According to MarkNtel Advisors’ research report “Chile Off-the-road (OTR) Tire Market Analysis, 2021”, the Chile Off-the-road (OTR) Tire market is likely to grow at a CAGR of 3.23% during 2021-26. The market growth primarily owes to the rising demand for premium tire brands across the mining industry, massive government investments toward infrastructure development, and the rapidly growing industrialization. Moreover, various agricultural programs introduced by the government and surging private & public sector investments toward infrastructure development and energy, commercial, & residential construction projects are other critical aspects likely to fuel the overall market growth in the forecast period.
Key Questions Answered in the Study
Above 47” Tire Segment Exhibits Fastest Market Growth
Based on Rim size, the market bifurcates into Up to 20”, 20.1" to 26", 26.1" to 35", 35.1" to 47", and Above 47". Here, the above 47” tire segment is more likely to witness the fastest market growth in the forecast period. It owes to the rising mining of copper and increasing investments in various mining projects as Chile is one of the world's largest exporters of copper. The application of these tires is mostly in earthmoving machinery for construction & mining purposes and large-scale development of industries, and both construction & mining industries are rapidly growing in the country.
“Chile Off-the-road (OTR) 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 competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identifying the blue ocean for its offerings.
Mining Segment Acquired Considerable Share of the Chile OTR Tire Market
Based on End-Users, the market bifurcates into Construction, Industrial, Mining, Agriculture, and Ports. Of them all, the Mining segment acquired a considerable share of the Chile OTR Tire Market in the previous few years.
Chile is one of the leading exporters of minerals in the world. It is the largest producer of copper ore & the second-largest producer of lithium, says International Trade Association. In recent years, Chile's mining sector produced 5.79 million tons of copper and 112.6 thousand tons of lithium.
Moreover, the snowballing government initiatives toward mining & development programs to attract long-term investments is another critical aspect likely to boost the Mining segment, and hence overall market growth in the forecast period, states MarkNtel Advisors in their research report, “Chile Off-the-road (OTR) Tire Market Analysis, 2021.”
According to MarkNtel Advisors, the key players with a considerable share in Chile Off the Road (OTR) Tire market are Yokohama Rubber Co., Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tires, CST, Triangle Group, Trelleborg, etc.