According to the research report titled ‘Latin America Off the Road (OTR) Tire Market Analysis, 2020’, available with Market Study Report, Latin America off the road (OTR) tire market is projected to expand at a CAGR of 2.1% over 2020-2025.
 

As per the findings of the report, the growth of Latin America off the road market can be ascribed to improving economic conditions, proliferating construction and mining activities, and surplus greenfield investments which have significantly expand fleet size of construction equipment like excavator, loader, grader, road rollers, cranes, and bulldozer.
 

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Moreover, presence of a well-connected dealer and distributor's networks is enhancing the industry growth. However, implementation of anti-dumping duties by countries such as Argentina and Brazil have negatively impacted the business landscape but has positively affected European and American OTR tire suppliers.
 

Based on tire type, Latin America off the road tire industry is split into radial tires and bias tires, among which, the latter is witnessing an increased adoption in recent times, especially in Brazil and Mexico.
 

With respect to vehicle type, Latin America off the road tire market is categorized into earthmoving & constructing equipment, material handing vehicle, and agricultural vehicle. Considering season, the industry is classified into all season tires and summer tires. In terms of sales channel, the market is divided into exclusive stores, authorized dealers or distributors, and others. Moving on to price category, the sub-segments are the budget, economy, and premium. Lastly, the rim diameter segmentation includes 20”-25”, 26”-35”, 36”-48”, and above 48”.
 

From a regional frame of reference, Latin America off the road tire market share is fragmented among Brazil, Columbia, Argentina, and others. Brazil market accounted for 50% of the total construction and mining equipment units in 2019 and is likely to maintain strong growth over the forecast timeframe.
 

Key players influencing Latin America off the road tire market dynamics are Triangle Group, Trelleborg AB, Yokohama Rubber Co., Toyo Tire Corp., Kumho Tire Co., Inc., Zhongce Rubber Group Co., Ltd., Continental AG, Bridgestone Corp., Goodyear Tire and Rubber Co., Michelin Group.