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.”

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.”