The current Peru Off the Road (OTR) Tire market research report provides a comprehensive overview of various variables that influence the business portfolio, future outlook, present crisis analysis with significant innovations, and product & service segmentation. The research analyzes key statistics on market size, major drivers, growth opportunities & challenges, competitive analysis, and revenue share of leading corporations/industries/companies, namely –
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According to the research report, the Peru Off the Road (OTR) Tire Market is expected to expand at a CAGR of 9.95% during 2021-26.
Market Definition: The economy of Peru relies heavily on the mining industry and medium & heavy commercial vehicles, wherein OTR tires find heavy use, majorly for mining, industrial, construction, mining, and agricultural sectors. Since 2017, Peru has been witnessing various mining activities under the public-private partnership, which has boosted the demand for heavy equipment and, in turn, for OTR tires.
Key Drivers: The demand for OTR tires is anticipated to rise significantly with the surging Peruvian economic reliance on the mining sector and the rapidly increasing number of mining projects. In 2020, the Energy & Mines Ministry declared that the country had 48 under development mining projects, of which 7 were in their first years of construction, including the Mina Justa copper project owned by Grupo Breca, and the rest are likely to begin in the coming five years, which, in turn, shall drive the Peru Off-The-Road (OTR) Tire Market during 2021-26.
Growth Challenges: Retreading is a re-manufacturing process for tires involving tread replacement on worn tires. The material spending in this process is nearly 20% less than manufacturing a new OTR tire. Hence, such significantly growing operations in Peru could hinder the demand for new OTR tires. Moreover, there has been significant growth in the number of leading companies in the country providing retreading services, which is another prominent aspect that might pose a challenge for the market growth during the forecast period.
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The Market segments are cited below:
Market Divided into, By Type of Equipment
-Earth Moving Equipment
-Material Handling Equipment
Market Divided into, By End-Users
Market Divided into, By Type of Tire
Market Divided into, By Demand Type
Market Divided into, By Price Category
Market Divided into, By Rim Size
-Up to 20”
-20.1″ to 26″
-26.1″ to 35″
-35.1″ to 47″
Regional Landscape includes East, West, Central, North, South
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Key Citations of the Research Report:
-Influential parameters driving or constraining Market growth
-The Market’s response to the Covid-19 pandemic
-A thorough examination of the Market’s shifting dynamics
-Assists in determining the profitability by providing thorough insights & assessments of -various segments of the Market
-Key strategies adopted by market leaders to maintain their position in the Market
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