According to MarkNtel Advisors’ research report, “Peru Off-The-Road (OTR) Vehicle Tire Market Analysis, 2021,” the market is likely to witness around 9.95% CAGR during the forecast period, i.e., 2021-26. Various mining activities are undergoing in the country under the public-private partnership since 2017 which has boosted the demand for OTR vehicles thereby creating a demand for OTR tires. In 2017, the country faced a challenging environment along with continued domestic political tension, leading to a slowdown in the economy. However, in 2018, the demand picked up due to stronger consumption and investment along with new mining projects. In addition, rising government investment during the Coronavirus pandemic that happened last year also created a demand for Off-The-Road (OTR) vehicle tires, which, in turn, escalated the market growth of bias tires.
Key Questions Answered in the Study
Budget Tires Dominated the Peru Off-The-Road (OTR) Vehicle Tire Market with the Largest Share
The Budget segment is likely to hold a dominant share in the Peru OTR Tire market due to the existing free trade agreements with Asian countries facilitating convenient tire imports, which is likely to fuel the demand for budget tires in Peru. Moreover, the cost advantage is also a key factor impacting the demand for budget segment OTR vehicle tires. Furthermore, the demand for the economy segment in the OTR tires market has been rising, with the dominance of the mining sector along with critical construction projects in the country.
“Peru Off the Road 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 Off-The-Road (OTR) Vehicle 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.
Replacement Segment to Hold the Largest Market Share During Forecast Period
The replacement segment is likely to acquire significant market share in the Peru Off-The-Road (OTR) Tire Market. Momentarily, in 2021, there are no OEMs present in the country for OTR vehicle tires. Therefore, the aftermarket tends to hold a 100% share in the Peru OTR Tire Market and tends to dominate the market with various dealers & distributors providing the replacement services. Additionally, the advancements in construction & mining equipment, including automation, have aided the fleet operators to use the equipment in multiple shifts. It has led to a decreased tire replacement duration and increased demand for aftermarket tires in the country, reveals, MarkNtel Advisors’ in their research report “Peru Off-the-Road Vehicle Tire Market Analysis, 2021”.
According to MarkNtel Advisors’ the major leading players in the Peru Off-the-Road Vehicle Tire Market are Bridgestone, Continental, Michelin, Goodyear, Pirelli, Yokohama, BKT, Mitas Tyres, etc.