2016 – 2026 MEXICO OTR TIRE MARKET FORECAST AND OPPORTUNITIES
Published: May 2021 www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING Automotive
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Table of Contents S. No.
Contents
1.
Product Overview
2.
Research Methodology
3.
Impact of COVID-19 on Mexico OTR Tire Market
4.
Executive Summary
5.
Voice of Customer
6.
6.1.
Factors Influencing Purchase Decision
6.2.
Influencer of Purchase
6.3.
Aided and Unaided Brand Recall
Mexico OTR Tire Market Outlook 6.1.
Market Size & Forecast 6.1.1.
6.2.
Automotive
By Value & Volume
Market Share & Forecast 6.2.1.
By Application Type (Agriculture, Construction, Mining, Material Handling, Ports, Forestry and Others {Terrain Vehicles, Sports Vehicles, etc.})
6.2.2.
By Demand Category (OEM, Replacement)
6.2.3.
By Rim Size (Up to 25” and Above 25”)
6.2.4.
By Tire Construction (Radial, Bias)
6.2.5
By Region (Ciudad de México, Nuevo León, Jalisco, Tamaulipas, Rest of Mexico)
6.2.6.
By Company (2020)
6.3.
Pricing Analysis
6.4.
Market Map © TechSci Research
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Table of Contents S. No. 7.
Contents Mexico Agriculture Vehicles Tire Market Outlook 7.1.
Market Size & Forecast 7.1.1.
7.2.
8.
Market Share & Forecast 7.2.1.
By Demand Category
7.2.2.
By Rim Size
7.2.3.
Prominent Tire Size
Mexico Construction Vehicle Tire Market Outlook 8.1.
Market Size & Forecast 8.1.1.
8.2.
9.
By Value & Volume
Market Share & Forecast 8.2.1.
By Demand Category
8.2.2.
By Rim Size
8.2.3.
Prominent Tire Size
Mexico Mining Tire Market Outlook 9.1.
Market Size & Forecast 9.1.1.
9.2.
Automotive
By Value & Volume
By Value & Volume
Market Share & Forecast
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Table of Contents S. No.
10.
Contents 9.2.1.
By Demand Category
9.2.2.
By Rim Size
9.2.3.
Prominent Tire Size
Mexico Material Handling Tire Market Outlook 10.1. Market Size & Forecast
10.1.1.
By Value & Volume
10.2. Market Share & Forecast
11.
10.2.1.
By Demand Category
10.2.2.
By Rim Size
10.2.3.
Prominent Tire Size
10.2.4.
By Tire Type (Solid Pneumatic & Air-Filled Pneumatic)
Mexico Port Tire Market Outlook 11.1. Market Size & Forecast
11.1.1.
By Value & Volume
11.2. Market Share & Forecast
12. Automotive
11.2.1.
By Demand Category
11.2.2.
By Rim Size
11.2.3.
Prominent Tire Size
Mexico Forestry Vehicle Tire Market Outlook © TechSci Research
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Table of Contents S. No.
Contents 12.1. Market Size & Forecast 12.1.1.
By Value & Volume
12.2. Market Share & Forecast
13.
12.2.1.
By Demand Category
12.2.2.
By Rim Size
12.2.3.
Prominent Tire Size
Mexico Others (Terrain Vehicles, Sports Vehicles, Others) Tire Market Outlook
13.1. Market Size & Forecast 13.1.1. 14.
By Value & Volume
Market Dynamics 14.1. Drivers
14.2. Challenges 15.
Market Trends and Developments
16.
Policy and Regulatory Landscape
17.
Mexico Economic Profile
18.
Competitive Landscape
19.
Strategic Recommendations
20.
About Us & Disclaimer
Automotive
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Scope of Report Product of Interest (POI): OTR Tire
Global Tire supplier, Michelin defines Tire as “A precisely engineered assembly of rubber, chemicals, fabric, and metal, designed to provide traction, cushion road shock and carry a load under varying conditions.” Off-The-Road (OTR) tires are designed for vehicles used in off-roading activities like agriculture, mining, construction, material handling, etc.
Market Segmentation BY VEHICLE TYPE
BY TIRE CONSTRUCTION
•
Agriculture
•
Construction
•
Radial
•
Mining
•
Bias
• •
BY REGION
Year Range
•
Up to 25”
•
Puebla
•
Above 25”
•
Veracruz
•
Jalisco
Review Period
Ports
•
Mexico
2016 – 2019
Material
•
Rest of Mexico
Handling •
Forestry
•
Others •
Terrain Vehicles
•
Sports Vehicles
Automotive
BY RIM SIZE
BY DEMAND CATEGORY •
OEM
•
Replacement
Base Year
2020 Estimated Year
2021 Forecast Period
2022 – 2026
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RESEARCH METHODOLOGY
Research Methodology
Market Profiling In-depth secondary research was conducted to determine top players in Mexico OTR tire market , overall market size and segmental market size.
