Press Release Description

Paraguay OTR Tire Market to grow at a CAGR of around 3% during 2021-26

According to MarkNtel Advisors research report, Paraguay Off-The-Road (OTR) Vehicle Tire Market Analysis, 2021,” the market is likely to witness around 3% CAGR during the forecast period, i.e., 2021-26. The economic & political crises in the country for the past 10 years adversely impacted the industrial, commercial, and agriculture sectors. Moreover, the Paraguay economy witnessed a slump due to heavy floods and harsh weather conditions that severely affected the agriculture, livestock, and construction sectors. However, the reviving economic conditions in the country on account of the rising investments by the government for infrastructure development coupled with public-private partnership contracts as well as the surging foreign direct investment is expected to positively contribute towards the growth of Paraguay OTR tire market.

Key Questions Answered in the Study

  1. What are the current and future trends in the Paraguay Off-The-Road (OTR) Vehicle Tire market? 
  2. How has the industry been evolving in terms of demand and tire type?
  3. How has the competition been shaping across Paraguay followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the Paraguay OTR Tire market?
  5. What are the customer orientation, purchase behavior, and expectations from the tire providers in the Paraguay OTR Vehicle Tire market? 

Radial Tires Seized Significant Share in the Paraguay OTR Tire Market

Based on tire type, radial tires captured around 37% market share in the Paraguay OTR Tire Market. Bias tires hold a higher market share than radial tires in material handling & agriculture equipment. Also, being an original technology, bias tires have always been more preferred. However, increasing government focus on constructing roads & infrastructure is likely to fuel the demand for heavy machinery, which would escalate the market share for radial tires. Paraguay has been a price-sensitive market, primarily due to its economic conditions over the past decade and to radial OTR tires as well (being a little expensive), which are used primarily in high-end OTR vehicles. These radial tires are fuel-efficient and have proved to offer exceptional performance when equipped with earthmoving equipment like loaders, thereby becoming more economical for long-term use.

“Paraguay 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. 

Government Initiatives to Generate Demand for Agricultural Tires during 2021-2026

The Agricultural equipment acquired a significant market share in the Paraguay Off-The-Road (OTR) Tire Market. This was due to the increasing soybean production, which escalated the export sector and positively influenced the country's economy. In 2019, bad weather conditions and floods adversely impacted the agricultural yield, resulting in an economic slump, reduced agricultural production, and thus had a negative impact on agriculture equipment imports as well. However, during 2020, despite the outbreak of the Coronavirus pandemic in the country agriculture sector was least affected due to the favorable weather condition. In 2021, the San Pedro government provided 23 tractors in the district of Choré, to strengthen production and profitability in that area of ??the country. Hence, the government providing support to the small-scale farmer by offering agricultural equipment would strongly contribute towards the growth of agricultural equipment segment, reveals, MarkNtel Advisors’ in their research report “Paraguay OTR Tire Market Analysis, 2021”.

According to MarkNtel Advisors, the major leading players in the Group Michelin, Bridgestone, Goodyear Tire and Rubber, Pirelli & C., Continental AG, Yokohama Rubber Company, Shandong Linglong Tire, Others.

Market Segmentation:

  1. By Type of Equipment (Earthmoving Equipment, Material Handling and Agricultural Equipment)
  2. By Demand Type (OEM, Replacement)
  3. By Type of Tire (Radial, Bias)
  4. By Price Category (Budget, Economy, Premium)
  5. By Rim Size (Up to 20”, 20.1” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
  6. By End-User (Construction, Industrial, Mining, Agriculture and Ports)
  7. By Region (East, West)
  8. By Competitors (Group Michelin, Bridgestone, Goodyear Tire and Rubber, Pirelli & C., Continental AG, Yokohama Rubber Company, Shandong Linglong Tire, Others)