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.
Browse 40 market data Figures and 7 market data Tables spread through 89 Pages and an in-depth TOC on “Mexico OTR Tire Market.”
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Mexico OTR tiremarket 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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