Market Research Report

Guatemala Off-the-Road (OTR) Tire Market Research Report: Forecast (2024-2030)

Guatemala Off-the-Road (OTR) Tire Market Report - By Type of Equipment (Earth Moving Equipment, Material Handling Equipment, Agriculture Equipment), By Tire Type, (Radial, Bias), B...y Demand Type (OEMs, Replacement), By Price Category (Budget, Premium, Economy), By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5), By End Users (Construction, Industrial, Mining, Agriculture, Ports), By Sales Channel (Direct Sales, Online, Multi Brand Stores, Exclusive Outlets), Others Read more

  • Tire
  • May 2024
  • 130
  • PDF, Excel, PPT

Market Insights & Analysis: Guatemala Off-the-Road (OTR) Tire Market (2024-30):

The Guatemala Off-the-Road (OTR) Tire Market size is estimated to grow at a CAGR of around 2.1% during the forecast period, i.e., 2024-30. The country is witnessing surging infrastructure investment by the government and foreign direct investment. These investments are driven by economic growth, the rapid growth of the urban population, and to enhance social development. As infrastructure investment increased, the demand for excavators, bulldozers, loaders, etc., grew in the country for use in infrastructure projects. For instance,

  • In 2023, Guatemala allocated a budget of USD 14.1 billion, with approximately USD 680 million designated for the Ministry of Communication, Infrastructure, and Housing. This ministry is responsible for overseeing 1,450 infrastructure projects.
Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-2030) 2.1%
Regions Covered North, South, Central, Metropolitan, Peten
Key Companies Profiled Bridgestone Corporation, Goodyear Tire and Rubber Company, Continental AG, Yokohama Rubber Co., Ltd., Pirelli Tyre S.p.A, Trelleborg, Toyo Tires, BFGoodrich, ZODO TIRE CO.,LTD (Goldshield), and others
Unit Denominations USD Million/Billion

 

Moreover, the agriculture sector in the country is experiencing surging growth due to an export-oriented agriculture surge, government policies, international trade agreements, etc. Guatemala is recognized as a leader in non-traditional agriculture exports in Central America. The focus on high-value crops such as snow peas, green beans, mini-vegetables, and fruits has contributed to agricultural growth by tapping into international markets and generating foreign exchange.

According to the International Trade Center, the exported value of fruits has increased to around USD 5,806 thousand in 2023 from around USD 4,276 thousand in 2020. The increased cultivation of high-value crops heightened the requirement for mechanized farming methods, including the use of heavy machinery like tractors, combines, and earthmoving equipment in the country. Hence, all these factors are contributing to the increase in the need for OTR tires during the forecast period to equip these vehicles.


Guatemala Off-the-Road (OTR) Tire Market Research Report: Forecast (2024-2030)

Guatemala Off-the-Road (OTR) Tire Market Driver:

Increasing Construction of Hospitality Projects Driving Market Growth – The country has several museums, art galleries, and other attraction sites, which are attracting travel junkies from across the globe to visit Guatemala. Additionally, the country is increasingly hosting live music & sports events, that is gaining the attention of sports enthusiasts from across the globe. As a result, the country is recording a surge in the inbound tourism. As per the statistics by the Ministry of Tourism, in 2023, the country recorded the arrival of around 2.6 million inbound tourists, an increase of about 43% compared to the previous year. The rising inbound arrival of foreign travelers is augmenting the demand for the accommodation facilities, like hotels & resorts. Therefore, major players in the market are expanding their hotels in the nation. The expansion & construction of hotels & resorts in the country are elevating the requirement of several heavy-duty machinery. These vehicles typically run on difficult terrain and carry a heavy load of building & construction materials. Therefore, these vehicles observe tire wear & tear, necessitating regular tire replacement and uplifting of the Guatemala OTR Tire Market.

Additionally, the country is organizing several other live events in the country which would further result in higher tourism. Therefore, the construction of hospitality projects would continue to increase, consequently driving the growth of the Guatemala Off-the-Tire Market in the coming years.

Guatemala Off-the-Road (OTR) Tire Market Opportunity:

Rising Focus on Mining Industry to Enhance Market Growth –  In the past few years, the mining sector of the nation has observed several issues that caused the suspension of key mining sites in the country. The halt in mining activities due to political & social conflicts and pending court-mandated consultations negatively affected the country’s economy. Therefore, to boost the sector & uplift the nation’s economy, the official authorities are taking various steps, such as easing the regulation & providing funds. For instance,

  • In 2022, the ministry plans to complete consultations at Pan American Silver’s Escobal silver-lead-zinc mine and Solway Investment Group’s Fénix ferronickel mine.

This rising focus of the official authorities to promote the mining sector is fueling the mining activities & resulting in the emergence of new mining exploration projects like the Cerro Blanco Gold Project and the Fenix Nickel Project across the country. Consequently, the increasing number of mining ventures would pose an opportunity for the Guatemala Off-the-Road Tire Market since the extensive use of earthmoving equipment in mining operations would essentially result in frequent tire replacement.

Guatemala Off-the-Road (OTR) Tire Market Challenge:

Poor Economic Conditions Impede the OTR Tire Demand – The economic conditions of the country are relatively poorer than the other North American countries. As a result, the infrastructural development projects in the country are passed and constructed at a slower pace. Additionally, the governing bodies in the country have limited financial resources as a result of which the funding of several infrastructural projects is relatively lower. This is leading to the halt of many construction projects. Therefore, the demand for construction vehicles is significantly lower, consequently negatively impacting the demand for OTR tires in Guatemala. Moreover, the nation has inadequate resources & fewer working professionals due to which there are few industrial units in the country. Further, the limited infrastructure in the country is also preventing foreign-based enterprises from setting up their manufacturing unit in the nation. This limited industrial activity in the nation is leading to lower demand for vehicles such as forklifts, consequently slowing down the demand for the tires used by these vehicles and hindering Guatemala's Off-the-Road (OTR) Tire Market growth.

Guatemala Off-the-Road (OTR) Tire Market Trend:

Rising Sanctions of Renewable Energy Projects Supporting Market Growth – Conventionally, the electricity generation in the nation relied upon fossil fuels that are imported from other neighboring countries. However, the recent political conflicts between the nations, such as Russia & Ukraine, and Iran & Israel, have disrupted the supply chain, leading to the energy crisis in the country. Therefore, to minimize these energy crises, the governing authorities & ministries are transitioning towards renewable energy. The country is focusing on transitioning its reliance from fossil fuels to renewable energy sources, owing to which the leading governing bodies are sanctioning new projects. For instance,

  • In 2023, Ecoener, a Spanish renewable energy firm announced the construction of two photovoltaic plants in Guatemala named Yolanda and El Carrizo that would boost the electricity generation in the country.

This surging construction of renewable construction projects is amplifying the requirement for the heavy-duty vehicles needed during construction. This in turn is resulting in higher demand for tires consequently uplifting the Guatemala OTR Tire market.

Additionally, the official authorities of the nation are working on promoting electricity generation via renewable resources by laying policies, like Energy Policy 2019-2050. Therefore, there would be a surge in the sanctioning of renewable energy projects. This would consequently result in a higher demand for the construction vehicles & their tires in forecast years.

Guatemala Off-the-Road (OTR) Tire Market (2024-30): Segmentation Analysis

The Guatemala Off-the-Road (OTR) Tire Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the national level. According to the analysis, the market has been further classified as:

Based on Type of Equipment:

  • Earthmoving Equipment
    • Excavator
    • Grader
    • Loader
    • Bulldozer
    • Road Roller
  • Material Handling Equipment
    • Forklifts
  • Agriculture Equipment
    • Tractor
    • Combines
    • Others (Harvester, etc.)

Of them all, earthmoving equipment holds a notable market share in the Guatemala Off-the-Road Tire market. The country is witnessing population growth due to the rising arrival of expatriates from other North American nations. This increasing population is elevating the requirement for proper accommodation facilities as a result real estate developers are constructing residential apartments & complexes in the country. This residential construction is augmenting the demand for earthmoving vehicles in the country since these vehicles are essentially used during the construction for site preparation, excavation & land development. The extensive usage of these vehicles leads to higher tire wear & tear, which negatively affects the operational efficiency of the vehicle. Therefore, the construction contractors ensure frequent tire replacement of these vehicles to maintain their efficiency. This consequently uplifts the OTR tire demand and enlarges the market size of the Guatemala Off-the-Road (OTR) Tire Market.

