DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/4w4qnl/mexico_tyre) has announced the addition of the "Mexico Tyre Market Forecast & Opportunities, 2018" report to their offering.
The combination of Mexico's relatively cheap skilled labor, proximity to the United States, membership of NAFTA and 12 free trade agreements with world's growing economies such as EU, Japan, Canada, and the United States, etc., have made the country an ideal production centre for automobiles and its components. However, the automobile population in Mexico is considerably very low, with only 275 cars per 1,000 people as of 2012, which indicates enormous market potential for the automobile sales and is further anticipated to contribute to the demand for tyres subsequently in the country. The global automobile companies like Nissan, GM, Toyota, Volkswagen, etc., have already established their production plants in the country and are also planning to expand their existing capacities to cater to the growing demand of domestic and global market. Moreover, likes of BMW, Audi, and Hyundai, etc., have also declared their plans to set up facilities in Mexico.
According to Mexico Tyre Market Forecast & Opportunities, 2018, with the growing automobile production in the country coupled with the continuous increase in demand from the replacement tyre market, Mexico's tyre market revenues have grown at the CAGR of around 19% during 2009-12. The large scale investments by the world's major automotive manufacturers are consequently driving the demand for tyres particularly in the OEM segment, while continuous increase in the sales of passenger cars along with the fact that Mexico has one of the world's largest fleets for buses and trucks is driving the demand for tyres in the replacement market. Continental, Bridgestone, Cooper, Michelin and J K Tornel are the major dominant companies in the tyre market, while likes of Pirelli, Hankook, and Yokohama, etc., are in process of setting up their business in the growing tyre market of Mexico.
Companies Mentioned:
- Bridgestone de México, S.A. de C.V.
- Continental Tire de México S.A. de C.V.
- Cooper Tire & Rubber Co. de Mexico SA de CV
- Goodyear Commercial Services, S. de RL de CV
- Hankook Tire Co.
- Michelin Industrias, S.A. de C.V.
- Pirelli Neumáticos de México, S.A. de C.V.
- Tornel Enterprises Ltd. (J K Tyre)
- Yokohama Tire Mexico (YTMX)
For more information visit http://www.researchandmarkets.com/research/4w4qnl/mexico_tyre
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