Burgeoning construction activities, intensifying vehicle fleet, and growing automobile sales are the prominent factors expected to propel the tire market in Oman during the forecast period.
According to MarkNtel Advisors’ research report “Oman Tire Market Analysis, 2020”, the Oman Tire market is expected to grow at a considerable CAGR during 2021-26. According to OICA, the total number of vehicles registered in the country estimated to be around 63,500 as compared to 154,900 in 2016. There is a slight decline in the sales however, the sales of automobiles is expected to boom again. This would galvanize the demand for tires in the coming years.
Passenger Car Segment is Witnessing a Major Growth
In 2019, there were around 49,924 passenger cars as compared to 115700 in 2016, according to OICA. As a result, passenger car tire sales accounted for a majority of the tire sales in the country. The passenger car tire segment is forecasted to dominate tire sales during 2016-2021 as well, due to increasing urbanization and rising disposable income levels. The commercial vehicles sales in 2019 accounted to be around 13,576.
Dealers and Distributors Registered the Largest Market Share
Most of the sales of tires are through dealers and distributors therefore the segment acquired the major market share in 2020. The companies such as Bridgestone offer tires through the majority of sale points in Oman. Also, the major tire brands are listed online and are sold on e-commerce platforms. The sales of tires through the online platform is gaining pace owing to the easy availability and discount on prices of tires as revealed by the MarkNtel Advisors’ research report “Oman Tire Market Analysis, 2020”.
“Oman Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Oman Tire providers across the region. 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 formulation of Go Market Strategies and identifying the blue ocean for its offerings.
According to MarkNtel Advisors’, the key players with a considerable market share 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, Continental, Apollo Tyres, Goodyear Tires, etc.
Key questions answered in the study: