The stabilization of crude oil prices has rejuvenated the investments in the construction market. The countries such as UAE, Saudi Arabia, Qatar, Kuwait, Bahrain, Turkey, etc. has upped their ante on construction spending. Middle East, especially the GCC region has planned massive construction with the objective of economic diversification i.e. reducing their earnings dependence on crude oil and creating new revenue streams by investing in the establishment of business hubs, tourist attractions, adventure parks, etc. So, the economies have designed vision documents to bolster their spending in the construction industry. These mega investment plans are fueling the Off the Road vehicle market in the region. Eventually, the spillover effect is observed in the Off the Road Vehicle Tire market.
According to the MarkNtel Advisors’ research report, “Middle East Off the Road (OTR) Tire Market Analysis, 2020”, the OTR tire market is set to surge at a CAGR exceeding 9% during 2020-25 on account of rising deployment of Off the Road Vehicles. The market is fully driven by replacement demand as the region does not have a manufacturing ecosystem for OTR tires. Replacement demand is expected to dominate the market, as none of OTR tire manufacturers have planned any Greenfield investment in the near future (as of November 2019).
Growing Opportunities Attracting Global Brands
Middle East region has been the hotspot for global OTR tire manufacturers due to the vibrant construction sector and harsh climatic conditions which impacts the overall life of the tire, thereby requiring quicker replacement. Along with the presence of global players such as Goodyear, Michelin, Yokohama, Bridgestone, Pirelli, Continental, Apollo, etc. the Chinese suppliers are gradually expanding their footprints. There is a substantial price difference in the Chinese OTR tires in comparison to the American, European, Korean and Japanese suppliers, revealed by MarkNtel Advisors in its research report, “Middle East Off the Road (OTR) Tire Market Analysis, 2020”.
“Middle East Off the Road (OTR) Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Off the Road Tire Manufacturers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type of Equipment (Construction & Earthmoving Equipment, Material Handling, Agricultural Vehicle)
2. By Type of Product (Excavator, Loader, Grader, Bulldozer, Road roller, Tipper, Forklifts, Cranes, Others)
3. By Demand (OEM Vs Replacement)
4. By Radial Vs Bias
5. By Countries (Saudi Arabia, Qatar, UAE, Kuwait, Iran, Turkey, Others)
6. By Sales Channel (Online, Distributors Channel, Others)
7. By Price Category (Budget, Economy, Premium)
8. By Rim Diameter (20"- 25", 26"-35", 36"-48", Above 48")
9. By Company (Michelin, Bridgestone, Goodyear, Continental, Zhongce Rubber, Giti, Maxam, Triangle, Balakrishna, Promoteon, Peltas, etc.)
Key questions answered in the study:
1. What are the current and future trends of the Middle East Off the Road Tire (OTR) Market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the region?
4. How the competition has been shaping across the region followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Middle East Off the Road Tire (OTR) Market?
6. What are the customer orientation, purchase behavior, and expectations from the Off the Road Tire (OTR) across various regions?