Middle East Off the Road (OTR) Tire Market Research Report: Forecast (2024-2030)
Middle East Off the Road (OTR) Tire Market - By Type of Vehicle (Earthmoving & Construction Equipment [Excavator, Backhoe Loaders, Crawler Loaders, Bulldozers, Motor Graders, Dump ...Trucks, Others], Agricultural Vehicle [Tractors, Combined Harvester, Farm Trucks, Others], Material Handling Vehicle [Cranes, Forklifts, Tippers, Others]), By Demand Type (OEM, Replacement, By Type of Tire Radial, Bias), By Sales Channel (Exclusive Stores, Authorized Dealers or Distributors, Others), By Price Category (Budget, Economy, Premium), By Rim Diameter (20"- 25", 26"-35", 36"-48", Above 48") and others Read more
- Tire
- Jan 2024
- 185
- PDF, Excel, PPT
Market Definition
Off-the-Road (OTR) tires are designed specifically for delivering higher traction on uneven & rough surfaces while enhancing the overall vehicle performance. Benefits like high heat & rolling resistance, greater mobility, & durability, among others, coupled with the massive construction industry, are the key reasons behind the burgeoning penetration of OTR tires across the Middle East.
Market Insights & Analysis: Middle East Off-the-Road (OTR) Tire Market (2024-30)
The Middle East Off-the-Road (OTR) Tire Market is projected to grow at a CAGR of more than 9% during the forecast period, i.e., 2024-30. The major market expansion attributes to the growing focus of governments of different countries across the region on infrastructural developments for economic diversification away from oil & gas. It, in turn, is leading to numerous ongoing construction activities and mounting demand for vehicles like trucks, excavators, bulldozers, etc., thereby boosting the demand for OTR tires.
Besides, governments are also laying out favorable policies to attract foreign investments & leading players for establishing OTR tire manufacturing units to cater to the burgeoning end-user requirements. Moreover, the exponentially rising population & the growing influx of migrants, tourists, and pilgrims into the Middle East are playing a crucial role in instigating the need for up-gradation in the commercial sector for better hospitality, coupled with developments in the residential sector. As a result, the mounting demand for OTR vehicles is promoting the market expansion for OTR tires across the region.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2019-22 |
Base Year: 2023 | |
Forecast Period: 2024-30 | |
CAGR (2024-30) | 9% |
Country Covered | Saudi Arabia, UAE, Qatar, Kuwait, Turkey, Rest of Middle East |
Key Companies Profiled |
Goodyear, Bridgestone, Continental, Zhongce Rubber, Kumho, Toyo, Yokohama, Trelleborg, Triangle Group |
Unit Denominations | USD Million/Billion |
Additionally, growing awareness among vehicle owners about the significance & benefits of timely replacement of tires to ensure passenger & vehicle safety and enhance operational efficiency is another prominent aspect fueling the overall market growth. Furthermore, various government initiatives for encouraging the adoption of automated machinery across different industries to enhance productivity are also escalating the demand for OTR tires and driving the market. Nonetheless, the emerging trend of dirt bikes & sports vehicles for recreational purposes across the region further projects remunerative growth prospects for the Middle East Off-the-Road (OTR) Tire Market in the years to come.
Middle East Off-the-Road (OTR) Tire Market Driver:
Increasing Construction Activities for Economic Diversification - Various ongoing & upcoming construction projects owing to the mounting focus of governments on infrastructural developments for economic diversification away from the oil & gas sector, are driving the Middle East Off-the-Road (OTR) Tire Market through 2030.
Middle East Off-the-Road (OTR) Tire Market Challenge:
Absence of Manufacturing Facilities - The unavailability of automobile & tire manufacturing units & OEMs across the region is the key aspect likely to hamper the sales of OTR tires and, in turn, restrain the fledged growth of the Middle East Off-the-Road (OTR) Tire Market over the coming years.
Middle East Off-the-Road (OTR) Tire Market (2024-30): Segmentation Analysis
The Middle East Off-the-Road (OTR) Tire Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the level. According to the analysis, the market has been further classified as
Based on the Type of Tire:
- Radial
- Bias
Amongst both, Radial tires are anticipated to demonstrate the fastest growth in the Middle East Off-the-Road (OTR) Tire Market during 2024-30. It attributes principally to the mounting consumer awareness about the benefits of these tires to offer better control, enhanced durability & fuel efficiency, and massive load-carrying capacity.
Besides, as most regional countries are highly import-driven in terms of their tire requirements, the rising need for radial OTR tires is encouraging the leading manufacturers to boost their distribution capacities & imports in order to meet the surging consumer demand across the region.
Based on the Type of Vehicle:
- Earthmoving & Construction Equipment
- Agriculture Vehicles
- Material Handling Vehicles
Here, Earthmoving & Construction Equipment is anticipated to dominate the market with the largest share over the forecast years. It owes principally to the rapidly increasing number of construction activities across different regional countries due to the growing government focus on infrastructural developments in line with their strategic plan for economic diversification away from oil.
As a result, the increasing production of different earthmoving & construction equipment like excavators, backhoe loaders, crawler loaders, bulldozers, motor graders, dump trucks, etc., is driving the demand for OTR tires across the Middle East.
