According to MarkNtel Advisors, the Middle East Off the Road (OTR) Tire Market size is expecting around 9% CAGR during 2024-30. The growing focus of governments of different countries in the Middle East on infrastructural development for economic diversification away from the oil & gas sector, i.e., demonstrating numerous construction projects and an surging demand for OTR vehicles & tires for numerous heavy-duty applications across the region. Besides, as most Middle East countries lack the presence of OTR tire manufacturing facilities, governments are laying out favorable policies to attract foreign investments for establishing the same and generating growth opportunities for the leading market players over the forecast period.
Furthermore, increasing awareness among vehicle owners about the importance & benefits of timely inspection of tires and replacing them at regular intervals are other prominent aspects anticipated to augment the demand for OTR tires and drive the market through 2030, further states the research report, “Middle East Off the Road (OTR) Tire Market Analysis, 2024.”
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Middle East Off the Road (OTR) Tire Market Segmentation 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])
- 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, UAE, Qatar, Kuwait, Turkey, Rest of Middle East)
Various Ongoing & Upcoming Construction Projects to Drive the Tire Market for Earthmoving & Construction Equipment
Earthmoving & Construction Equipment is anticipated to acquire the largest share in the Middle East Off the Road (OTR) Tire Market during the forecast period. Since construction is a prominent activity across different countries in the region and as a source of financial fluidity, the need for Earthmoving & Construction equipment is persistently high and positively impacts the demand for OTR tires.
Moreover, economic diversification away from oil is a prominent goal of most countries across the Middle East. As a result, several infrastructural development projects are undergoing in the region, from the residential & commercial to the industrial sectors. Owing to this, the demand for earthmoving & construction equipment is rising significantly and fueling the growth of the Off Road (OTR) Tire Market in the Middle East.
Increasing Tourism across the UAE to infuse Notable Developments in the Commercial Sector and Boost the Tire Industry
The UAE is expecting the fastest market growth for OTR tires through 2030. It is attributed primarily to the increasing influx of tourists, pilgrims, & migrants, i.e., instigating the government to enhance the commercial sector. It, in turn, is demonstrating a growing number of projects associated with building airports, shopping malls, hotels, & restaurants, among others, across the region and surging the demand for heavy vehicles & construction equipment.
As a result, the rapidly rising requirement for OTR tires is instigating tire manufacturers to increase their import & distribution capabilities to cater to the rising consumer requirements across the UAE. Moreover, since the country is constantly undergoing extensive mining, construction, & different industrial activities, the need for heavy vehicles is persistent, which projects an opportunistic growth prospect for the leading players in the Middle East Off the Road (OTR) Tire Market through 2030.
Explore the Full Report with Charts, Table of Contents, and List of Figures – https://www.marknteladvisors.com/research-library/middle-east-off-the-road-tire-market.html
Competitive Landscape
The major companies in the Middle East Off the Road (OTR) Tire Market include Michelin, Goodyear, Bridgestone, Continental, Zhongce Rubber, Kumho, Toyo, Yokohama, Trelleborg, and Triangle Group.
Key Questions Answered in the Research Report
- What are the current & future trends in the Middle East Off the Road (OTR) Tire Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across the Middle East, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Middle East Off the Road (OTR) Tire Market?
- What are the customer orientation, purchase behavior, & expectations from Off the Road (OTR) tire manufacturers across the Middle East?
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