Off-the-road (OTR) tires are large tires used in tractors, forklifts, cranes, bulldozers, and golf carts. They are designed especially for offering more traction on unpaved surfaces like mud, sand, gravel, or loose dirt and are equipped with flexible suspension & deep treads, thereby supporting the vehicle's movement in high terrains.
According to the MarkNtel Advisors' research report, "Mexico Off-the-Road Tire (OTR) Market Analysis, 2021," the market is likely to grow at a CAGR of around 2.88% during 2021-26. The Mexican OTR tire market is an import-dependent industry with an absence of OTR tire production units. The upsurge of the Mexico OTR tire market attributes to the expanding fleet size and increasing sales of Off-highways vehicles. Further, the significantly rising demand for agriculture, construction, & mining machinery is ready to boost the OTR tires market during the forecast period, i.e., 2021-2026. The growing mining activities and the significant deployment of vehicles like earthmoving equipment are further likely to escalate the market growth rate.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, Zhongce Rubber, etc.|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The COVID-19 pandemic has severely impacted the Mexican economy in the previous few years. The lockdown started in late March 2020, has curbed the economic and restriction-free import & export activities. The fear for the virus spread has made many countries inaccessible to Mexican ports. Moreover, the cessation of economic activities in the second & third quarters of 2020 also reduced the replacement demand for OTR tires due to the decreased requirement for earthmoving equipment in Mexico.
Earthmoving Equipment Accounted for the Largest Market Share
Based on the Type of Equipment, the Mexico OTR tire market segments into three main categories, Earthmoving Equipment, Material Handling Equipment, and Agriculture Equipment Tires. Among these, Earthmoving Equipment Tires captured the largest share in the Mexico Off-the-Road (OTR) Tire market due to the surging mining activities across the country. Further, the rising government initiatives have boosted construction & manufacturing activities, which has positively impacted the demand for warehouses. It shall further propel the sales of earthmoving & material handling equipment tires and fuel the overall market growth in the coming years, states MarkNtel Advisors in their research report, "Mexico Off-the-Road Tire (OTR) Market Analysis, 2021."
Construction Segment Attained the Highest Market Share
Based on the End-User, the market segments are Construction, Industrial, Mining, Agriculture, and Ports. Among these segments, the Construction sector held the largest share in the Mexico Off-the-Road (OTR) Tire Market. However, the same has seen significant uncertainties in the previous few years, especially during 2016-2018, due to some political disturbances. But, with the new government taking the helm, some major construction projects, which got stalled, have recently restarted at a rapid pace. Hence, the surge in construction projects is likely to boost the requirement for earthmoving equipment, thereby surging the demand for OTR tires used in the construction sector.
Growing Construction & Mining Sector
The construction sector in Mexico has witnessed steady growth in the past few years. The surging industrial, manufacturing, and construction projects in the country are also a few factors contributing to the Mexico Off-the-Road (OTR) tire market growth. In the coming years, some notable mining projects to induce demand for industrial equipment and OTR tires in Mexico include Juanicipio for silver & gold in Zacatecas state, Sonora project for lithium, Buenavista Zinc project for Zinc mining, etc.
According to MarkNtel Advisors, the major leading players in the Mexico Off-the-Road Tire (OTR) market are Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, and Zhongce Rubber.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
A. The Mexico Off-the-Road Tire (OTR) Market is forecast to grow at a CAGR of 2.88% during 2021-26.
A. Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, Zhongce Rubber are a few leading players in Mexico Off-the-Road Tire (OTR) Market. Earthmoving Equipment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Expanding fleet size, increasing sales of Off-highways vehicles, and rising demand for agriculture, construction, & mining machinery are the primary factors driving the market growth.
A. The outbreak of the COVID-19 pandemic has negatively affected the Mexico Off-the-Road Tire (OTR) Market owing to the cessation of economic activities and restriction on import & export activities.