According to MarkNtel Advisors’ research report, “Costa Rica Off-The-Road (OTR) Vehicle Tire Market Analysis, 2021,” the market is projected to witness around 8% CAGR during the forecast period, i.e., 2021-26. The spending by the Costa Rican government has seen a steep escalation of public infrastructure since 2016, especially around roads, highways, bridges, airport modernization, port improvement, rehabilitation of the railroad system, and water-wastewater systems, among other projects. These infrastructural projects have generated more demand for off-the-road (OTR) tires in Costa Rica. Moreover, the increased investments in the manufacturing sector for electronics and medical devices has further positively contributed to the growth of OTR tire market growth due to the requirement for earthmoving and material handling equipment.
Key Questions Answered in the Study
Radial Tires to Outpace Bias Tires during 2021-2026
Based on tire type, bias tires held a considerable market share in the Costa Rica OTR Tire Market. The low price of bias tires makes them relatively economical as compared to radial tires due to which there has been a significant demand for bias tires in the country. The wide usage of bias tires can be seen in agriculture equipment, as well as forklift. However, the attraction towards radial tires is projected to increase in the forthcoming period on account of its features such as fuel efficiency and high durability. Hence, the market share for radial tires is projected to reach around 55% in the Costa Rica OTR tire market by 2026.
“Costa Rica Off-the Road (OTR) Vehicle Tire Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for OTR tire providers across the country. 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 identify the blue ocean for their offerings.
Agriculture Sector to Support the Demand for OTR Tires during 2021-2026
The agricultural equipment acquired around 35% market share in the Costa Rica Off-The-Road (OTR) tire market in 2020. The agricultural equipment tire segment would continue to grow at a steady rate in the country during the forthcoming period as well on account of the rising government-backed investments to introduce sustainable agriculture methods, and steps towards climate-smart agriculture, are expected to increase the yield, which would, in turn, heightened the sales of tractors, combines, seeders, etc. Costa Rica is an exporter of agricultural goods as well as food-related products to other countries in Latin America, which has helped the agriculture segment to grow and support the OTR tire market, reveals, MarkNtel Advisors’ in their research report “Costa Rica OTR Tire Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the Costa Rica OTR Tire Market are Bridgestone, CEAT, Continental, Goodyear, Double Coin, Triangle, etc.