Dublin, June 01, 2022 (GLOBE NEWSWIRE) -- The "Latin America Off The Road Tire Market Research Report: Forecast (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
Off-the-road (OTR) tires are manufactured mainly for heavy-duty vehicles for off-road applications like agriculture, mining, construction, etc. These tires help improve the vehicle's overall performance & stability while providing traction on challenging surfaces.
The "Latin America Off-the-Road (OTR) Tire Market" is likely to grow at a CAGR of around 2.02% during the forecast period, i.e., 2021-26. The prime factors supporting the rapid market growth include the constant technological advancements to enhance the tire performance and provide efficiency & durability to the vehicle. Besides, the growing adoption of agriculture tractors is also booming the need for OTR tires, benefitting the market substantially.
The research report "Latin America Off-the-Road (OTR) Tire Market Analysis, 2021" further cites that the increasing disposable income & affordability is also likely to drive the sales of vehicles and positively impact the OTR Tire market in Latin America. Therefore, considering all the factors cited above, the Latin America Off-the-Road (OTR) Tire Market is likely to grow substantially in the forecast period.
Covid-19 Severely Impacted the Latin America Off-the-Road (OTR) Tire Market
The outbreak of the Covid-19 pandemic brought a temporary hold on most businesses, and the Latin America Off-the-Road (OTR) Tire Market was no exception. The sudden shutdown of most significant industries led to almost zero demand for tires, which, in turn, hampered the overall market growth. Many prominent tire manufacturers had to reduce stockpiling with production cuts, laying off jobs, etc.
However, with the gradual upliftment of restrictions, industries are likely to recover from the loss in the forecast period. Also, abiding by the stringent norms amidst the new normal, market players are working on strategies to regain the original pace in the coming years. Hence, the Latin America Off-the-Road (OTR) Tire Market shall witness a significant surge in the years to come.
Radial Tires to Attain the Largest Share of the Latin America Off-the-Road (OTR) Tire Market
Based on the type of Tire, the Latin America Off-the-Road (OTR) Tire Market bifurcates into Radial & Bias Tires. Of both, Radial Tires are more likely to attain the largest share of the market in the forecast period. The soaring demand for radial tires is prominently due to the active participation of leading market players in the Off-the-Road (OTR) Tire market and boosting their output capacities in high-performance radial tires. Besides, the long service life & exceptional year-round traction make these tires a popular choice among consumers, thereby likely to increase their demand across the region and propel the overall market growth.
Earthmoving Equipment Tire to Observe the Fastest Growth in the Latin America Off-the-Road (OTR) Tire Market
Based on the Type of Equipment, the Latin America Off-the-Road (OTR) Tire Market segments into three main categories, Earthmoving Equipment, Material Handling Equipment, and Agriculture Equipment Tires. Among these, Earthmoving Equipment Tires are projected to observe the fastest growth during the forecast period, owing primarily to the surging mining activities. Additionally, the favorable government initiatives shall further bolster the construction & manufacturing activities and directly impact the market. Hence, the factors cited above hint at the rapid sales of Earthmoving Equipment tires, thereby fueling the overall market growth in the coming years, states the publisher in their research report, "Latin America Off-the-Road (OTR) Tire Market Analysis, 2021."
Market Drivers
The Latin America Off-the-Road (OTR) Tire Market is likely to attain substantial growth in the forecast period owing to factors like the rapidly increasing sales of off-highway vehicles and farm mechanization, which shall propel the demand for Off-the-Road Tires. Furthermore, the introduction of eco-friendly OTR Tires would create lucrative growth opportunities for market players and expand Latin America Off-the-Road (OTR) Tire Market in the coming years.
Market Restraints
The skyrocketing prices of raw materials like natural & synthetic rubber is the most prominent factor that could restrain the growth of the Latin America Off-the-Road (OTR) Tire Market in the forecast period, owing to the volatility in rubber cultivation.
Competitive Landscape
According to the publisher, the leading players in the Latin America Off-the-Road (OTR) Tire Market are Bridgestone, Goodyear, Michelin, Continental, Triangle, Titan, CEAT, Balkrishna Tires, Zhongce Rubber, Yokohama.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Latin America Off-the-Road (OTR) Tire Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Off-the-Road (OTR) Tire Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Latin America Off-the-Road (OTR) Tire Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Latin America Off-the-Road (OTR) Tire Market study?
Key Topics Covered:
1. Introduction
2. Executive Summary
3. Impact of COVID-19 on Latin America Off the Road (OTR)Tire Market
4. Latin America Off the Road (OTR)Tire Market Outlook, 2016-2026F
4.1. Market Size & Analysis
4.1.1. By Revenues
4.1.2. By Units Sold
4.2. Market Share & Analysis
4.2.1. By Type of Equipment
4.2.1.1. Earthmoving Equipment
4.2.1.1.1. Excavator
4.2.1.1.2. Grader
4.2.1.1.3. Loader
4.2.1.1.4. Bulldozer
4.2.1.1.5. Road roller
4.2.1.1.6. Others (Dumpers, etc.)
4.2.1.2. Industrial Equipment
4.2.1.2.1. Forklift
4.2.2. Agricultural Tires
4.2.2.1. Tractors
4.2.2.2. Harvesters /Combines
4.2.2.3. Others
4.3. By End Users
4.3.1. Construction
4.3.2. Industrial
4.3.3. Mining
4.3.4. Agriculture
4.3.5. Ports
4.4. By Type of Tire
4.4.1. Radial
4.4.2. Bias
4.5. By Demand Type
4.5.1. OEM
4.5.2. Replacement
4.6. By Price Category
4.6.1. Budget
4.6.2. Economy
4.6.3. Premium
4.7. By Rim Size
4.7.1. Upto 20"
4.7.2. 20.1" to 26"
4.7.3. 26.1" to 35"
4.7.4. 35.1" to 47"
4.7.5. Above 47"
4..8. By Country
4.8.1. Mexico
4.8.2. Brazil
4.8.3. Argentina
4.8.4. Chile
4.8.5. Peru
4.8.6. Ecuador
4.8.7. Colombia
4.8.8. Guatemala
4.8.9. Costa Rica
4.8.10. Uruguay
4.8.11. Paraguay
4.8.12. Bolivia
4.8.13. Others
4.9. By Competition
4.9.1. Chinese Vs Non-Chinese
4.9.2. Units Sold by Top Players
5. Mexico Off the Road (OTR) Tire Market Outlook, 2016-2026F
6. Brazil Off the Road (OTR) Tire Market Outlook, 2016-2026F
7. Argentina Off the Road (OTR) Tire Market Outlook, 2016-2026F
8. Chile Off the Road (OTR) Tire Market Outlook, 2016-2026F
9. Peru Off the Road (OTR) Tire Market Outlook, 2016-2026F
10. Colombia Off the Road (OTR) Tire Market Outlook, 2016-2026F
11. Guatemala Off the Road (OTR) Tire Market Outlook, 2016-2026F
12. Costa Rica Off the Road (OTR) Tire Market Outlook, 2016-2026F
13. Uruguay Off the Road (OTR) Tire Market Outlook, 2016-2026F
14. Paraguay Off the Road (OTR) Tire Market Outlook, 2016-2026F
15. Bolivia Off the Road (OTR) Tire Market Outlook, 2016-2026F
16. Company Profiles
16.1. Bridgestone
16.2. Goodyear
16.3. Michelin
16.4. Continental
16.5. Triangle
16.6. Titan
16.7. CEAT
16.8. Balkrishna Tires
16.9. Zhongce Rubber
16.10. Yokohama
17. Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/utyj2b