Additionally, the non-government organizations & the governing bodies are working on improving the quality of living for its inhabitants. Owing to this, several public infrastructural development projects are under construction. The construction of these public projects would continue to amplify the demand for earthmoving equipment, consequently enhancing the market share of Earthmoving Equipment in the Guatamela OTR Tire market during the forecast period.  

Based on Tire Type:

  • Bias
  • Radial

Among them, Radial Tire holds a noteworthy market share in the Guatemala Off-the-Road (OTR) Tire Market. Heavy-duty vehicles are used in rough terrains therefore tires that provide lower rolling resistance & better grip are usually preferred Radial OTR tires offer longer tread life and low rolling resistance, as a result, the end-users prefer to use radial tires rather than bias tires. These tires provide better fuel efficiency owing to which the operating costs for the end-users are minimized. Therefore, industries that have other miscellaneous expenses prefer to use these tires to reduce their operating costs, enhancing their market share.

Additionally, radial tires are built & designed differently than the bias tires and their unique design and patterns result in longer tread life. This longer tread life helps the end-users to minimize their tire replacement and use the tires for a comparatively longer duration than the bias-ply tire. Therefore, the end-user industries that extensively utilize heavy machinery vehicles are seeking tires that require fewer tire replacements. Hence, these end-user industries are increasingly adopting the radial OTR tires, amplifying the market growth.

Gain a Competitive Edge with Our Guatemala Off-the-Road (OTR) Tire Market Report

  1. Guatemala Off-the-Road (OTR) Tire Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Guatemala Off-the-Road (OTR) Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Guatemala Off-the-Road (OTR) Tire Market is expected to grow at a compound annual growth rate (CAGR) of around 2.1% over the forecast period.

   A. Increasing Construction of Hospitality Projects is expected to drive the Guatemala Off-the-Road (OTR) Tire Market during 2024-30.

   A. Bridgestone Corporation, Goodyear Tire and Rubber Company, Continental AG, Yokohama Rubber Co., Ltd., Pirelli Tyre S.p.A, Trelleborg, Toyo Tires, BFGoodrich, ZODO TIRE CO.,LTD (Goldshield), and others are the top companies in the Guatemala Off-the-Road (OTR) Tire Market.

   A. Earthmoving equipment held the largest share of the Guatemala Off-the-Road (OTR) Tire Market.

   A. Rising Sanctions of Renewable Energy Projects is a key trend shaping the growth of the Guatemala Off-the-Road (OTR) Tire Market.

   A. Poor Economic Conditions are the challenges hindering the growth of the Guatemala Off-the-Road (OTR) Tire Market.

   A. The expansion of the mining industry is the growth opportunity driving the Guatemala Off-the-Road (OTR) Tire Market.

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Guatemala Off the Road (OTR) Tire Market Regulations & Policies
  5. Guatemala Off the Road (OTR) Tire Market Import Export Statistics
  6. Guatemala Off the Road (OTR) Tire Trends & Insights
  7. Guatemala Off the Road (OTR) Tire Market Dynamics
    1. Drivers
    2. Challenges
  8. Guatemala Off the Road (OTR) Tire Market Hotspots & Opportunities
  9. Guatemala Off the Road (OTR) Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Type of Equipment
        1. Earth Moving Equipment – Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Material Handling Equipment– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Agriculture Equipment– Market Size & Forecast, 2019-2030 (Thousand Units)
      2. By Tire Type
        1. Radial– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Bias– Market Size & Forecast, 2019-2030 (Thousand Units)
      3. By Demand Type
        1. OEMs– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Replacement– Market Size & Forecast, 2019-2030 (Thousand Units)
      4. By Price Category
        1. Budget– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Premium– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Economy– Market Size & Forecast, 2019-2030 (Thousand Units)
      5. By Tire Size
        1. Tire Size 1– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Tire Size 2– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Tire Size 3– Market Size & Forecast, 2019-2030 (Thousand Units)
        4. Tire Size 4– Market Size & Forecast, 2019-2030 (Thousand Units)
        5. Tire Size 5– Market Size & Forecast, 2019-2030 (Thousand Units)
      6. By End Users
        1. Construction– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Industrial– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Mining– Market Size & Forecast, 2019-2030 (Thousand Units)
        4. Agriculture– Market Size & Forecast, 2019-2030 (Thousand Units)
        5. Ports– Market Size & Forecast, 2019-2030 (Thousand Units)
      7. By Sales Channel
        1. Direct Sales– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Online– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Multi Brand Stores – Market Size & Forecast, 2019-2030 (Thousand Units)
        4.  Exclusive Outlets– Market Size & Forecast, 2019-2030 (Thousand Units)
      8. By Region
        1. North
        2. South
        3. Central
        4. Metropolitan
        5. Peten
      9. By Company
        1. Competition Characteristics
        2. Market Share & Analysis
  10. Guatemala Earthmoving Equipment Off the Road (OTR) Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousands)
    2. Market Share & Analysis
      1. By Type– Market Size & Forecast, 2019-2030 (Thousand Units)
        1. Excavator– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Grader– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Loader– Market Size & Forecast, 2019-2030 (Thousand Units)
        4. Bulldozer– Market Size & Forecast, 2019-2030 (Thousand Units)
        5. Road Roller– Market Size & Forecast, 2019-2030 (Thousand Units)
      2. By Type of Tire– Market Size & Forecast, 2019-2030 (Thousand Units)
      3. By Demand Type– Market Size & Forecast, 2019-2030 (Thousand Units)
      4. By Price Category– Market Size & Forecast, 2019-2030 (Thousand Units)
      5. By Tire Size– Market Size & Forecast, 2019-2030 (Thousand Units)
      6. By End Users– Market Size & Forecast, 2019-2030 (Thousand Units)
      7. By Sales Channel– Market Size & Forecast, 2019-2030 (Thousand Units)
  11. Guatemala Material Handling Equipment Off the Road (OTR) Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast, 2019-2030 (Thousand Units)
        1. Forklifts– Market Size & Forecast, 2019-2030 (Thousand Units)
      2. By Type of Tire– Market Size & Forecast, 2019-2030 (Thousand Units)
      3. By Demand Type– Market Size & Forecast, 2019-2030 (Thousand Units)
      4. By Price Category– Market Size & Forecast, 2019-2030 (Thousand Units)
      5. By Tire Size– Market Size & Forecast, 2019-2030 (Thousand Units)
      6. By End Users– Market Size & Forecast, 2019-2030 (Thousand Units)
      7. By Sales Channel– Market Size & Forecast, 2019-2030 (Thousand Units)
  12. Guatemala Agriculture Equipment Off the Road (OTR) Tire Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Units Sold (Thousand Units)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast, 2019-2030 (Thousand Units)
        1. Tractor– Market Size & Forecast, 2019-2030 (Thousand Units)
        2. Combines– Market Size & Forecast, 2019-2030 (Thousand Units)
        3. Others (Harvester, etc.) – Market Size & Forecast, 2019-2030 (Thousand Units)
      2. By Type of Tire– Market Size & Forecast, 2019-2030 (Thousand Units)
      3. By Demand Type– Market Size & Forecast, 2019-2030 (Thousand Units)
      4. By Price Category– Market Size & Forecast, 2019-2030 (Thousand Units)
      5. By Tire Size– Market Size & Forecast, 2019-2030 (Thousand Units)
      6. By End Users– Market Size & Forecast, 2019-2030 (Thousand Units)
      7. By Sales Channel– Market Size & Forecast, 2019-2030 (Thousand Units)
  13. Guatemala Off-the-Road Tire (OTR) Tire Market Key Strategic Imperatives for Growth & Success
  14. Competition Outlook
    1. Company Profiles
      1. Pirelli Tyre S.p.A.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Goodyear Tire and Rubber Company
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Bridgestone
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Continental AG
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. The Yokohama Rubber Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Trelleborg
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Toyo Tires
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. BFGoodrich
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. ZODO TIRE CO.,LTD (Goldshield)
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. Others
  15. Disclaimer


Guatemala Off-the-Road (OTR) Tire Market Segmentation Slide