According to MarkNtel Advisors, the Oman Tire Market is expecting around 3.3% CAGR during 2021-26. The rapidly increasing construction activities in Oman owing to the increasing government focus on infrastructural developments is propelling the need for heavy construction equipment and, consequently, driving the demand for tires.
Besides, the burgeoning ownership of private cars in Oman, owing to improving economic conditions, increasing purchasing power, & changing living standards of people, is also generating lucrative growth opportunities for the leading automakers & tire manufacturers to expand their product offerings and, in turn, boost the market in the coming years.
Moreover, projects like South Batinah Logistics Area, Ad Dhahirah Economic Area, etc., are stimulating the adoption of commercial vehicles and soaring the demand for Off-the-Road tires in the country, i.e., another crucial aspect expected to augment the overall market growth in the years to come, further states the research report, "Oman Tire Market Analysis, 2021."
Extensive Availability of Replacement Tires to Contribute Significantly to the Market Growth
Due to the unavailability of tire manufacturing units & automotive OEMs in Oman, the tire industry in the country is import-driven and depends entirely on the replacement demand. Hence, growing collaborations between prominent tire manufacturers & replacement tire providers in the country to suffice the mounting consumer requirements are expected to play a crucial role in driving the tire market through 2026.
Moreover, the easy availability of an extensive range of replacement tires is attracting the top tire manufacturers to invest in the tire industry of Oman and expand their visibility & customer base in the country. It, in turn, would further augment the overall market growth in the years to come, reveals MarkNtel Advisors in their research report, "Oman Tire Market Analysis, 2021."
The leading players in the Oman Tire Market include Bridgestone Corporation, Sumitomo Rubber, Compagnie Générale Des Établissements Michelin, Yokohama Rubber, Pirelli & C.Spa, Hankook Tire Co., Toyo Tire & Rubber Company Ltd., Contiental, Apollo Tyres, & Goodyear Tires.
Key Questions Answered in the Research Report: