Press Release

A USD70 Million Nigeria Off the Road (OTR) Tire Market to Flourish at a CAGR of Around 3.8% During 2025-30

The Nigeria Off the Road (OTR) Tire Market size is valued at around USD 70 million in 2024 and is anticipated to reach around USD 87 million by 2030. Moreover, the market is estimated to grow at a CAGR of about 3.8% during the forecast period i.e., 2025-30., cites MarkNtel Advisors in the recent research report. Nigeria OTR Tire Industry is growing gradually driven by several factors. Farmers are inclining towards mechanization to enhance productivity and improve efficiency in agriculture, thus they need heavy-duty vehicles. Tractors, combined harvesters, and farm trucks are required for efficient agricultural activity with durable OTR tires for rugged and uneven farmland. Hence the demand for OTR tires is elevating with the rising focus of the government in the agricultural sector. The agriculture sector is contributing to around 22% of total GDP growth, thereby driving the market growth of OTR tires in the country.

Furthermore, Nigeria is the coastal region of Africa bordered by the Atlantic Ocean and offers cost-effective facilities for International trade. The increasing trading activity is raising the demand for OTR tires as it requires loaders or heavy vehicles to move the goods to the ship through the sandy beaches of Nigeria. Also, the coastal region is attracting tourism to the country further boosting the demand for infrastructure such as hotels, resorts, and restaurants.

Moreover, Infrastructure demand in the region is also driven by growing IT Development that requires IT hubs, office spaces, and residences for IT professionals. The government is also taking various initiatives to boost growth in construction activities like roads, bridges, and railways which in turn contributes to overall economic growth. All these infrastructural developments require heavy machinery like excavators, loaders, bulldozers, graders, and road rollers with robust OTR tires. These specialized tires are durable and can work effectively in the rough and restrained conditions of construction sites. The rising demand of the construction sector driven by the IT industry and government initiatives is exhibiting growth opportunities for OTR tire manufacturers in Nigeria's Off the Road (OTR) Tires Market. However certain factors like the floating of the Naira and high inflation have slowed down the market and led to the importing of low-cost options from emerging Chinese tire companies in the region, further states the research report, “Nigeria Off the Road (OTR) Tire Market Analysis, 2025”.

Segmentation Analysis:

Agricultural Equipment holds the Largest Share of the Market.

Based on the type of vehicle, the market is further bifurcated into, Earthmoving Equipment, Agricultural Equipment, and Material Handling Equipment. The agricultural equipment segment acquires approximately 40% share of the market, supported by government initiatives in the agriculture sector. Approximately 70% of Nigerians are engaged in agriculture, creating the demand for Agricultural equipment with durable and reliable OTR tires. These agricultural equipment includes tractors, combined harvesters, and farm trucks to work under various conditions like heavy loads and diverse terrains. Increasing mechanization in the agricultural sector amplifies efficiency and productivity further boosting the segment demand in the Nigeria OTR tire industry.

Authorized Dealers & Distributors Dominate the Nigeria OTR Tire Industry

In the Nigeria Off the Road (OTR) Tire Market, the authorized dealers or distributors lead the market by capturing more than 45% of the market share. The dealers and distributors play a crucial role in ensuring the accessibility to buy from a wide range of tires for construction, agricultural, and mining equipment machinery. Distributors source the required type of tires from the manufacturer to the end-user and also support installation and maintenance. They also provide after-sale support and expert guidance by ensuring that the tire meets specific quality standards. The performance and safety of heavy vehicles in difficult environments depend on businesses having consistent access to high-quality tires which makes this section crucial.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies including, Pirelli, Michelin, Bridgestone, Continental, Goodyear, Zhongce Rubber, Triangle, Yokohama, BF Goodrich, Double Coin, 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 country?
4. How has the industry been evolving in terms of geography & product adoption?
5. What key factors would propel and impede the industry across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
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?