Africa Off the Road (OTR) Tire Market Research Report: Forecast (2024-2029)
By Type of Equipment(Earth Moving Equipment [Excavators, Loaders, Graders, Bulldozers, Road Rollers], Agricultural Equipment [Tractors, Combines, Others], Material Handling Equipme......nt [Cranes, Forklifts]), By Type of Tire (Radial, Bias), By Demand Type (OEM, Aftermarket), By Application (Construction, Industrial, Mining, Agriculture, Ports), By Rim Size (20”-25”, 26”-35”-, 36”-48”, Above 48”), By Season (All Season, Summer), By Price Category (Budget, Economy, Premium), By Sales Channel (Multi-brand & Exclusive Outlets, Direct Sales, Online), By Country (South Africa, Nigeria, Kenya, Algeria, Morocco, Rest of Africa), By Company (Continental, Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Triangle Tyre Co. Ltd, CEAT Limited, BKT, Hangzhou Zhongce Rubber Co. Ltd.) Read more
- Tire
- Oct 2023
- Pages 178
- Report Format: PDF, Excel, PPT
Market Insights & Analysis: Africa Off the Road (OTR) Market (2024-29)
The Africa Off the Road (OTR) Market is estimated to grow at a CAGR of around 3.5% during the forecast period, i.e., 2024-29. The market growth is accredited to the rising inclination towards increasing government investment in the development of urban areas & surging infrastructure development activities in the region, which require heavy machines in the construction process. The growing demand for OTR tires in the mining, construction, and agriculture sectors augmented government subsidies for farm equipment, and heightened investments in new radial tire manufacturing facilities are the key factors positively influencing the industry's growth prospects during the forecast period.
Furthermore, the construction of highway projects in regions like the Western Cape, Limpopo, and the Eastern Cape is driving the expansion of the Off the Road (OTR) Tire Market. This growth is primarily attributed to the substantial demand for heavy vehicles in the construction sector, which, in turn, leads to inflated requirements for new or replacement tires. Additionally, the surge in both international & domestic tourism has spurred the development of hotels in the region.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2019-22 |
| Base Year: 2023 | |
| Forecast Period: 2024-29 | |
| CAGR (2024-2029) | 3.5% |
| Country Covered | South Africa, Nigeria, Kenya, Algeria, Morocco, Rest of Africa |
| Key Companies Profiled | Continental, Michelin, Bridgestone Corporation, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries, Ltd, Toyo Tire & Rubber Company, Triangle Tyre Co. Ltd, CEAT Limited, BKT, Hangzhou Zhongce Rubber Co. Ltd. |
| Unit Denominations | USD Million/Billion |
Moreover, the demand for OTR vehicle tires among OEMs has been marginal over the past few years, mainly because the country is largely import-dependent in the OTR vehicle segment as there are only a small number of OEMs like Agrico, Agrimont Group, etc., who are involved in the manufacturing of only agricultural equipment.
Furthermore, due to the absence of substantial expansion initiatives by OTR manufacturers in African nations in recent years, it is anticipated that the OEM sector would continue to witness comparable demand trends in the foreseeable future, thus contributing to enhancing the Africa OTR Tire Market size.
_Tire_Market_Research_Report_Forecast_(2024-2029).png)
Africa Off the Road (OTR) Market Driver
Mineral-rich Africa's Thriving Mining Industry to Aid in Fueling the Demand for Off the Road (OTR) Tires – Africa's vast & diverse mineral resources, including precious metals, minerals, and ores, have led to a thriving mining sector. Hence, with the booming demand for heavy vehicles from the mining industry in Africa the demand for Off the Road (OTR) tires is destined to drive.
In the pursuit of valuable resources, mining operations depend heavily on specialized equipment, such as colossal haul trucks, loaders, and excavators, equipped with OTR tires designed to withstand the harsh & challenging terrain of mining sites. Further, as the mining industry continues to expand due to the high investments by government & private companies for the exaction of miners, the demand for OTR tires is also predicted to experience a parallel surge in the years ahead.
Consequently, due to these growing investments in the country, the demand for OTR vehicles, such as excavators, graders, loaders, etc., has been consistent, which would eventually impact the demand graph for OTR tires in the forecast years.
Africa Off the Road (OTR) Market Opportunity
Renewable Energy Projects to Create Profitable Prospects for OTR Tire Manufacturers in Africa – Africa's vast & diverse mineral resources, including precious metals, minerals, and ores, have resulted in thriving the mining sector. Hence, with the booming demand for heavy vehicles from the mining industry in Africa, the demand for Off the Road (OTR) tires is destined to drive.
In the pursuit of valuable resources, mining operations depend heavily on specialized equipment, such as colossal haul trucks, loaders, and excavators, equipped with OTR tires designed to withstand the harsh & challenging terrain of mining sites. Further, as the mining industry continues to expand due to the high investments by government & private companies for the exaction of miners, the demand for OTR tires is also predicted to experience a parallel surge in the years ahead.
Consequently, due to these growing investments in the country, the demand for OTR vehicles, such as excavators, graders, loaders, etc., has been consistent, which would eventually impact the demand graph for OTR tires in the forecast years.
Africa Off the Road (OTR) Market Challenge
Currency Fluctuations Challenges the OTR Tire Affordability in Africa – Currency fluctuations pose a significant challenge in the market for Off the Road (OTR) tires in Africa. These fluctuations can have a profound impact on the cost of importing OTR tires, which, in turn, affects pricing and affordability for local businesses and industries. The OTR Tire Market in Africa often relies on the import of these specialized products, and the prices are typically denominated in foreign currencies.
