Middle East and Africa OTR Tire Market Set to Grow at a Steady CAGR of 4.3% during 2022–2028

57
Middle East and Africa OTR Tire Market

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Middle East and Africa OTR (Off-The-Road) tire marketsize to grow at a CAGR of 4.3% during the forecast period between 2022 and 2028. The expansion of Middle East and Africa OTR tire marketis driven by increasing number of large construction, mining, and industrial activities; growing infrastructure development to facilitate economic diversification; and rising government investments in agricultural machinery and non-oil industries. Additionally, the growth of the real estate sector in emerging economies has expanded the market for construction and material handling equipment due to increasing labor costs, the need for improved productivity, and the need to maximize resource utilization, which is expected to significantly boost the growth of the OTR tire market in the region. Agricultural operations, such as crop plotting and scouting as well as irrigation purposes, necessitate the use of utility OTR vehicles to carry out major day-to-day tasks. The use of farm machinery necessitates the replacement or retreading of OTR tires at regular intervals. As a result, these factors could drive the overall market growth. Moreover, innovations that coincide with the emergence of end-use industries, such as smart tire integration for improving industrial fleets and connecting on-tire sensors to patent data analytics to expedite maintenance and other operations, are expected to fuel the growth of Middle East and Africa OTR tire market during the period in analysis. However, high-cost R&D activities and low-cost tire alternatives are anticipated to limit the growth of Middle East and Africa OTR tire market.

Middle East and Africa OTR Tire Market – Overview

OTR tires are a type of off-road tire that is designed to provide additional grip on unpaved terrains, such as loose dirt, mud, sand, or gravel. These tires, normally radial with thick deep treads, are intended to be utilized in both on-and off-road vehicles. OTR tires that can function in tough conditions without compromising on safety, quality, or efficiency are necessary for heavy-duty equipment and automobiles. OTR tires market is comprised of manufacturers, sole traders, and partnerships that distribute OTR tires for heavy duty vehicles, such as rigid dump trucks, loaders, and reach stackers, for ports, construction sites, and surface or underground mining. The OTR tire market serves various industries and organizations, such as agriculture, mining and quarrying, and construction. OTR tires are developed for cars that routinely drive on rough surface. They support significant amount of mass and steer the vehicles through difficult terrains.

Sample Report @ https://www.blueweaveconsulting.com/report/middle-east-and-africa-otr-tire-market/report-sample

Middle East and Africa OTR Tire Market– By Application

Based on application, Middle East and Africa OTR tire market is divided into Construction & Mining, Agriculture, and Industrial segments. The construction and mining segment is expected to hold the highest market share in the Middle East and Africa OTR tire market owing to the presence of countries, such as the UAE, Saudi Arabia, and South Africa, where a substantial number of development projects are underway, increasing the demand for heavy vehicles, which in turn increases the demand for OTR tires in the Middle East and Africa region. Furthermore, OTR tires enable flexibility, a comfortable ride, and stability at high speeds on construction sites, enhancing productivity and efficiency and thereby increasing the necessity for OTR tires for construction applications.

Impact of COVID-19 on Middle East and Africa OTR Tire Market

COVID-19 had a detrimental impact on the Middle East and Africa OTR tire market. Construction had come to a halt in the initial half of 2020 due to the pandemic. Industry closure, reverse labor migration in the Middle East, and inadequate logistics support for construction equipment made an impact on the entire construction industry. Furthermore, the decline of crude oil prices and supply during the same period restricted the construction activities in several Middle Eastern and African economies, adversely affecting the new orders for OTR tires. This, in turn, hampered the growth of Middle East and Africa OTR tiremarket.

Competitive Landscape

Middle East and Africa OTR Tire Marketis fiercely competitive. Prominent players in the market include Bridgestone Middle East & Africa FZE, Promoteon Tire Group S.R.L., Triangle Tire Co. Ltd., Petlas Lastik San. Tic. Inc., MRF Limited, The Goodyear Tire & Rubber Co., Balkrishna Industries Limited, Yokohama Rubber Company, JK Tires and Industries, and Compagnie Generale des Etablissements Michelin SCA (Michelin SCA). To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, mergers and acquisitions, collaborations, partnerships, and joint ventures.

Contact Us:

BlueWeave Research Blog

Phone No: +1 866 658 6826

Email: info@blueweaveconsulting.com