London, 04 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the passenger car tire market in Mexico 2015-2019, which is estimated to grow at a CAGR of 5.92% during 2014-2019.
The bulk of the revenue of the tire market is dependent on the replacement tire segment. In the replacement tire segment, manufacturers experience fewer pricing pressures compared with the OEM tire segment. Demand from the replacement tire market is influenced by macro-economic indicators, such as economic growth, middle-class population, and the purchasing power of the consumer, which appear to be growing for the Mexican economy.
“An increasing trend has been observed in tire industry where tire manufacturers are using more environmentally friendly raw materials,” says Faisal Ghaus, Vice President of Technavio.
“Some manufacturers are also following the trend of using greener raw materials. For instance, Yokohama has started using oil derived from orange peel in one of its models of passenger car tires.”
Key Market Drivers
- Growing Economy and Improving Demand for Passenger Cars having Positive Impact on Tire Demand
- Need for Replacement of Old and Damaged Tires Having a Positive Impact on Domestic Tire Market
- Fall in Rubber Prices and its Impact on the Tire Industry
- Rising Investments in the Automotive Industry
- Low Crude Oil Prices Leading to Increased Miles Driven per Year, thereby having a Positive Impact on Tire Demand
Key Market Trends
- Self-sealing Tires
- Development of Alternative Sources of Natural Rubber
- Bio-oils used in Tire Manufacturing
Key Market Vendors
- Alliance Tire Group
- Bridgestone Americas Tire Operations LLC
- Continental Tire the Americas LLC
- Cooper Tire & Rubber Co.
- Federal Corp.
- Giti Tire USA Ltd.
- Goodyear Tire and Rubber Co.
- Hankook Tyre Co. Ltd.
- Kumho Tyres USA Inc.
- Maxxis International GmbH
- Michelin North America Inc.
- Nexen Tire Corp.
- Nokian Tyre plc
- Pirelli & C.
- Sumitomo Rubber Industries Ltd.
- Toyo Tyre & Rubber Co. Ltd.
- Yokohama Rubber Co. Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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