Overview of the Latin America Off-the-Road (OTR) Tire Market: Key Statistics and Trends:
According to the latest report by MarkNtel Advisors, titled “Latin America Off-the-Road (OTR) Tire Market By Type of Equipment (Earthmoving Equipment [Excavator, Grader, Loader, Bulldozer, Others], Material Handling Equipment [Crane, Forklifts], Agriculture Equipment [Tractor, Combines, Others]), By End User (Construction, Industrial, Mining, Agriculture, Ports), By Type of Tire (Radial, Bias), By Demand Type (OEM, Aftermarket), By Price Category (Budget, Economy, Premium), By Tire Size (Tire Size-1, Tire Size-2, Tire Size-3, Tire Size-4, Tire Size-5), By Sales Channel (Direct Sales, Online, Multi Brand Stores, Exclusive Outlets) and Others, The Latin America Off-the-Road (OTR) Tire Market size is estimated to grow at a CAGR of around 2.1% during the forecast period 2024-30. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Latin America Off-the-Road (OTR) Tire Market Growth and Scope:
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2024-30): 2.1%
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Latin America Off-the-Road (OTR) Tire Market Driver:
Surging Agriculture Activities in the Region Propelling Off-The-Road Tire Demand– The high production of soybeans, maize, coffee, and sugarcane in Latin America surge the agriculture activities in the region, thereby driving agricultural development. Brazil is amongst the leading agricultural products producer countries globally, particularly soybeans, exported to every part of the world. It is also a host to major agricultural firms like Cargill and Bunge, which hugely invested in the development of the agriculture sector.
This, in turn, propels the growth of the region in new and innovative technologies. Besides this, countries like Argentina, Ecuador, Colombia, etc., are also showing high agricultural output on account of favorable government initiatives, thereby further snowballing the sector. The incentives and subsidies provided by the governments are also fueling the agricultural activities of the region.
A Comprehensive Analysis of Leading Companies of Latin America Off-the-Road (OTR) Tire Market by MarkNtel Advisors:
- Pirelli & C. S.p.A.
- Goodyear Tire and Rubber Company
- Bridgestone Corporation
- Continental AG
- Michelin Tyres
- Triangle Group
- Titan International
- Toyo Tire Corporation
- Yokohama TWS
- BKT Tires
- Others
Key Latin America Off-the-Road (OTR) Tire Market Segmentation:
Explore Our Comprehensive Study: https://www.marknteladvisors.com/research-library/latin-america-off-road-otr-tire-market.html
-By Equipment
- Earthmoving Equipment
- Material Handling Equipment
- Agriculture Equipment
In 2024, the agricultural equipment category dominated the Latin American OTR tire market. However, the varied geographic landscape of countries and economic growth patterns translate into massive differences in the market share of the equipment categories
-By End User
- Construction
- Industrial
- Mining
- Agriculture
- Ports
Based on the end user, the agriculture end-user category dominated the market in 2024. However, the mining segment is expected to register substantial growth in the Latin America Off-the-Road Tire Market.
-By Type of Tire
- Radial- Market Size & Forecast 2019-2030, Thousand Units
- Bias- Market Size & Forecast 2019-2030, Thousand Units
-By Demand Type
- OEM- Market Size & Forecast 2019-2030, Thousand Units
- Aftermarket- Market Size & Forecast 2019-2030, Thousand Units
-By Price Category
- Budget- Market Size & Forecast 2019-2030, Thousand Units
- Economy- Market Size & Forecast 2019-2030, Thousand Units
- Premium- Market Size & Forecast 2019-2030, Thousand Units
-By Tire Size
- Tire Size-1- Market Size & Forecast 2019-2030, Thousand Units
- Tire Size-2- Market Size & Forecast 2019-2030, Thousand Units
- Tire Size-3- Market Size & Forecast 2019-2030, Thousand Units
- Tire Size-4- Market Size & Forecast 2019-2030, Thousand Units
- Tire Size-5- Market Size & Forecast 2019-2030, Thousand Units
-By Sales Channel
- Direct Sales- Market Size & Forecast 2019-2030, Thousand Units
- Online- Market Size & Forecast 2019-2030, Thousand Units
- Multi Brand Stores- Market Size & Forecast 2019-2030, Thousand Units
- Exclusive Outlets- Market Size & Forecast 2019-2030, Thousand Units
Geographical Analysis
-By Country
- Mexico
- Brazil
- Argentina
- Chile
- Peru
- Ecuador
- Colombia
- Guatemala
- Dominican Republic
- Costa Rica
- Honduras
- Others
Of all, Brazil is likely to secure the highest market share in the forecast period because of the presence of huge mining, construction, and agriculture sectors.
Key Reports Highlights:
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
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