Updated Aug 25, 2022 22:51

Market for Agricultural, Construction and Industrial Machinery Tire in Mexico

Market Overview
After two years of growth, the Mexican market for tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -% to $ in . Over the period under review, consumption saw a buoyant increase. Consumption of peaked at $ in , and then fell in the following year.


Consumption
In , approx. units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were consumed in Mexico; standing approx. at the previous year's figure. In general, consumption continues to indicate a prominent increase. Consumption of peaked in and is likely to see steady growth in years to come.

The size of the market for tyres for agriculture, forestry, construction, industry and other off the road vehicles in Mexico stood at $ in , surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw strong growth. Over the period under review, the market hit record highs at $ in ; however, from to , consumption failed to regain momentum.


Market Forecast
Driven by increasing demand for agricultural, construction and industrial machinery tire in Mexico, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .


Market Structure
Agricultural, construction and industrial machinery tire market in Mexico consists almost entirely of imported products. In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.


Trade Balance
Mexico remains a net importer of agricultural, construction and industrial machinery tire; in physical and value terms, imports consistently exceeded exports from 2007 to . In , there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.