Boston, MA -- (SBWIRE) -- 09/01/2015 -- Mexico was the fourth largest passenger car market in the Americas in 2014. In 2011, Mexico had 195 passenger cars per 1,000 people, indicating enormous potential for passenger car sales. The country's GNI per capita (PPP) increased by 37.11%, from $11,750 in 2005 to $16,110 in 2013. Furthermore, in 2014, the country had about 26.34 million passenger cars in use the same year. The commercial viability of the industry also translated into the well-being of associated markets such as the tire market.

The market comprises prominent tire manufacturers, such as Michelin, Bridgestone, Toyo Tire, Yokohama, Goodyear, and Continental Tires; and also established automobile manufacturers, such as Ford, General Motors, Honda, Mercedes-Benz, and Toyota. The tire market in Mexico has witnessed growth over the past decade.

Get More Details on this Report and a Full Table of Contents at Passenger Car Tire Market in Mexico 2015-2019

Technavio's analysts forecast the passenger car tire market in Mexico to grow at a CAGR of 5.92% over the period 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "Natural rubber is one of the most important raw materials for the tire industry, and around 14% of the total weight of a tire consists of natural rubber. In recent years, there have been instances when the price of natural rubber has increased considerably. The major natural rubber producing countries are in South and Southeast Asia. Rubber plantations in these regions are prone to seasonal damage and extreme weather conditions. In such situations, the supply becomes unpredictable, leading to price volatility. This has led to the development of alternative sources of natural rubber. Another source of natural rubber is guayule; it grows in arid climates of the US. Southwest Arizona suits the crop particularly well."

According to the report, the global financial recession of 2007-2008 had a negative impact on the economy of Mexico, a major exporter of automobiles. It halted the growth of Mexico's economy, and GDP growth reached its lowest level. The country has since emerged out of recession with a real GDP growth rate in 2010. This has had a positive impact on the automotive industry in the country, which witnessed growth in 2010, 2011, 2012, and 2014. The GDP growth for Mexico is projected to continue at a steady pace over the next two years; this will have an impact on the automotive industry. Additionally, with 15.4% of the population aged under 15 years, and a mere 17.8% aged 65 years and above, it has a large existing and upcoming workforce and also has a large pool of young, new consumers.

Further, the report states that increase in retreading of tires is affecting the replacement tire market in this market.

The key players in the Passenger Car Tire Market in Mexico are Alliance Tire Group, Bridgestone Americas Tire Operations, Continental Tire the Americas, Cooper Tire & Rubber, Federal, Giti Tire, Goodyear Tire and Rubber, Hankook Tyre, Kumho Tyres USA, Maxxis International, Michelin North America, Nexen Tire, Nokian Tyre, Pirelli, Sumitomo Rubber Industries, Toyo Tyre & Rubber and Yokohama Rubber

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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