Press Release

Guatemala OTR Tire Market to Accelerate at a CAGR of Around 2.1% During 2024-30

The Guatemala Off-the-Road (OTR) Tire Market is anticipated to grow at a CAGR of about 2.1% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Guatemala is currently recording a surge in infrastructure funds provided by the public as well as private entities. These allocated funds are resulting in increased infrastructure development projects across the nation. As a result, there's been a notable rise in demand for equipment used in construction projects. This is amplifying the demand for OTR tires in the country.

Additionally, the country's agricultural sector is witnessing remarkable growth due to supportive government policies, and international trade agreements for the imports & exports of agricultural products. The farmers across the country are increasingly cultivating & harvesting high-value crops. As a result, the non-traditional agricultural exports of the country are increasing. This strategic shift towards high-value crops & agricultural trade is significantly boosting agricultural activities. As a result, there is a higher demand for agricultural vehicles in the country. This extensive utilization of vehicles like tractors for agricultural practices is further fuelling the OTR Tire demand in Guatemala. Moreover, the governing authorities would continue to encourage agricultural activities to boost its economic growth and improve trade relations with other North & Central American countries. Therefore, the requirement for OTR vehicles & their tires would continue to amplify, further states the research report, “Guatemala Off-the-Road (OTR) Tire Market Analysis, 2024.”

Segmentation Analysis

Earthmoving Equipment Holds a Major Market Share

Based on the equipment type, the market is further bifurcated into earthmoving equipment, material handling equipment, and agriculture equipment. The earthmoving equipment segment holds a noteworthy market share in the Guatemala OTR Tire market. The country is witnessing a surge in public infrastructure projects owing to which the demand for earthmoving vehicles is increasing. These vehicles are necessarily used for carrying building & construction materials and preparing construction sites. Therefore, the expansion of construction projects in the country is recording a higher inflow of foreign travelers due to the surging live events. This is generating the demand for accommodation facilities and the leading market players are expanding their hotel chains in the country to cater to the growing demand. This surge in the construction of hospitality projects is amplifying the demand for heavy-duty construction vehicles & their tires.

Moreover, the nation is experiencing population growth due to the arrival of expatriates from other neighboring nations. This population growth is accentuating the requirement for residential units across the country. Therefore, the real-estate developers are increasingly building residential apartments & complexes. This continuous surge in construction would continue to uplift the requirement for earthmoving vehicles, consequently enhancing the market share in the forecast period as well.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Bridgestone Corporation, Goodyear Tire and Rubber Company, Continental AG, Yokohama Rubber Co., Ltd., Pirelli Tyre S.p.A, Trelleborg, Toyo Tires, BFGoodrich, ZODO TIRE CO.,LTD (Goldshield), 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 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?