According to a recent research report by MarkNtel Advisors, the Latin America Off-the-Road (OTR) Tire Market is expecting around 2.02% CAGR during 2021-26. The various ongoing infrastructure developments & mine exploration activities across Latin America, leading to the increasing demand for agricultural, construction, & mining equipment, is driving the market.
OTR tires promote the stability & efficiency of different types of construction & mining equipment. Nowadays, they are being integrated with automation & advanced sensors to monitor tire pressure & temperature. In addition, they can even address any possible hazards with the help of real-time data.
Hence, the increasing sales of automated equipment across numerous industries, coupled with the mounting sales of Off-the-Road tractors and the growing farm mechanization, are also projecting an accelerated market growth through 2026, further states the research report, "Latin America Off-the-Road (OTR) Tire Market Analysis, 2021."
Increasing Sales of Earthmoving Equipment to Boost the Market across Latin America
The surge in mining & construction activities across Latin America has led to the burgeoning demand for dumpers, loaders, excavators, etc. Moreover, different countries in the region are putting immense efforts into attracting more Foreign Direct Investments (FDIs.) As a result, these aspects project substantial growth in the demand for OTR tires for earthmoving equipment over the coming years.
Apart from this, there's an emerging trend of equipment rental services across Latin American countries, which indicates another lucrative prospect for the market growth for earthmoving equipment tires during 2021-26, especially among price-conscious consumers.
With Massive Funding in the Mining Sector, Mexico Significantly Contributes to the Market Growth
With the rapidly growing fleet size and a significantly surging demand for agriculture, construction, & mining equipment for various ongoing & upcoming infrastructural development projects, Mexico, among all countries across Latin America, is expecting a notable share in the Off-the-Road (OTR) Tire Market during 2021-26.
Mexico is an import-dependent industry and has no or less availability of OEMs. Its economy is driven mainly by the construction & mining sectors, which have observed steady growth in the previous few years. Hence, some noteworthy mining projects like Buenavista Zinc Project, Juanicipio Project for Silver & Gold, etc., are expected to drive the demand for OTR tires in the country and fuel the overall market growth over the coming years, reveals MarkNtel Advisors in their research report, "Latin America Off-the-Road (OTR) Tire Market Analysis, 2021."
The leading players in the Latin America Off-the-Road (OTR) Tire Market include Bridgestone, Goodyear, Michelin, Continental, Triangle, Titan, CEAT, Balkrishna Tires, Zhongce Rubber, and Yokohama.
Key Questions Answered in the Market Research Report: