NEW YORK, May 4, 2016 /PRNewswire/ --
Booming Automotive Production, Rising Vehicle Sales, and Growth in Infrastructure Sector to Drive Tire Market in Mexico Until 2021
According to TechSci Research report, "Mexico Tire Market Forecast and Opportunities, 2021", tire market in Mexico is forecast to grow at a CAGR of more than 10% during 2016-2021. Easy availability of cheap labor, strong domestic automobile demand and favorable tax policies are fueling Mexico's automotive industry, consequently boosting demand for tires in the country. This growth in the country's tire market can be attributed to the planned capacity expansions of major automobile OEMs coupled with rapidly expanding automobile fleet in the country. Moreover, an overall investment of USD596 billion under the National Infrastructure Program by the Federal government, is another factor driving growth in the country's automobile as well as tire market. Mexico houses some of the major global automobile manufacturers such as Toyota, Ford, Chrysler, Fiat, General Motors, Mercedes Benz, Kenworth, Freightliner, International, MAN, Volkswagen, Scania, etc., that are involved in producing passenger cars, light trucks as well as heavy trucks and buses.
Browse 15 market data Tables and 30 Figures spread through 118 Pages and an in-depth TOC on
"Mexico Tire Market "
Automobile sales in Mexico exhibited a CAGR of around 9.6% during 2011-2015, with automobile unit sales increasing from 0.94 million units in 2011 to 1.35 million units in 2015, resulting in expansion of the country's automotive fleet from 33.28 million units in 2011 to 37.10 million units in 2015. Expanding vehicle fleet size subsequently boosted demand for tires from the replacement segment as well during 2011-2015. A similar trend is expected to be witnessed during the forecast period as well, both in the OEM as well as replacement segments, consequent to which, Mexico tire market is poised to witness considerable growth during 2016-2021. As of 2015, Mexico tire market was dominated by passenger car tire segment, in volume terms, followed by light commercial vehicle tire segment. On account of increase in production and sales of passenger cars, the passenger car tire segment is expected to remain the largest contributor in the country's tire market over the next five years.
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"With National Infrastructure Program 2014-2018 in place, Mexico is undergoing a major infrastructure transformation, which is leading to developmental activities being undertaken in energy, communication, transport, water, health and housing sectors across the country. Also, major global OEMs are increasingly investing in the country for capacity expansions or for setting up new automobile production facilities. On account of this, the country's tire market is expected to witness a healthy growth in medium to long term.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Mexico Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of Mexico tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Mexico tire market.
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