According to MarkNtel Advisors’ research report, “Ecuador Off-The-Road (OTR) Vehicle Tire Market Analysis, 2021,” the market is likely to witness around 2% CAGR during the forecast period, i.e., 2021-26. The prime factors which are expected to positively contribute towards the growth of Ecuador OTR tire market in the forthcoming period include soaring penetration of low cost Chinese tires, mounting FDI toward the construction of road & railway network, power supplies, housing infrastructure, industrial structures, etc., for economic growth and introduction of various government programs to benefit industry verticals.
Key Questions Answered in the Study
Construction Sector Seized Significant Share in the Ecuador OTR Tire Market
Based on end users, construction sector captured around 75% market share in the Ecuador OTR Tire Market. The substantial foreign direct investments in the country has been influencing the demand for OTR tires from the construction sector. However, the country witnessed a significant decline in FDI in 2019, primarily due to frequent economic, commercial, and investment policy changes. According to the central bank, in 2019, the total flow of FDI in the country fell to USD 966 million from USD 1.4 billion in 2018. Thus, the government introduced a public-private partnership law and tax incentives to draw investors, which is anticipated bolster the segment growth in the coming future.
“Ecuador 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.
Public Policies and Strategies to Contribute towards Agricultural Growth
The agricultural equipment acquired a significant market share in the Ecuador OTR tire market. The country invests around 0.42% each year of its Gross Domestic Product (GDP), in promoting agricultural activity. The introduction of several public policies and strategies for the sustainable growth of agricultural production is accelerating the agricultural tires market growth such as the Ministry of Agriculture and Livestock (MAG) allocated USD 20.4 million in subsidies for farmers for sowing eight types of winter crops in 2018, reveals, MarkNtel Advisors’ in their research report “Ecuador OTR Tire Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the Ecuador OTR Tire Market are Bridgestone, Continental, Michelin, Goodyear, Pirelli, Yokohama, CST Tire, etc.