Delta, BC -- (SBWIRE) -- 05/26/2021 -- According to the MarkNtel Advisors' research report, "Mexico Off-the-Road Tire Market Analysis, 2021," the market is likely to grow at a CAGR of 2.88% during 2021-26 due to the surging demand for agriculture, construction, and mining machinery. Additionally, burgeoning mining activities and the substantial deployment of vehicles for these activities also augment the growth of OTR tires in the Mexican Market. Further, the earthmoving equipment segment comprises graders, excavators, bulldozers, and road rollers, primarily used in construction sites and mining. The demand for earthmoving equipment tires is likely to increase with the growing investments for new infrastructure projects and increased economic activities, thereby proliferating the growth of OTR tires in Mexico.

Key questions answered in the study
1. What are the current and future trends in the Mexico Off-the-Road Tire market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Mexico Off-the-Road Tire market?
5. What are the customer orientation, purchase behavior, and expectations from the Mexico Off-the-Road Tire market service providers across various regions?

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OEM Segment Exhibits Fastest Growth

Based on the Demand Type, the Mexico Off-the-Road Tire market bifurcates into OEMs and Aftermarket. Out of these, the OEM segment is likely to grow significantly in the Mexico Off-the-Road Tire market during the forecast period due to the increasing focus of the equipment manufacturing companies toward establishing new manufacturing facilities in the country. Hence, the increased inclination of companies, such as AGCO, Kubota, etc., toward expanding their presence in the country by setting up assembly units will significantly impact the demand for OTR tires from OEMs in the coming years.

"Mexico Off-the-Road Tire Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Mexico Off-the-Road Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.

Budget Segment Attained the Largest Market Share

Based on the Price Category, the market classifies into Premium, Economy, and Budget segment. In the previous few years, the Budget segment, priced below USD 400 per tire, has shown significant growth, followed by the Economy segment, priced between USD 400 – USD 1500. This growth attributes to the rising import of Chinese tires, which are cheaper than others. However, the country's economy observed a downtrend in 2020 due to lockdown impositions to control the Covid-19 spread. It would further accelerate the sales of budget category tires in 2021-2022 due to the disturbed incomes of people.

Moreover, the rising per capita income of the Mexicans is further likely to show some growth in economically grouped tires in the forecasted period. Therefore, the Budget Price segment shall considerably contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Mexico Off-the-Road Tire Market Analysis, 2021."

According to MarkNtel Advisors, the major leading players in the Mexico Off-the-Road Tire Market are Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, and Zhongce Rubber.

Market Segmentation:

1. By Type of Vehicle (Earth Moving Equipment [Excavator, Loaders, Grader, Bulldozer, Road Roller], Agricultural Equipment [Tractor, Combines, Others], Material Handling Equipment [Crane, Forklifts])
2. By End-User (Construction, Industrial, Mining, Agriculture, Ports)
3. By Type of Tire (Radial, Bias)
4. By Demand Type (OEMs, Aftermarket)
5. By Price Category (Premium, Economy, Budget)
6. By Rim Size (Up to 20", 20.1" to 26", 26.1" to 35", 35.1" to 47", Above 47")
7. By Country (Northeast, South, Southeast, Centre-West),
8. By Company (Goodyear, Pirelli, Continental, Yokohama, Michelin, Bridgestone, CST, Double Coin, Triangle Tires, Zhongce Rubber, etc.)

About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

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