According to MarkNtel Advisors’ research report, “Uruguay Off-the-Road (OTR) Tire Market Analysis, 2021”, the market is forecasted to grow at a CAGR of 5.11% during 2021-26. The growth accredits to mushrooming FDI investment in wind farms, photovoltaic parks, and public infrastructure and expansion of seaports to handle increasing trade volume. Soaring demand for equipment like tractors, combines, graders, excavators, loaders, etc., for seed spreading, carrying goods & shipping containers at ports or storage facilities are strongly contributing toward the market growth in the forthcoming timeline.
Key questions answered in the study
Expanding E-Commerce Sector to boost Sales of Material Handling Tires
The e-commerce sector in Uruguay is flourishing extensively and would continue to proliferate significantly during 2021-26. In 2021, around 95.6% of Uruguayan population lives in the urban region, with a high per capita income of USD 15,220 per annum which has also fueled the trade. With the growing investment in the expansion of certain strategic ports to handle the increasing trade volume, the e-commerce industry in Uruguay is likely to boom in the upcoming years, which would cascade the demand for material handling tires, too.
“Uruguay Off-the-Road (OTR) 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) Tire providers across the country. Moreover, the report also encompasses the key strategic imperatives for the competitors' success and strategic factorial indexing measuring competitor's capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Earthmoving Equipment Capturing Considerable Market Share
Earthmoving Equipment is likely to capture more than 25% of the market share in the Uruguay Off-the-Road (OTR) tire market during 2021-26. The key reasons that can be attributed to substantial market share of earthmoving equipment tire are surging investments around infrastructure building, including railways, roads, educational institutions, river transportation systems, dams, social infrastructure, etc.,
Moreover, introduction of government plans for infrastructure development, surging investment in civil construction, and gradually growing mining industry in the country are the other prime factors boosting the Uruguay OTR tire market growth, reveals, MarkNtel Advisors’ in their research report “Uruguay Off-the-Road (OTR) Tire Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the Uruguay Off-the-Road (OTR) Tire Market are Bridgestone, MAXAM tires, Techking Tires Ltd., Balkrishna Industries Limited (BKT), Continental AG, Fabrica Uruguaya de Neumaticos S.A. (FUNSA), Triangle, Others. However, the presence of Chinese players is growing due to price consciousness of Off Road equipment fleet operators. Moreover, the Indian suppliers are also expanding their reach in the country’s OTR tire market.