Mexico: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Mexico

In 2021, the Mexican passenger car tyre market decreased by -5.7% to $X, falling for the fourth consecutive year after two years of growth. Over the period under review, consumption continues to indicate a drastic downturn. Passenger car tyre consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Passenger Car Tyre Production in Mexico

In value terms, passenger car tyre production fell to $X in 2021 estimated in export price. Overall, production saw a mild slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 9.7%. Passenger car tyre production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Passenger Car Tyre Exports

Exports from Mexico

In 2021, passenger car tyre exports from Mexico surged to X units, picking up by 30% compared with the year before. In general, total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +8.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +47.2% against 2018 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car tyre exports surged to $X in 2021. Over the period under review, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +75.9% against 2015 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for passenger car tyre exports from Mexico, accounting for a 93% share of total exports. It was followed by Canada (X units), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-6.0% per year) and Brazil (-11.0% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motor cars exports from Mexico, comprising 93% of total exports. The second position in the ranking was held by Canada ($X), with a 1.9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +7.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-5.4% per year) and Brazil (-12.1% per year).

Export Prices by Country

In 2021, the average passenger car tyre export price amounted to $X per unit, picking up by 9.3% against the previous year. Over the period under review, the export price, however, continues to indicate a mild descent. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Canada ($X per unit), while the average price for exports to Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+0.6%), while the prices for the other major destinations experienced a decline.

Passenger Car Tyre Imports

Imports into Mexico

Passenger car tyre imports into Mexico soared to X units in 2021, jumping by 26% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Imports peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, passenger car tyre imports skyrocketed to $X in 2021. In general, imports, however, showed a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest passenger car tyre supplier to Mexico, with a 43% share of total imports. Moreover, passenger car tyre imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. South Korea (X units) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-9.1% per year) and South Korea (+3.4% per year).

In value terms, China ($X), the United States ($X) and South Korea ($X) were the largest passenger car tyre suppliers to Mexico, together comprising 67% of total imports. Canada, Brazil, Thailand, Japan, Indonesia and Germany lagged somewhat behind, together accounting for a further 26%.

Among the main suppliers, Thailand, with a CAGR of +25.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, increasing by 6.7% against the previous year. Over the period under review, the import price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2017 when the average import price increased by 13% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Canada ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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