Given the inherent volatility in currency exchange rates, local buyers may experience sudden and unpredictable cost increases, making it challenging to budget for tire procurement effectively. Hence, instability in currency exchange rates can result in increased production costs and subsequently impact project feasibility and profitability in industries such as mining, construction, and agriculture, which are major consumers of OTR tires.
Africa Off the Road (OTR) Market (2024-29): Segmentation Analysis
The Africa Off the Road (OTR) Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2029 at the regional level. In accordance to the analysis, the market has been further classified as:
Based on Sales Channel:
- Multi-brand & Exclusive Outlets
- Direct Sales
- Online
The availability of Multiple Brands with competitive pricing & hundreds of product portfolios to choose from in multi-brand outlets contributed to a significant share of the segment in the Africa OTR Tire Market. The population of Africa is highly price-centric, with more than half of the population falling under the middle-income group, according to the Organization for Economic Co-operation and Development (OECD).
Therefore, the availability of diversified product portfolios with prices ranging from luxury to generic brands in multi-brand outlets has enormously supported the growth of multi-brand stores in the country.
Based on Demand Type:
- OEM
- Aftermarket
The Aftermarket segment has been experiencing a significant increase in demand over the past few years. The growth has been attributed to the rise in construction, mining, and agricultural activities across the country. Hence, as these activities enhanced the usage of OTR vehicles, construction contractors have started focusing on the maintenance & well-being of their vehicles.
Also, as their vehicles receive a high level of wear & tear after extensive usage across the construction, mining, and agricultural sectors, they have been experiencing frequent requirements for OTR tire replacements across their refurbishing plants in historical years. Consequently, with the continuously enhancing demand for OTR vehicles across end-user industries like mining, construction, etc., the need for OTR vehicle tire replacement will escalate in the upcoming years.
Africa Off the Road (OTR) Market (2024-29): Regional Projection
Geographically, the Africa Off the Road (OTR) Market expands across:
- South Africa
- Nigeria
- Kenya
- Algeria
- Morocco
South Africa features among the largest mineral producers across the globe. The country has the world’s biggest reserves of platinum & manganese, with large deposits of gold, iron ore, coal, and chrome. Over the past years (2018-2022), the sales of minerals mined in South Africa grew at a CAGR of around 5.3%. These developments are anticipated to act as a major growth driver for OTR tires.
Moreover, the country plans to utilize its 18 billion tons of coal reserves, 6323 tons of platinum, 5.5 tons of chromite, and 3,611 tons of palladium reserves for economic development. Therefore, the demand for OTR vehicles, such as excavators, graders, loaders, etc., has been consistent, further positively affecting the OTR Tire Market growth in the South African region.
Africa Off the Road (OTR) Industry Recent Development:
- 2022: Bridgestone Southern Africa (BSAF) announced to acquire OTRACO Southern Africa, Off the Road (OTR) tire management solutions. This acquisition would accelerate the growth of BSAF’s mining solutions business & expand the company’s service network.
Gain a Competitive Edge with Our Africa Off the Road (OTR) Market Report
- Africa Off the Road (OTR) Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Africa Off the Road (OTR) Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
Africa Off the Road (OTR) Tire Market Research Report (2024-2029) - Table of Contents
- Market Segmentation
- Introduction
- Product Definition
- Research Process
- Assumptions
- Executive Summary
- Africa Off the Road (OTR) Tire Market Trends & Insights
- Africa Off the Road (OTR) Tire Market Dynamics
- Drivers
- Challenges
- Africa Off the Road (OTR) Tire Market Hotspots & Opportunities
- Africa Off the Road (OTR) Tire Market Import Export Statistics
- Africa Off the Road (OTR) Tire Market Supply Chain Analysis
- Africa Off the Road (OTR) Tire Market Policies, Regulations, Product Standards
- Africa Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Segmentation & Analysis
- By Type of Equipment
- Earth Moving Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Excavator- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Grader-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Loader-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Bulldozer-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Road Roller-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Material Handling Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Crane- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Forklifts- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Agriculture Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Tractor- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Combines- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Earth Moving Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Radial - Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Bias- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand Type
- OEM- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Aftermarket- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application
- Construction -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Industrial -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Mining-Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Agriculture -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Ports -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- By Rim Size
- 20”-25”- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- 26”-35”- - Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- 36”-48” - Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Above 48”- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season
- All Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Summer- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category
- Budget- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Economy- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Premium- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel
- Multi-brand & Exclusive Outlets- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Direct Sales- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Online- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Country
- South Africa
- Nigeria
- Kenya
- Algeria
- Morocco
- Rest of Africa
- By Competition
- Competition Characteristics
- Revenue Shares & Analysis
- By Type of Equipment
- Market Size & Analysis
- South Africa Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Rim Size- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Market Size & Analysis
- Nigeria Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Rim Size- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Market Size & Analysis
- Kenya Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Rim Size- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Market Size & Analysis
- Algeria Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Rim Size- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Market Size & Analysis
- Morocco Off the Road (OTR) Tire Market Outlook, 2019-2029F
- Market Size & Analysis
- By Revenues (USD Million)
- By Units Sold (Thousand Units)
- Market Share & Analysis
- By Vehicle Type- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Application- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Rim Size- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Market Size & Analysis
- Africa Off the Road (OTR) Tire Market Key Strategic Imperatives for Success & Growth
- Competition Outlook
- Company Profiles
- Continental
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Michelin
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Bridgestone Corporation
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- The Yokohama Rubber Co., Ltd
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Sumitomo Rubber Industries, Ltd
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Toyo Tire & Rubber Company
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Triangle Tyre Co. Ltd
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- CEAT Limited
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- BKT
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Hangzhou Zhongce Rubber Co. Ltd.
- Business Description
- Product Portfolio
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
- Others
- Continental
- Company Profiles
- Disclaimer
MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:
1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.
2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.
3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.
4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making
