Press Release

The Middle East and Africa Truck & Bus Tire Market to Grow at a CAGR of Around 6.6% during 2024–30

The Middle East and Africa Truck & Bus Tire Market is anticipated to grow at a CAGR of about 6.6% during the forecast period of 2024–30, cites MarkNtel Advisors in the recent research report. The market expansion implies increased movement of commodities and passengers in the region. Economic growth and urbanization have expedited construction and infrastructure development, increasing demand for goods and passenger transportation in the region. These projects include road construction, highway extensions, and transportation network upgrades, all aimed at improving connectivity and facilitating the efficient flow of products and people across the country. With increased transportation activity, the demand for trucks and buses rises, resulting in a demand for truck and bus tires across the Middle East and African countries.

Furthermore, the Middle East and Africa region serves as a key hub for international trade and commerce, with ports, airports, and free trade zones that enable cross-continental trade. Trucks transport commodities to and from ports, airports, and logistical hubs, connecting global supply networks and driving up demand for truck tires. Moreover, logistics services in the region are developing to provide effective distribution solutions, thus increasing demand for vehicles in the region. With the region's growing logistics, the demand for trucks for goods delivery has increased, resulting in a demand for truck tires, which is ultimately augmenting the size & volume of the Middle East and Africa Truck & Bus Tire Market.

Additionally, the implementation of government programs such as Abu Dhabi Economic Vision 2030 and Saudi Vision 2030, which aim to improve the country's visitor intake, has led to the growth of commercial sector construction. The surge in the construction of malls, resorts, and other tourist attractions in the countries has led to an increase in tourism-related GDP. This includes the construction of roads, highways, and transportation hubs, which increases demand for commercial vehicles such as buses and trucks, hence driving demand for bus and truck tires, further states the research report, “The Middle East and Africa Truck & Bus Tire Market Analysis, 2024.”

Truck Segment to Hold Major Market Share

Based on the vehicle type, the market is bifurcated into truck and bus segments. Among them, the truck segment is expected to account for the majority of the market share owing to surging transportation and logistics needs in the country. Trucks are the main means of moving freight across a variety of industries, and commodity transportation plays a major role in the economies of the Middle East and Africa. To move goods and supplies quickly and effectively, trucks are used in the manufacturing, construction, and agriculture sectors. Although buses are essential for passenger transportation, there is a greater need for trucks in the area due to the volume and frequency of freight transfers. The importance of trucks in the Middle East and Africa Truck & Bus Tire Market is further highlighted by the vast rural areas and the necessity of reaching remote locations for trade and commerce.

Saudi Arabia to Lead the Truck & Bus Tire Industry

Saudi Arabia is expected to hold a considerable share due to the gigantic construction work driven by the economic diversification initiatives of the government. Mega projects like Neom City development, Red Sea projects, etc. are expected to significantly boost the demand for trucks and buses in the country. As part of these initiatives, the country is expected to develop six new cities, 1,000+ residential projects, 100+ mega-adventure parks and tourist attractions, etc. Therefore, such developments in the country would catalyze the demand for tires from logistics operators.

Moreover, Saudi Arabia is an important market for tire suppliers and manufacturers because of its advantageous geographic position and standing as a major regional economy. The Saudi government's efforts to diversify the country's economy away from the oil industry and to invest in industries like logistics and transportation are also contributing to the increase in demand for tires for commercial vehicles.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, Michelin Middle East, Goodyear Tire and Rubber Industries, Bridgestone Middle East and Africa FZE, Sumitomo Rubber Industries, Kumho Tire Co., Inc., Apollo Tyres Ltd., The Yokohama Rubber Co., Ltd., JK Tires and Industries Ltd., Hankook Middle East and Africa, Continental AG, Maxxis Tyre, Hangchou Zhongce Rubber Co. Ltd. (ZC Rubber), and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across various countries?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?