Radial Tires for Trucks & Buses are designed with adaptive sidewalls, have lower heating rates at high speed, and have greater impediments against tread wear. These tires can carry a massive load and are fuel-efficient, thereby an ideal choice for trucks & buses.
The “Mexico Trucks & Buses Radial (TBR) Tire Market” is projected to grow at a CAGR of around 2.50% during the forecast period 2021-26, says MarkNtel Advisors. The prime factors supporting the rapid growth include the increasing sales of trucks & buses due to improving connectivity and the awareness about tire health & timely maintenance. Hence, it is surging the need for aftermarkets to provide radial tires & services across the country, thereby benefiting the market growth.
Besides, the growing trend of tire monitoring systems is increasing significantly, leading consumers toward the high adoption of these monitoring systems. Moreover, the government’s focus on improving the transportation infrastructure shall further drive the market growth in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR(2021-26) | 2.50% |
| Key Companies Profiled | Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, JK Tires, Sumitomo, Hankook, Others |
| Unit Denominations | USD Million/Billion |
Covid-19 Severely Impacted Mexico Trucks & Buses Radial (TBR) Tire Market
The outbreak of the Covid-19 pandemic had a decelerating impact on the Mexico Trucks & Buses Radial (TBR) Tire Market, introducing numerous challenges. Of all, the transportation and logistics industry was the most hit, which directly impacted the tire market in Mexico. Additionally, the nationwide lockdown & movement restrictions resulted in a shortage of labor & primary raw materials like rubber & crude.
Besides, the market also observed a massive decline in demand, leading the manufacturing units to reduce the production volume. This gap in the demand-supply equation prominently reduced the product output in the country.
However, the gradual upliftment of restrictions shall enable the market to revive and regain its usual pace & recover from the loss in the forecast period. Moreover, it also hints toward lucrative growth opportunities for the market players in the coming years.
