Chile Off The Road (OTR) Vehicle Tire Market Research Report: Forecast (2021-2026)
By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and High Commercial Vehicles, Two-Wheelers, Three-Wheelers and OTR), By Demand Category (OEM & Replacement), By Tire Type (Radial and Read more
By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and High Commercial Vehicles, Two-Wheelers, Three-Wheelers and OTR), By Demand Category (OEM & Replacement), By Tire Type (Radial and Bias), By Sales Channel (Dealers/ Exclusive Outlets, Online), By Season (All Season, Winter, Summer), By Rim Size (Up to 12”, 12.1” to 15”, 15.1” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, 47” and above), By Country (Valparaiso, Santiago, Bío Bío, Maule, Araucanía), By Company (Goodyear Tire & Rubber Company, Pirelli Neumaticos Chile LTDA, Michelin Group, Yokohama Rubber Co. Ltd, Hankook Tire & Technology Group, Kumho Tire Co., Inc., Continental AG, Sumitomo Rubber Industries, Ltd., Toyo Tire Corporation etc.)
According to MarkNtel Advisors’ research report, “Chile Off-the-Road (OTR) Tire Market Analysis, 2021,” the Chile Off-the-Road (OTR) Tire Market is likely to grow at a CAGR of 3.23% during 2021-26. The market growth attributes to burgeoning government investment in the mining sector, the rising demand for tractors, and the increasing spending toward various agricultural programs to boost farm mechanization. Chile is an import-driven country with no OEMs in the country. Moreover, snowballing investments in the construction sector are increasing the demand for numerous construction vehicles, which, in turn, is likely to fuel the overall market growth.
Historical Data: 2016-20
Base Year: 2020
Forecast Period: 2021-26
Key Companies Profiled
Yokohama Rubber Co., Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tires, CST, Triangle Group, Trelleborg, etc.
Impact of COVID-19
The Chile Off-the-Road (OTR) Tire Market witnessed a diminishing demand in the second and third quarters of the previous year due to the lockdown imposition, which caused supply chain disruptions. Since the Chile Off-the-Road (OTR) Tire Market is import-dominated, it experienced a sudden downfall due to the temporary yet sudden halt in the construction & mining activities.
However, the economic resumption in Chile in 2021 has earmarked significant growth, hence with the gradual upliftment of lockdown & ease of norms, the demand for OTR tires is likely to surge in Chile during the coming years.
After Market Segment Dominated the Chile Off-the-Road (OTR) Tire Market
Based on Demand Type, the market bifurcates into OEM and Aftermarket. Here, the Aftermarket segment dominated the market in the previous few years due to the absence of OEMs in the country and the surging construction activities to boost the country's economy. Moreover, various infrastructural development projects by the government and increasing customer expenditure on new machinery & equipment are other critical aspects fueling the overall market growth during the forecast period, reveals MarkNtel Advisors in their research report, “Chile Off-the-Road (OTR) Tire Market Analysis, 2021.”
Agricultural Equipment Accounted for Largest Share of Chile Off-the-Road (OTR) Tire Market
Based on Vehicle Type, the market bifurcates into Earth Moving Equipment [Excavators, Loaders, Graders, Bulldozers, Road Rollers], Agricultural Equipment [Tractors, Combines, Others], and Material Handling Equipment [Cranes, Forklifts]. Here, Agricultural equipment, viz. tractors, combines, etc., accounted for the largest market with more than 50% market share. The rising government investment to introduce various innovative projects in agriculture like farm equipment programs, burgeoning investments in the commercial farming sector, and the increasing agricultural mechanization are the prime factors likely to promulgate the market demand for agricultural equipment tires during the coming years.
Burgeoning Government Investment in Infrastructural Development
The infrastructure sector in Chile has shown promising growth with surging investments and has boosted the demand for OTR tires. The extensive investment made by the government in rail & road projects, aviation, and port infrastructure projects is likely to fuel the OTR tire market in the country. Besides, increasing spending towards hydropower projects due to rising demand for power owing to growing industrialization and thriving residential & commercial construction are also likely to fuel the market growth in the forecast period.
According to MarkNtel Advisors, the key players with a considerable share in the Chile Off-the-Road (OTR) Tire Market include Yokohama Rubber Co., Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tires, CST, Triangle Group, Trelleborg, etc.
Key Questions Answered in the Market Research Report:
What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Chile Off-the-Road (OTR) Tire Market?
What are the region-wise industry size, growth drivers, and challenges key market trends?
What are the key innovations, technology upgrades, opportunities, regulations in Chile Off-the-Road (OTR) Tire Market?
Who are the key competitors or market players, and how they perform in the Chile Off-the-Road (OTR) Tire Market based on a competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during Chile Off-the-Road (OTR) Tire Market study?
Market Outlook, Segmentation and Statistics:
Impact of COVID-19 on Chile Off-the-Road (OTR) Tire Market
Market Size & Analysis
Market Share & Analysis
By Type of Vehicle
Earthmoving & Construction Equipment
Material Handling Equipment
By Type of Tire
By Demand Type
By Price Category
By Rim Size
Up to 20”
20.1" to 26"
26.1" to 35"
35.1" to 47"
Chile Off the Road (OTR) Vehicle Tire Market Policy & Regulations
Anti- Dumping Duties
Rubber or Carbon Norms
Chile Off the Road (OTR) Vehicle Tire Market Import Export Statistics
Chile Off the Road (OTR) Vehicle Tire Market Hotspot & Opportunities
Strategic Factorial Indexing
Competitor Placement in MarkNtel Quadrant
Competitor Wise Growth Strategies
Frequently Asked Questions
A. The historical data has been provided since 2016, while the base year is 2020, and the data forecast is up to 2026
A. The market size/industry size or the market value is in USD Billion and thousand units
A. Chile Off-the-Road (OTR) Tire Market is forecast to grow at a considerable CAGR during the forecast period, i.e., 2021-26
A. Yokohama Rubber Co., Goodyear Tire and Rubber Company, Bridgestone Corporation, Continental, Michelin Tires, CST, Triangle Group, Trelleborg, etc., are a few leading players in Chile Off-the-Road (OTR) Tire Market.
A. Earthmoving & Construction Equipment segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share
A. Based on Demand Type, the Aftermarket segment continues to grow at the highest CAGR, thereby presenting immense opportunities for manufacturers & suppliers of the Chile Off-the-Road (OTR) Tire Market
Impact of COVID-19 on Chile OTR Tire Market
Chile Off the Road (OTR) Vehicle Tire Market Analysis, 2016-2026F