Mexico Truck & Bus Radial Tire Markets, 2016-2020 & 2021-2026

DUBLIN, September 29, 2021–(BUSINESS WIRE)–The “Mexico Truck & Bus Radial Tire Market Research Report 2021-2026” has been added to ResearchAndMarkets.com’s offering.

Mexico Trucks & Buses Radial (TBR) Tire Market is projected to grow at a CAGR of around 2.50% during the forecast period 2021-2026

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.

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

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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…