Formulating Questionnaire
In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.
Developing List of Respondents
Data Collection
Data Validation
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
TechSci conducted interviews with industry experts and industry players for data collection and verification.
List of industry players and industry specialists was developed.
Primary Research
Data Collection
Data Filter & Analysis
Research & Intelligence
Actionable Insights
Business Solution
LinkedIn TechSci Internal Database
Secondary Research ✓ ✓ ✓ ✓ ✓ ✓ ✓
Automotive
✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion
✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews
Primary Research ✓ ✓
Desk Research
Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.
Data Analysis The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about Mexico OTR tire market.
Company Analysis ✓ Market Participants ✓ Key Strengths
Paid Sources
✓ ✓
Factiva Hoovers
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Research Methodology Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of Mexico OTR tire market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as rising demand for off-the-road vehicles from various end users. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in Mexico OTR tire market.
Methodology Followed for Calculation of Market Size:
•
Market Size by Value and Volume: Market size, in terms of value and volume, for the year 2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as OTR tire companies, channel partners, end users, industry experts, and other industry participants.
•
The team interviewed more than 15-20 OTR tire companies, 100–120 end users, and 15–20 industry experts and other value chain stakeholders in Mexico OTR tire market to obtain the overall market size for 2016-2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out to arrive at the market size data for 2016-2020.
Automotive
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Research Methodology
•
Respondents were asked about the current and future market growth rates, market shares by application type, by demand category, by rim size, by tire construction, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and provider wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders depending upon the segments of Mexico OTR tire market.
Methodology Followed for Calculation of Market Shares: Market shares by application type, by demand category, by rim size, by tire construction, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of Mexico OTR tire market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting:
•
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.
•
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast Mexico OTR tire market, TechSci Research used various forecast techniques such as: ✓
Moving Average
✓
Time Series Analysis
✓
Regression Analysis
✓
Econometric and Judgmental Analysis
Automotive
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Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long- term period to estimate and analyze market demand scenario. It should be noted that the figures compiled are only for the organized market including market share data.
Partial List of Companies Interviewed
Key Secondary Sources
▪ Pirelli Neumáticos de México, S.A. de C.V.
▪ World Bank
▪ Michelin Industrias, S.A. de C.V.
▪ TechSci Research Proprietary Database & Knowledge
▪ Goodyear Commercial Services, S. de RL de CV
Repository
▪ Bridgestone de México, S.A. de C.V.
▪ Company Annual Reports
▪ Continental Tire de México S.A. de C.V.
▪ Industry Magazines
▪ Hankook Tire de Mexico, S.A de C.V.
▪ Industry Reports
▪ Cooper Tire & Rubber Co. de Mexico SA de CV
▪ News Dailies
▪ Yokohama Tire Mexico (YTMX)
▪ Credible Paid Databases
▪ Westlake México (Hangzhou Zhongce Rubber
Company ) ▪ NT MEXICO S. DE R.L. DE C.V (México) ( Toyo Tires)
Automotive
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Industry Brief
According to TechSci Research report “Mexico OTR Tire Market, By Application Type (Agriculture, Construction, Mining, Material Handling, Ports, Forestry), By Demand Category (Replacement, OEM), By Rim Size (Upto 25’’, Above 25”) ,By Tire Construction (Radial, Bias), By Company and By Region, Forecast & Opportunities, 2026”, Mexico OTR Tire Market is estimated to reach around USD1.60 billion by 2026. Growth in the Mexico OTR Tire Market is driven by increasing number of construction activities in the country. Along with construction activities, mining sector is also one of the major driving sectors for expanding OTR tire market in the country. The increase in income and improving living standards of the people as well as growing tourism across the country is booming the demand for construction activities in the country. According to the Oxford Business Group a total of around 41.4 million tourists visited the country in year 2018. These significant numbers of tourists reflect a total of 5.5% increase from the number of people visited the country in year 2017. The country is also witnessing the increasing demand for business travel, ecotourism, and cultural heritage visits potential of the tourism industry. The growing tourism industry in the country needs increasing number of hotels for the tourists to stay, alongside better road infrastructure and connectivity is also required for safe and comfortable travel. According to the Executive Summary report of Tourism Policy Review of Mexico, tourism industry of the country is a heavy contributor to the GDP, accounting 8.7% of the nation’s GDP. Since, tourism is contributing heavily to the economic growth of the country, construction industry has grown at an increasing pace over the past years and is anticipated to continuously grow in the