The Africa Off the Road (OTR) Tire market is anticipated to grow at a high rate over the forecast period. The growth of the market is accredited to burgeoning demand for equipment in agriculture and industrial sector, rising government focus on developing non-oil sectors to diversify their economy and extensive investment made by public and private entities towards expanding industrial infrastructure of African countries. Moreover, robust urbanization, escalating inclination toward modern agriculture vehicles and growing industrialization are some of the factors propelling the growth of the market in the forthcoming years.
According to MarkNtel Advisors’ research report “Africa Off the Road (OTR) Tire Market Analysis, 2020”, the Off the Road (OTR) Tire market is anticipated to grow at a CAGR of 6% during 2021-26F. Based on Types of Tire, Radial Tires acquired the significant market share in the Africa OTR tyre market due to rising preference of customer toward smoother ride and increasing traction in the rough unpaved surface. Moreover, paradigm shift of agricultural industry towards radial tires, as these are longer lasting, and enhances the equipment’s fuel efficiency, thus reducing the operational cost. Thus, this is further anticipated to increases the growth of radical tire in the Africa market.
“Africa Off the Road (OTR) 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 Off the Road (OTR) Tire providers 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 formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
South Africa Grabbed the Majority Market Share
South Africa grabbed the majority market share in the Africa Off the Road (OTR) Tire market in 2019. The growth is attributed to rising government spending toward infrastructure development creating opportunity for Chinese, European tyre companies to invest, increasing government support toward mechanization of agriculture farms and burgeoning demand for OTR tires from the construction & mining sector. Moreover, snowballing demand for Off-highway vehicles is strongly contributing to the growth of the Off the Road (OTR) Tire in the forthcoming years as stated by the MarkNtel Advisors’ research report “Africa Off the Road (OTR) Tire Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Africa Off the Road (OTR) Tire market are Continental Aktiengesellschaft, Compagnie Générale des Établissements Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Hangzhou Zhongce Rubber Co. Ltd., Triangle Tyre Co. Ltd., CEAT Limited etc.
Key questions answered in the study: