Uruguay Off the Road (OTR) Tire Market Analysis, 2021 

Uruguay Off the Road (OTR) Tire Market Analysis, 2021 

By Type of Equipment (Earth Moving Equipment [Excavator, Grader, Loader, Bulldozer, Road roller], Material Handling Equipment [Forklifts], Agricultural Equipment [Tractor, Combines, Others]), By End-U Read more

  • Tire
  • Sep 2021
  • 102
  • TR44013

Off-the-Road (OTR) Tire also known as Mud-Terrain Tires & All-Terrain Tires. The structure of these tires is typically more rigid and robust as compared to street tires. The tread blocks of these tires are aggressive-looking, designed to grip firmly on terrains with sand, mud, and rocks. Unlike others, these tires use a softer rubber, which offers a better grip on rough surfaces.

The “Uruguay Off-the-Road (OTR) Tire Market” is projected to grow at a CAGR of around 5.11% during the forecast period i.e. 2021-26, says MarkNtel Advisors. The Uruguay OTR Tire Market witnessed snowballing growth owing to increasing agriculture & construction activities, particularly in industrial, residential, & commercial sectors. The introduction of the Public-Private Partnership (PPP) model to deliver new construction projects, increasing government focus on building extensive road infrastructure, and soaring spending on the power sector, water & sanitation, etc., are further anticipated to place a lucrative opportunity for the growth of OTR tire market in the coming five years.

The research report, “Uruguay Off-the-Road (OTR) Tire Market Analysis, 2021,” depicts a deep-dive market analysis of market statistics, which mainly consists of region-wise market size, market forecast, CAGR & market share of market segmentation, competitive benchmarking, and key market drivers & restraints.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 5.11%
Key Companies Profiled Bridgestone, MAXAM Tires, The Goodyear Tire & Rubber Company, Continental AG, Techking Tires, Double Coin Holdings, Balkrishna Industries Limited (BKT), Fabrica Uruguaya de Neumaticos S.A. (FUNSA), Sailun Latin America Group, Oriente Triangle Latin America
Unit Denominations USD Million/Billion

 

COVID-19 Pandemic Impact on the Market Growth

The mobility restrictions caused due to the COVID-19 led to a sudden halt in construction activities in Uruguay throughout 2020. The turbulence in the country’s supply chain caused by the import restrictions during 2020 had negatively impacted the OTR tire sales in Uruguay.

Since Uruguay is an import-driven market for OTR tires, it saw a decline in demand for earthmoving & material handling tires because of the sluggish construction activities and the impact on the trading through seaports and cross-country borders. This, in turn, led to the decreasing sales of Off-Road Tires used in earthmoving & material handling equipment.

Market Segmentation

Agriculture segment Dominated the market

Based on the Equipment Type, Agriculture equipment tires dominated the Uruguay OTR Tire Market by acquiring more than 50% share in the last year and are anticipated to do so in the forthcoming years. This is due to the increasing agricultural exports to its neighboring countries entwined with the modernization of agriculture methods across the country.

During the COVID-19 pandemic, agriculture was the least affected sector in Uruguay. The government initiatives like Climate-Smart Agriculture and National Adaptation Plans (NAP-Ag) that aim to boost the production & export of various agricultural products in Uruguay are projected to escalate the demand for OTR tires used in agriculture equipment, cites MarkNtel Advisors’ in their research report “Uruguay Off-the-Road (OTR) Tire Market Analysis, 2021”. 

Bias tire Accounted for the Significant Market Share

Based on the type of tire, the Bias tire segment accounted for around 40% market share in the Uruguay OTR tire market. The growth attributes to their extensive application in agricultural equipment, such as tractors, seeders, combines, etc. These tires are cheaper than radial tires, have high load capacity, extra layers that protect against damage, and are easy to repair. Moreover, the country lags in the advancement of tire technology, and thus the majority of applications consider bias tires due to affordability.

Market Driver

Strong Agriculture Sector.

The strong agriculture sector of Uruguay has contributed significantly to the growing demand for agriculture tires, which are used mainly in tractors, seeders, combines, fertilizer spreaders, etc., imported from Brazil, the US, Uruguay, and China. Agriculture makes up about 6% of Uruguay's GDP, which comprises roughly 80% of exports and plays a leading role in Uruguay’s economy. As of 2019, Uruguay was the world’s 6th largest soy exporter and 10th largest rice exporter. This growing agriculture sector of Uruguay, energized by significant investments in forestry, is expected to boost the agriculture activities in the country, which, in turn, would stimulate the demand for agro tires.

Market Challenge

Underdeveloped Distribution Channels Across the Country

Uruguay has an underdeveloped sales & distribution channel network that makes it harder for tires to reach some parts across the country. There is a lack of online platforms to sell OTR tires in the country, due to which a small percentage of customers is lost. At the same time, weak local distribution partners’ networks across the country also hindered the extensive accessibility of OTR tires.

Competitive Landscape

According to MarkNtel Advisors, the major leading players in the Uruguay Off-the-Road (OTR) Tire market are Bridgestone, MAXAM Tires, The Goodyear Tire & Rubber Company, Continental AG, Techking Tires, Double Coin Holdings, Balkrishna Industries Limited (BKT), Fabrica Uruguaya de Neumaticos S.A. (FUNSA), Sailun Latin America Group, Oriente Triangle Latin America, etc.

Key Questions Answered in the Market Research Report:

  1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Uruguay Off-the-Road (OTR) Tire Market?
  2. What is the region-wise industry size, growth drivers, and challenges?
  3. What are the key innovations, opportunities, current & future trends, and regulations in the Uruguay Off-the-Road (OTR) Tire Market?
  4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Uruguay Off-the-Road (OTR) Tire Market based on a competitive benchmarking matrix?
  5. What are the key results derived from the market surveys conducted during the Uruguay Off-the-Road (OTR) Tire Market study?   

Market Outlook, Segmentation, and Statistics 

  • Impact of COVID-19 on Uruguay Off-the-Road (OTR) Tire Market
  • Market Size & Analysis
    • By Revenue
    • By Units Sold
  • Market Share & Analysis
    • By Type of Equipment
      • Earth Moving Equipment
        • Excavator
        • Grader
        • Loader
        • Bulldozer
        • Road roller
      • Material Handling Equipment
        • Forklifts
      • Agricultural Equipment
        • Tractor
        • Combines
        • Others
    • By End-Users
      • Construction
      • Industrial
      • Mining
      • Agriculture
      • Ports
    • By Type of Tire
      • Radial
      • Bias
    • By Demand Type
      • OEMs
      • Aftermarket
    • By Price Category
      • Budget
      • Premium
      • Economy
    • By Rim Size
      • Up to 20”
      • 20.1" to 26"
      • 26.1" to 35"
      • 35.1" to 47"
      • Above 47"
    • By Region
      • The Interior Region
      • The Littoral Region
      • Greater Montevideo Region
      • The Coastal Region
    • By Competitors
      • Competition Characteristics
      • Market Share & Analysis
      • Competitive Metrix
  • Uruguay Off-the-Road (OTR) Tire Market Hotspots & Opportunities
  • Uruguay Off-the-Road (OTR) Tire Market Regulations & Policy
  • Key Strategic Imperatives for Success and Growth
  • Uruguay Competition Outlook
    • Competition Matrix
    • Company Profile

Frequently Asked Questions

A. The Uruguay Off-the-Road (OTR) Tire Market is forecast to grow at a CAGR of 5.11% during 2021-26.

A. Bridgestone, MAXAM Tires, The Goodyear Tire & Rubber Company, Continental AG, Techking Tires, Double Coin Holdings, Balkrishna Industries Limited (BKT), Fabrica Uruguaya de Neumaticos S.A. (FUNSA), Sailun Latin America Group, Oriente Triangle Latin America, etc., are a few of the leading players in the Uruguay Off-the-Road (OTR) Tire Market.

A. Agriculture segment is anticipated to attain the highest CAGR during the forecast period and maintain its significant market share.

A. Radial tire continues to grow at the highest CAGR during 2021-26, thereby presenting immense opportunities to market players of the Uruguay Off-the-Road (OTR) Tire Market.

A. The rising government investment in infrastructure development, soaring growth in the mining industry, and modernization in Uruguay’s agricultural techniques & methods are the major factors fueling the market growth.

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Impact of COVID-19 on Uruguay OTR Tire Market
  4. Uruguay Off the Road (OTR) Vehicle Tire Market Analysis, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By Type of Equipment
        1. Earth Moving Equipment
          1. Excavator
          2. Grader
          3. Loader
          4. Bulldozer
          5. Road roller 
        2. Material Handling Equipment
          1. Crane
          2. Forklifts
        3. Agricultural Equipment
          1. Tractor
          2. Combines
          3. Others
      2. By End-Users
        1. Construction
        2. Industrial
        3. Mining
        4. Agriculture
        5. Ports
      3. By Type of Tire
        1. Radial
        2. Bias
      4. By Demand Type
        1. OEMs
        2. Aftermarket
      5. By Price Category
        1. Budget
        2. Premium
        3. Economy
      6. By Rim Size
        1. Up to 20”
        2. 20.1" to 26"
        3. 26.1" to 35"
        4. 35.1" to 47"
        5. Above 47"
      7. By Competitors
        1. Competition Characteristics
        2. Units Sold, By Competitors
        3. Competitive Metrix
  5. Uruguay Earthmoving Equipment Tire Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By End Users
      2. Type of Tire
      3. Demand Type
      4. Price Category
      5. Rim Size
  6. Uruguay Material Handling Equipment Tire Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By End Users
      2. Type of Tire
      3. Demand Type
      4. Price Category
      5. Rim Size
  7. Uruguay Agricultural Equipment Tire Market Outlook, 2016-2026F
    1. Market Size & Analysis
      1. Market Revenue
      2. Units Sold
    2. Market Share & Analysis
      1. By End Users
      2. Type of Tire
      3. Demand Type
      4. Price Category
      5. Rim Size
  8. Uruguay Off the Road (OTR) Vehicle Tire Market Trends & Insights
  9. Uruguay Off the Road (OTR) Vehicle Tire Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  10. Uruguay Off the Road (OTR) Vehicle Tire Market Policy & Regulations
    1. Import Tariff
    2. Anti- Dumping Duties
    3. Rubber or Carbon Norms
  11. Uruguay Off the Road (OTR) Vehicle Tire Market Import Export Statistics
  12. Uruguay Off the Road (OTR) Vehicle Tire Market Hotspot & Opportunities
  13. Uruguay Off the Road (OTR) Vehicle Tire Market Key Strategic Imperatives for Success & Growth
  14. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Specialization
      3. Target Markets
      4. Target End Users
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Bridgestone
      2. MAXAM tires
      3. Techking Tires Ltd.
      4. Double Coin Holdings Ltd.
      5. Balkrishna Industries Limited (BKT)
      6. Continental AG
      7. Fabrica Uruguaya de Neumaticos S.A. (FUNSA)
      8. Sailun Latin America Group
      9. Oriente Triangle Latin America Inc.
  15. Disclaimer
Uruguay Off The Road (OTR) Tire  Market Segmentation