DUBLIN, August 04, 2021--(BUSINESS WIRE)--The "Mexico OTR Tire Market, By Application Type (Agriculture, Construction, Mining, Material Handling, Ports, Forestry), By Demand Category (Replacement, OEM), By Rim Size ,By Tire Construction, By Company and By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Mexico OTR Tire Market was valued USD 989.06 Million in 2020 and is expected to grow at a CAGR of over 8.13%, in value terms, over the next five years to reach USD 1605.17 Million until 2026, on the back of increasing agricultural activities in the country
Factors like growing economy of Mexico is also anticipated to contribute to the expanding market of OTR tires in Mexico. According to the World Bank collection of development indicators, off the total land available to the country, Mexico reported 54.99% as the Agricultural land. The country has varied topographies and appropriate weather conditions offering farmers the opportunity to cultivate more than 200 types of crops in the country.
According to the statistics of World Bank, Mexico is a major player in Latin American food production and the eighth-largest agricultural crop producer in the world. Other than the appropriate weather conditions, Mexican government provide adequate relevant support to their farmers to grow the agricultural economy.
Owing to the suitable weather conditions for farming and as well as the government support to the farmers in the country, the Agriculture sector of the country have witnessed continuous growth over the years. Due to the country's variety of crops and the massive agricultural land within the borders, the agricultural sector is essential to the country's trade accounting for almost 4% of its US$ 1.1trillion GDP.
Moreover, the agriculture sector of the country employs more than 13% of the country's 55 million strong workforce. Owing to the suitable weather conditions for farming and as well as the government support to the farmers in the country, the Agriculture sector of Mexico have witnessed continuous growth over the years.
To make the Agriculture sector more efficient, the country is increasingly modifying their ways to introduce effective manners and machineries to reduce the labour hours in the sector. To do so, various types of advanced OTR vehicles are increasingly become popular among the farmers of the country.
OTR vehicles such as 4WD and track tractors, scrapers, corn heads, drawn planters, disk harrows, vertical tillage and balers are being well accepted in the country, with their annual sales witnessing continuous rise over the past years. Since, advanced OTR vehicles used for agricultural purposes are equipped with OTR tires, so on the back of growing agricultural economy of the country OTR Tire Market in Mexico have witnessed growth over the past years and the same is expected in the forecast years as well.
The COVID-19 pandemic has adversely impacted the Mexico OTR Tire Market, due to the pandemic production statistics of OTR vehicles in Mexico in 2020 have shown a steep decline as a result sale of which OTR tires sales have also dropped down in the same year. From 2021, the market is showing the positive signs and is estimated to recover in around 2 years.
Objective of the Study:
To analyse historical growth in market size of the Mexico OTR Tire Market from 2016 to 2020.
To estimate and forecast the market size of the Mexico OTR Tire Market in terms of value as well as volume from 2021 to 2026 and growth rate until 2026.
To assess the demand-supply scenario of the Mexico OTR Tire Market which covers their production, demand, supply, and net inventory status globally.
To classify and forecast the Mexico OTR Tire Market based on Application Type, Demand Category, Rim Size, Tire Construction, Company and regional distribution.
To identify drivers and challenges for the Mexico OTR Tire Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Mexico OTR Tire Market.
To conduct the pricing analysis for the Mexico OTR Tire Market.
To identify and analyze the profile of leading players involved in the manufacturing of the Mexico OTR Tire Market.
Some of the major players operating in the Mexico OTR Tire Market are
Bridgestone de Mexico, SA de CV
Industrias Michelin, S.A de C.V.
Hankook Tire de Mexico, S.A de C.V.
Goodyear Servicios Comerciales, S. de R.L. de C.V.
PIRELLI NEUMATICOS DE MEXICO, SA DE CV
Continental Tire de Mexico S.A. de C.V.
Yokohama Tire Mexico (YTMX)
NT MEXICO S. DE R.L. DE C.V (Mexico)(Toyo Tires)
Cooper Tire de Mexico
Westlake Mexico (Hangzhou Zhongce Rubber Company)
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Mexico OTR Tire Market, by Application Type:
Mexico OTR Tire Market, by Demand Category:
Mexico OTR Tire Market, by Rim Size:
Up to 25"
Mexico OTR Tire Market, by Tire Construction:
Mexico OTR Tire Market, by Region:
Ciudad de Mexico
For more information about this report visit https://www.researchandmarkets.com/r/nd3qfq
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005462/en/
Laura Wood, Senior Press Manager
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