According to the MarkNtel Advisors' research report, "Mexico Off-the-Road Tire Market Analysis, 2021," the market is likely to grow at a CAGR of 2.88% during 2021-26. The construction sector in Mexico has seen a slow though, steady uprise in the previous few years. The projects for mining and residential & commercial construction in the country are crucial factors driving the Off-the-Road (OTR) tires segment growth in the Mexican market.
With the growing investments in Mexico by tire manufacturing companies to reap economic benefits provided by the Mexican government, the demand for OTR tires would further propel the growth for the OTR tire segment in 2021-2026. However, the COVID-19 impact in 2020 has globally affected the demand for the construction sector as all construction activities came to a halt due to economic lockdowns and travel restrictions. The decreased demand for construction equipment in the market further lowered the need for the OTR tire segment.
Key questions answered in the study
Aftermarket Segment Dominated the Market
Based on the Demand Type, the Mexico Off-the-Road Tire market bifurcates into OEMs and Aftermarket. Of these, the Aftermarket segment held the largest share in the market in the previous few years. The aftermarket demand for the material handling equipment tires has benefited majorly from the existing material handling equipment deployed in construction & stock houses for easy product handling. Hence, the aftermarket captured the highest number of shares in the Mexican material handling tires market, thereby contributing to the growth of the Mexico Off-the-Road Tire market.
"Mexico Off-the-Road Tire Market Analysis, 2021" provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Mexico Off-the-Road Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Radial Tire Attained the Largest Market Share
Based on the Type of Tire, the market classifies into Radial and Bias. Out of these, the Radial Tire segment acquired the largest share in the Mexico Off-the-Road Tire market. These tires are preferred highly by vehicles due to their extra durability. Moreover, these tires are expensive than bias tires, but due to a longer life cycle and excellent durability, the costs become negligible. Radial tires are preferred more in heavier equipment, such as excavators, graders, and others.
Besides, rising construction activities in the region are further likely to boost the requirement for earthmoving equipment, thereby boosting the demand for radial OTR tires. Hence, the Radial Tire segment is very likely to contribute to the overall market growth in the forecast period, states MarkNtel Advisors in their research report, "Mexico Off-the-Road Tire Market Analysis, 2021."
According to MarkNtel Advisors, the major leading players in the Mexico Off-the-Road Tire Market are Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, and Zhongce Rubber.