The Brazil Off the Road (OTR) Tire Market is expecting around 3% CAGR during 2021-26, states MarkNtel Advisors in their recent research report. Massive investments & various initiatives by the Brazilian government for projects like smart cities, corporate buildings, airports, highways, etc., are propelling the need for robust equipment like Earth Moving, Material Handling, etc. It is the prime aspect driving the demand for OTR tires in the country.
Besides, the active participation of prominent automakers & tire manufacturers in introducing compact machinery like mini excavators is another aspect playing a crucial role in boosting the requirement for OTR tires and driving the market.
Moreover, growth opportunities across sectors like mining & agriculture, rapid industrialization, etc., are attracting several manufacturers to establish tire production units across Brazil. As a result, the demand for robust equipment for efficient operations is escalating swiftly & making a positive influence on the OTR tire market in the country, further states the research report, “Brazil Off the Road (OTR) Tire Market Analysis, 2021.”
Rigorous Mining in Brazil to Drive the OTR Tire Market through 2026
Brazil is one of the largest mineral producers worldwide, displaying rigorous mining activities to meet the export requirements for gold, iron ore, coal, etc. It, in turn, is soaring the demand for heavy mining machinery & equipment and positively influencing the production of OTR tires.
Besides, amidst the Covid-19 crisis in 2020, the mining sector in Brazil witnessed an upswing due to massive government investments & initiatives for revenue generation & attracting long-term investments in mining & development programs in the country. As a result, the demand for mining equipment rose dramatically and augmented the overall market growth, cites MarkNtel Advisors in their research report, "Brazil Off the Road (OTR) Tire Market Analysis, 2021."
According to MarkNtel Advisors, the leading players in the Brazil Off the Road (OTR) Tire Market are Pirelli, Goodyear Tire & Rubber Company, Bridgestone Corporation, Continental, Michelin Tyres, Cooper Tire & Rubber Company, Triangle Group, Titan, Toyo, Trelleborg, Kumho Tire, and Yokohama.
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