Off-Road Tire Industry in Latin America to 2026 –
Dublin, June 01, 2022 (GLOBE NEWSWIRE) — The “Latin America Off The Road Tire Market Research Report: Forecast (2021-2026)” has been added to from ResearchAndMarkets.com offer.
All-Terrain Tires (OTR) are manufactured primarily for heavy-duty vehicles intended for off-road applications like agriculture, mining, construction, etc. These tires help improve overall vehicle performance and stability while providing traction on difficult surfaces.
The “Latin America off-road tire (OTR) market” is expected to grow at a CAGR of approximately 2.02% during the forecast period, i.e., 2021-26. Major factors supporting the rapid growth of the market include constant technological advancements to improve tire performance and provide vehicle efficiency and durability. Additionally, the growing adoption of agricultural tractors is also exploding the need for OTR tires, which benefits the market tremendously.
The research report “Latin America Off-the-Road (OTR) Tire Market Analysis, 2021” further cites that increasing disposable income and affordability is also likely to boost vehicle sales and have a positive impact on the OTR tire market in Latin America. Therefore, considering all the factors cited above, the off-road tire (OTR) market in Latin America is expected to grow significantly over the forecast period.
Covid-19 has severely impacted the off-road tire (OTR) market in Latin America
The outbreak of the Covid-19 pandemic caused most businesses to be temporarily suspended, and the Latin American off-road tire (OTR) market was no exception. The sudden shutdown of most important industries has resulted in near zero demand for tires, which in turn has hampered the overall market growth. Many leading tire manufacturers have had to reduce their inventories with production cuts, layoffs, etc.
However, with the gradual lifting of restrictions, industries are expected to recover from the loss over the forecast period. Moreover, in line with the strict standards under the new normal, market players are working on strategies to regain the initial pace in the coming years. Hence, the off-road tire (OTR) market in Latin America will witness a significant increase in the coming years.
Radial Tires to Achieve Largest Off-Road Tire (OTR) Market Share in Latin America
Based on tire type, the Latin America all-terrain (OTR) tire market is divided into radial and bias tires. Of the two, radial tires are more likely to attain the largest market share over the forecast period. The growing demand for radial tires is mainly due to the active participation of major market players in the off-road tire (OTR) market and their increase in their production capacities of high performance radial tires. Additionally, the long life and exceptional year-round traction make these tires a popular choice among consumers, which is likely to increase their demand in the region and propel the overall market growth. .
Earthmoving equipment tire to witness fastest growth in off-road (OTR) tire market in Latin America
On the basis of equipment type, the Latin America all-terrain (OTR) tire market is divided into three major categories, earth-moving equipment, material handling equipment, and agricultural equipment tires. Among these, tires for earthmoving machinery are expected to experience the fastest growth over the forecast period, mainly due to booming mining activities. Moreover, favorable government initiatives will further strengthen the construction and manufacturing activities and directly impact the market. Therefore, the above-cited factors hint at the rapid sales of earth-moving machinery tires, thereby fueling the overall market growth in the coming years, says the publisher in its research report, “Latin America Off-the -Road (OTR) Tire Market Analysis, 2021.”
The off-road tire (OTR) market in Latin America is expected to witness substantial growth over the forecast period owing to factors such as rapidly increasing sales of all-terrain vehicles and agricultural mechanization, which will propel demand for all-terrain vehicles. Road tires. Furthermore, the introduction of environment-friendly OTR tires would create lucrative growth opportunities for market players and expand the off-road tire (OTR) market in Latin America in the coming years.
Soaring prices of raw materials like natural and synthetic rubber are the most important factor that may restrain the growth of the off-road tire (OTR) market in Latin America during the forecast period, owing to the volatility of rubber cultivation.
According to the publisher, the main players in the off-road tire (OTR) market in Latin America are Bridgestone, Goodyear, Michelin, Continental, Triangle, Titan, CEAT, Balkrishna Tires, Zhongce Rubber, Yokohama.
Answers to key questions in the market research report:
1. What are the overall market statistics or market estimates (market overview, market size by value, forecast figures, market segmentation, market shares) of the Off-Road Tire (OTR) market in Latin America?
2. What are the size, growth drivers and challenges of the industry at the regional level?
3. What are the key innovations, opportunities, current and future trends, and regulations in the Latin America off-road tire (OTR) market?
4. Who are the leading competitors, their key strengths and weaknesses, and how are they performing in the Latin America Off-Road Tire (OTR) market based on the Competitive Benchmarking Matrix?
5. What are the key findings from the market research conducted during the study on the Off-Road Tire (OTR) market in Latin America?
Main topics covered:
3. Impact of COVID-19 on the off-road tire (OTR) market in Latin America
4. Latin America Off-Road Tire (OTR) Market Outlook, 2016- 2026F
4.1. Market size and analysis
4.1.1. By revenue
4.1.2. Per Units Sold
4.2. Market share and analysis
4.2.1. By type of equipment
220.127.116.11. earthmoving equipment
18.104.22.168.5. road roller
22.214.171.124.6. Others (Dumpers, etc.)
126.96.36.199. industrial equipment
4.2.2. Agricultural tires
188.8.131.52. Harvesters / combine harvesters
4.3. By end users
4.4. By type of tire
4.5. By type of request
4.6. By price category
4.7. By rim size
4.7.1. Up to 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
4.8.9. Costa Rica
4.9. By competition
4.9.1. Chinese versus non-Chinese
4.9.2. Units Sold by Top Players
5. Mexico Off-Road Tire (OTR) Market Outlook, 2016- 2026F
6. Brazil Off-Road Tire (OTR) Market Outlook, 2016- 2026F
7. Argentina Off-Road Tire (OTR) Market Outlook, 2016- 2026F
8. Chile Off-Road Tire (OTR) Market Outlook, 2016- 2026F
9. Peru Off-Road Tire (OTR) Market Outlook, 2016- 2026F
10. Colombia Off-Road Tire (OTR) Market Outlook, 2016- 2026F
11. Guatemala Off-Road Tires (OTR) Market Outlook, 2016- 2026F
12. Costa Rica Off-Road Tire (OTR) Market Outlook, 2016- 2026F
13. Uruguay Off-Road Tire (OTR) Market Outlook, 2016- 2026F
14. Paraguay Off-Road Tire (OTR) Market Outlook, 2016- 2026F
15. Bolivia Off-Road Tire (OTR) Market Outlook, 2016- 2026F
16. Company Profiles
16.2. Happy new year
16.8. Balkrishna tires
16.9. Zhongce Rubber
For more information about this report visit https://www.researchandmarkets.com/r/utyj2b