Press Release Description

A USD 880.5 Million Brazil Off-the-Road (OTR) Tire Market to Surge at a CAGR of Around 1.08% During 2024-30

The Brazil Off-the-Road (OTR) Tire Market size was valued at about USD 880.5 million in 2023 and is projected to reach around USD 949.4 million by 2030. Along with this, the market is estimated to grow at a CAGR of about 1.08% during the forecast period, i.e., 2024-30., cites MarkNtel Advisors in the recent research report. The market growth is attributed to the increasing sales of heavy-duty vehicles in the country relying on OTR tires. Heavy-duty vehicles need OTR tires for commuting across diverse terrains and locations, which creates a significant demand. Moreover, vehicles like loaders, excavators, etc., require durable and high-quality OTR tires to work in challenging and rugged conditions in the country. The increasing use of heavy-duty vehicles in the mining and construction industries of Brazil creates immense demand for OTR tires.

The country has rich sources of iron ore and bauxite, which support the overall growth of the domestic as well as export mining sectors. There is a high demand for these minerals in the manufacturing industry, such as automotive manufacturing. Moreover, the Brazilian government focuses on mining sector investments by formulating various plans and initiatives, such as the Brazil Mining Plan 2050, to further proliferate the mining industry in Brazil. The rising FDIs in the mining sector in Brazil by countries like the US, Canada, and European nations owing to its high potential for generating essential, high-quality minerals are soaring the mining sector. With the increasing growth, the need for heavy machinery like loaders, excavators, etc., is also increasing in Brazil. Heavy mining equipment relies on high-quality and durable OTR tires, which ultimately drive their adoption and propel market growth.

Moreover, the increasing infrastructure development and construction activities in the country further create demand for OTR tires. The urbanization and increasing population in the country have been leading to the increasing construction of houses, apartments, etc., which in turn require construction machinery, trucks, road rollers, etc. The rising focus of the Brazilian government on economic growth is leading to the establishment of quality infrastructure in Brazil. Smart city initiatives, coupled with investments in public infrastructure facilities, are further propelling the construction industry. Construction equipment and machinery rely on OTR tires to work smoothly. The integration of these OTR tires in these machines thus creates demand and boosts the market growth of the OTR tire industry in Brazil.

Brazil Off the Road (OTR) Tire Market

Furthermore, the wide agriculture sector in the country also necessitates the demand for OTR tires. The country produces various grains and plantation crops, along with some oil seeds like soybeans, etc. A large amount of agricultural produce is used for both domestic consumption and exports to neighboring countries. The high production of these agricultural commodities needs regular agricultural operations. These agricultural activities, like harvesting, sorting, cultivation, etc., require heavy and reliable machinery to perform all necessary tasks. Equipment like harvesters, graders, plows, etc., require OTR tires to function and move smoothly. This, in turn, creates a high adoption of OTR tires in the country, driven by both OEM and replacement demand. The rough agricultural lands deteriorate tire quality, creating a need for the replacement of tires at regular intervals, thereby generating OTR tire demand.

Moreover, the increasing number of multi-brand dealers & distributors of prominent players across Brazil, aimed at broadening product portfolios, visibility, reachability, and customer bases, is also expected to bolster overall market growth in the years to come, further states the research report, “The Brazil Off-the-Road (OTR) Tire Market Analysis, 2024.”

Brazil Off-the-Road (OTR) Tire Market Segmentation Analysis

Ports Segment Holds a Major Market Share

Based on end users, the market is segmented into construction, industrial, mining, agriculture, and ports. Out of them all, the ports segment is poised to experience significant market growth owing to the burgeoning trade and commerce in the country. The country is a major producer of various minerals like iron, copper, tin, bauxite, etc., which makes it a prominent exporter of these minerals. Moreover, the country has vast agricultural land and production capabilities, which enable it to produce large amounts of coffee, soybeans, corn, etc. The country exports these commodities to its neighboring countries like the US, Canada, Mexico, and some European nations through ships and containers, which creates a demand for enhanced port capacity.

As a result, the government of Brazil is effectively framing initiatives and launching schemes like the Programa de Parcerias de Investimentos (PPI) to expand port capacities in the country. Major ports in the country are witnessing substantial investments and expansion projects to handle large cargo quantities. Thus, with the expansion of port facilities in the country, the demand for material handling equipment working on these ports is also rising, which is creating the demand for OTR tires and propelling the market growth.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Pirelli, Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tyres, Triangle Group, Titan, Toyo Tire Corporation, Trelleborg, Kumho Tire, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the country?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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