Besides, as the region is rich in oil & gas, it is also undergoing mining, excavation, & exploration activities, which adds up as another prominent aspect attributing to the growing requirement for these vehicles & OTR tires. Hence, in the coming years, the Middle East Off-the-Road (OTR) Tire is set to witness a notable upswing.
Middle East Off-the-Road (OTR) Tire Market Regional Projection
Geographically, the Middle East Off-the-Road (OTR) Tire Market expands across:
- Saudi Arabia
- Iran
- UAE
- Qatar
- Kuwait
- Turkey
`Of all countries across the Middle East, the UAE is anticipated to demonstrate the fastest market growth in the coming years. It owes to the increasing government focus on infrastructural development to diversify the economy aware from oil in the view of UAE Vision 2030. It, in turn, is portraying massive investments in different industries, including the automotive & tire sectors. Additionally, the government is also imposing favorable policies to attract foreign investments in order to establish more automobile & tire manufacturing facilities across the country to meet the burgeoning demand for OTR tires.
Besides, the increasing number of construction, mining, and industrial activities in the country is also propelling the demand for OTR vehicles and directly impacting the requirement for OTR tires. Moreover, with the mounting influx of tourists, pilgrims, & migrants in the UAE, the government is extensively focusing on expanding the commercial sector, i.e., displaying several construction projects related to shopping malls, airports, railway stations, hotels, restaurants, etc., and, as a result, infusing the demand for OTR vehicles & tires.
Furthermore, the exponentially rising population across the UAE is also well-contributing to the growing need for developing & upgrading the residential sector and constructing new housing complexes & smart cities. As a result, the surging requirements for heavy vehicles & construction equipment is leading to the burgeoning demand for OTR tires and, in turn, boosting the Middle East Off-the-Road (OTR) Tire Market across the UAE.
Gain a Competitive Edge with Our Middle East Off-the-Road (OTR) Tire Market Report
- Middle East Off-the-Road (OTR) Tire Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
- This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
- Middle East Off-the-Road (OTR) Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.
Frequently Asked Questions
- Research Methodology
- Research Process
- Assumptions
- Glossary
- Market Segmentation
- Executive Summary
- Expert Verbatim- What the experts say?
- Middle East Off the Road (OTR) Tire Market Outlook, 2019-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- Earthmoving & Construction Equipment
- Excavator
- Backhoe Loaders
- Crawler Loaders
- Bulldozers
- Motor Graders
- Dump Trucks
- Others
- Agricultural Vehicle
- Tractors
- Combined Harvester
- Farm Trucks
- Others
- Material Handling Vehicle
- Cranes
- Forklifts
- Tippers
- Others
- Earthmoving & Construction Equipment
- By Demand Type
- OEM
- Replacement
- By Type of Tire
- Radial
- Bias
- By Sales Channel
- Exclusive Stores
- Authorized Dealers or Distributors
- Others
- By Price Category
- Budget
- Economy
- Premium
- By Rim Diameter
- 20"- 25"
- 26"-35"
- 36"-48"
- Above 48"
- By Country
- Saudi Arabia
- Iran
- UAE
- Qatar
- Kuwait
- Turkey
- Rest of Middle East
- By Company
- Market Share, By Competitors
- Competitor Strategic Factorial Indexing
- Competitor Evaluation on MarkNtel Quadrant
- By Type of Vehicle
- Market Size & Analysis
- Middle East Earthmoving & Construction Equipment Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- Excavator
- Backhoe Loaders
- Crawler Loaders
- Bulldozers
- Motor Graders
- Dump Trucks
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Country
- By Type of Vehicle
- Market Size & Analysis
- Middle East Agricultural Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- Tractors
- Combined Harvester
- Farm Trucks
- Others
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Country
- By Type of Vehicle
- Market Size & Analysis
- Middle East Material Handling Vehicle Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- Cranes
- Forklifts
- Tippers
- Others
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Country
- By Type of Vehicle
- Market Size & Analysis
- Saudi Arabia Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- Iran Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- UAE Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- Qatar Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- Kuwait Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- Turkey Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Market Size & Analysis
- Units Sold
- Industry Revenue
- Market Share & Analysis
- By Type of Vehicle
- By Demand Type
- By Type of Tire
- By Sales Channel
- By Price Category
- By Rim Diameter
- By Region
- Market Size & Analysis
- Middle East Off the Road (OTR) Tire Market Trends & Insights
- Middle East Off the Road (OTR) Tire Market Industry Dynamics
- Drivers
- Challenges
- Impact Analysis
- Middle East Off the Road (OTR) Tire Market Hotspot & Opportunities
- Middle East Off the Road Vehicle Key Strategic Imperatives of Success
- Middle East Off the Road (OTR) Tire Market Outlook, 2024-2030F
- Middle East Off the Road (OTR) Tire Market Porter’s Five Forces Analysis
- Middle East Off the Road (OTR) Tire Market Import Export Statistics
- Middle East Off the Road (OTR) Tire Market Competition Outlook
- Competition Matrix
- Product Portfolio
- Specialization
- Target Markets
- Target End Users
- Research & Development
- Strategic Alliances
- Strategic Initiatives
- Company Profiles
- Michelin
- Goodyear
- Bridgestone
- Continental
- Zhongce Rubber
- Kumho
- Toyo
- Yokohama
- Trelleborg
- Triangle Group
- Competition Matrix
- Disclaimer