About the Study
The Brazil OTR tire market is anticipated to witness significant growth over the coming owing to increasing investment by the government in infrastructure development projects such as smart cities and buildings and the launch of the compact mini excavator by the companies. The burgeoning manufacturing companies inclination to expand their business in Brazil due to rapidly growing industrialization, which has propelled the demand for commercial vehicles such as trucks, tractors, and trailers. Moreover, the launch of new tractor tire for heavy road use by the giant players and upsurge in the demand for agricultural equipment on account of the increase in the commercial farming sector are the factors strongly contributing towards the growth of the market in the forecast period.
Key questions answered in the study
According to MarkNtel Advisors’ research report “Brazil Off-the-road vehicle tire Market Analysis, 2021”, the Brazil off-the-road vehicle tire market is anticipated to grow at a CAGR of 3% during 2021-26. Based on Rim size, tire above the size of 45 inches are more valued because of its high demand in agriculture and mining sectors. Also, the rising demand for earthmoving machinery for construction purpose and large scale development of industries supports the growth of the OTR tire market. The however constant introduction of new tires with enhanced quality and durability supports an expansion of the OTR market. Hence, Rim size above 47” is expected to further propel the growth of Brazil off-the-road vehicle tire market in the region in the coming years as stated by the MarkNtel Advisors’ research report “ Brazil off-the-road (OTR) vehicle tire Market Analysis, 2021”.
“Brazil off-the-road vehicle tire Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for OTR vehicle tire providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Mining Segment Acquired Considerable Market Share
Based on End-User, Mining segment acquired the considerable market share in the Brazil OTR Tire market. Brazil is among the leading exporter of mineral in the world. The growth in the sales of mining truck tires is increasing at a robust rate due to burgeoning demand for materials such as gold, iron core, coal from China. Besides this, in Q3 2020 the mining sector witnessed strong growth in the country due to snowballing government investment in mining sectors and rising government initiative such as mining and development program to attract long-term investments. Hence, this is predicted to place a positive impact in the demand for mining tires in the forecast period as stated by the MarkNtel Advisors’ research report “Brazil off-the-road vehicle tire Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in Brazil Off the Road (OTR) Tire market are Yokohama Rubber Co., Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tyres, Cooper Tire & Rubber Company, Triangle Group, Toyo, Trelleborg, Kumho Tire etc.