According to MarkNtel Advisors' research report, the Mexico Truck & Bus Radial (TBR) Tire Market is likely to grow at a CAGR of 2.50% in the forecast period of 2021-26. The prime factor supporting the market growth is the extensive road connectivity across the country, significantly stimulating the production of trucks & buses and directly propelling the tire market growth.
Besides, the varying sizes & shapes of the trucks & busses leading manufacturers to produce a wide range of tires, entwined with the availability of several manufacturing industries shall also boost the Mexico truck & Bus Radial (TBR) Market in the forecast period, further states the research report, "Mexico Truck & Bus Radial (TBR) Tire Market Analysis, 2021."
Trucks to Dominate with the Largest Share of the Mexico Truck & Bus Radial (TBR) Tire Market
Based on the Type of Vehicle, the Mexico Truck & Bus Radial (TBR) Tire Market segments into Trucks & Buses. Of both, Trucks are more likely to dominate the market with the largest share in the forecast period, mainly due to the skyrocketing production of Medium & Heavy Duty Trucks to transport goods in bulk across the country. Additionally, owing to their massive utilization, these trucks are in constant need of timely repairs & replacements, thereby likely to surge the demand for radial tires substantially.
Expansion of E-Commerce and Transportation & Logistics to Penetrate the Mexico TBR Tire Market
With an increasing number of trucks & busses on the road and a rising demand for medium-duty trucks for pickup & delivery, small utility bodies, service bodies, etc., applications, the transportation & logistics sector is witnessing consistent developments over the years. Besides, the surging inclination of consumers toward the virtual world is encouraging manufacturers to strengthen their e-commerce & logistical chains, thereby incorporating more trucks in the fleet and accelerating the demand for TBR tires in Mexico.
Key Market Competitors:
According to MarkNtel Advisors, the leading players in the Mexico Truck & Bus Radial (TBR) Tire Market are Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, JK Tires, Sumitomo, Hankook, Others.
Key Questions Answered in the Study