forecast years as well. Heavy equipment machineries like Excavators, Backhoe loaders, Bulldozers, Wheel Tractor and Scrapers are increasingly used for construction purposes, and sales of these construction machineries have witnessed an increasing growth over the past few years. Since, the construction machineries perform off-road duty work, these machineries are equipped with OTR tires. The increasing use of construction machineries in the country is driving the Mexico OTR tire market. Mexico OTR tire market can be segmented based on Application Type, Demand Category, Rim Size, Tire Construction, Company and Region. In terms of OTR tire application type, agriculture and construction application category is collectively holding around 50% market share in Mexico OTR tire market. Growing agriculture and construction activities are inducing the sales of OTR tires in Mexico. In terms of demand category, OTR tires in Mexico are distinguished based on Replacement and Original Equipment Manufacture category. In terms of demand, Replacement category of the segment is generating the most demand, but its counterpart Original Equipment Manufacture category of the segment has gained more popularity over the last few years. The market share of Original Equipment Manufacture category is anticipated to grow at a faster rate in the forecast years. In terms of Rim Size, Mexico OTR Tire market is distinguished based on the size of the rim up to 25” and above 25”. Since, smaller OTR machineries are sold more than the larger ones, OTR tires with rim size up to 25” are leading the market by fair margin. For the forecast years, sales of OTR tire with rim size up to 25” are expected to increase even further at an increasing rate. Based on tire construction, Mexico OTR market is distinguished between Bias Tires and Radial Tires. The market share of Bias category is significantly higher than that of Radial category of the segment in Mexico. However, Radial OTR tire penetration in the market is gaining momentum across the country, due to features such as better control, high durability and better fuel efficiency as well as enhanced load carrying capacity. Owing to this, the demand for radial OTR tires is expected to evolve over the next five years. Addition to that, by region Mexico OTR Tire Market is segmented Ciudad de México, Nuevo León, Jalisco, Tamaulipas, Rest of Mexico. Majority of OTR tire demands come from Ciudad de México, hence organizing the region as leader of the mainstream market. OTR tire sales are briskly growing in Nuevo León region, witnessing an increasing growth rates in the past few years, the same is expected in the forecasting period.
Some of the major players operating in Mexico OTR tire market are Pirelli Neumáticos de México, S.A. de C.V., Michelin Industrias, S.A. de C.V., Goodyear Commercial Services, S. de RL de CV, Bridgestone de México, S.A. de C.V., Continental Tire de México S.A. de C.V., Hankook Tire de Mexico, S.A de C.V., Cooper Tire & Rubber Co. de Mexico SA de CV, Yokohama Tire Mexico (YTMX). Companies like Westlake México (Hangzhou Zhongce Rubber Company) and NT MEXICO S. DE R.L. DE C.V (México) (Toyo Tires) are also increasing their marketing activities and enriching their product portfolio in the country to increase their customer outreach. “In 2020, Ciudad de México accounted for the largest share i.e., 20.05% in Mexico OTR Tire market. The region is expected to maintain its dominance over the next five years as well, but Nuevo León is giving neck to neck competition. Increasing Agriculture and Construction activities are boosting the demand for OTR Tires in the country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based Indian management consulting firm.
Automotive
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Sample Data - Snapshot Mexico OTR Tire Market Size, By Value (USD Million), By Volume (Thousand Units), 2016-2026F CAGR 2021E-2026F By Value: xx% By Volume: xx%
CAGR 2016-2020 By Value: xx% By Volume: xx% 1,800.00 1,600.00 1,400.00 1,200.00 1,000.00 800.00 600.00 400.00 200.00 0.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
2016
2017
2018
2019
2020
2021E
Value (USD Million)
2022F
2023F
2024F
2025F
1,200.00 1,000.00 800.00 600.00 400.00 200.00 0.00
2026F
Volume (Thousand Units)
Mexico OTR Tire Market Share, By Application Type, By Volume, 2016-2026F
2016 Agriculture 15.00% Construction 15.00% Mining 15.00% Material Handling 15.00% Ports 15.00% Forestry 15.00% Others* 10.00%
2017 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2018 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2019 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2020 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2021E 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2022F 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2023F 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2024F 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2025F 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
2026F 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 10.00%
Mexico Forestry OTR Tire Market Share, By Demand Category, By Volume, 2016-2026F
2016 Replacement 40.00% OEM 60.00% Automotive
2017 40.00% 60.00%
2018 40.00% 60.00%
2019 40.00% 60.00%
2020 40.00% 60.00%
2021E 40.00% 60.00%
2022F 40.00% 60.00%
2023F 40.00% 60.00%
2024F 40.00% 60.00%
2025F 40.00% 60.00%
2026F 40.00% 60.00%
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Report Name: MEXICO OTR TIRE MARKET
FORECAST AND OPPORTUNITIES 2016 – 2026 License Type
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About Us & Disclaimer
TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.
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•
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