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.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|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.
Heavy Trucks to Observe the Fastest Growth in Mexico Trucks & Buses Radial (TBR) Tire Market
Based on the Type of Truck, the Mexico Trucks & Buses Radial (TBR) Tire Market segments into Medium Commercial Trucks, Heavy Trucks, and Ultra Heavy Trucks. Of all, Heavy Trucks are more likely to attain the fastest market growth in the forecast period.
The prime factor backing the rapid growth of Heavy Trucks is the increasing sales of tires specially designed to carry heavy loads & transport goods from one place to another. These tires are ideal for trucks that are more than 21 feet & weigh more than 10,000 lbs.
Furthermore, the various features of radial tires like adaptive sidewalls, low heating at high speed, higher impediment against tread wear, and low fuel consumption shall also surge their demand across heavy trucks. Hence, the above-cited factors indicate that the segment shall observe the fastest growth in the forecast period.
OEM to Attain Fastest Market Growth
Based on the Demand type, the Mexico Truck & Bus Radial (TBR) Tire Market segments into OEM & Aftermarket. Of both, the OEM segment is more likely to display the fastest growth rate in the forecast period. It primarily attributes to the increasing demand for radial tires from the logistics industry and the expanding construction sector, especially in developing economies. It directly impacts the tire sector and allows consumers to afford radial tires & equipment from OEMs. Furthermore, initiatives like the IMMEX program (formally Maquiladora program) & the Free Trade Agreement, coupled with tax, tariffs, & other incentives, would attract numerous foreign manufacturers toward setting up OEMs in Mexico, which shall fuel the overall market growth during 2016-26.
The prominent factors that are likely to drive the Mexico Trucks & Buses Radial (TBR) Tire Market include the increasing dependency on the internet, thereby gaining momentum through digital retailing and product launches through online portals apart from the third-party stores.
Besides, the introduction of intelligent & integrated tires with sensors shall also gain substantial popularity in the forecast period, thereby augmenting the market growth. Furthermore, the rapidly growing awareness about tire health and the need for its timely maintenance, particularly among fleet owners, to avoid vehicle breakdown shall further boost the market significantly in the forecast period.
The increasing reliance on raw materials like rubber & crude, coupled with a greater possibility of commodity price hikes and scarcity in supply, are the most significant factors that could hinder the market growth.
Moreover, the volatility of raw material prices shall create massive challenges for small manufacturers to face loss of finances, which would result in higher product costs and loss of the competitive edge in the market.
According to MarkNtel Advisors, the leading players in the Mexico Trucks & Buses Radial (TBR) Tire Market are Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, JK Tires, Cooper Tires, Sumitomo, Hankook.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Mexico Trucks & Buses Radial (TBR) Tire Market is likely to grow at a CAGR of around 2.50% in the forecast period of 2021-26.
A. Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, JK Tires, Cooper Tires, Sumitomo, Hankook are a few leading players in the Mexico Trucks & Buses Radial (TBR) Tire Market.
A. Budget Tires are the most likely to attain the highest CAGR and maintain their significant market share during the forecast period.
A. The rapidly growing awareness about tire health & its timely maintenance, especially among fleet owners, to avoid vehicle breakdown is projected to drive the market significantly in the forecast period and create lucrative growth opportunities for the market players.
A. The rising demand for industrial goods shall enable the transportation & logistics sector to get back on track, which, in turn, would provide lucrative growth opportunities for the Mexico TBR Tire market in the forecast period.