home to a sizable section of Mexico’s automotive manufacturing industry, a large number of automobiles, and a high need for both original equipment manufacturer (OEM) and replacement tires. Major market participants include Bridgestone Corporation, Goodyear tyre and Rubber Company, Michelin, Continental Ag, Hankook Tire and Technology, and others.
Mexico Automotive Tire Market Segmentation:
- By Vehicle Type
- By Demand Type
- By Price Category
- By Tire Type
- By Sales Channel
For More Information, refer to below link: –
Mexico Automotive Tire Market Forecast
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