UAE OTR Tire Market to be dominated by Construction segment till 2026
Rise in the commercial
activities and growing infrastructural development is expected to drive the demand
for UAE OTR tire market for the forecast period.
According to TechSci Research report, “UAE
OTR Tire Market By Application Type (Agriculture, Construction, Mining,
Material Handling, Ports, Forestry and Others {Terrain Vehicles, Sports
Vehicles, etc.}), By Demand Category (OEM Vs Replacement), By Rim Size (Up to
25” and Above 25”), By Tire Construction (Radial, Bias), By Region, Competition
Forecast & Opportunities, 2026”, the UAE OTR tire market is expected to
grow at a rate of steady CAGR for the forecast period, 2022-2026. The rise in
construction, mining, agricultural activities is driving the demand for OTR
tires in the country. An increase in the adoption of automation technology in
the industrial sector and the heavy usage of machines is fueling the demand for
replacement tires thereby is accelerating the market growth. The growing use of
OTR tires in dirt bikes and quads for recreational and sports activities is
expected to surge the demand of the OTR tire market growth. The improving
economic status of the country is increasing the need for commercial vehicles
that use the OTR tires. Rapid industrialization and urbanization in the country
owing to the initiatives made by the leading authorities for income
diversification are influencing the UAE OTR tire market growth. The leading
authorities are introducing schemes and initiatives to promote the tourism
industry which in turn is expected to boost the economy and the construction
industry to attract more tourists into the country.
However, the volatile raw material prices and the rise
in the gap of demand and supply may restrain the OTR tire market growth for the
forecast period.
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UAE
OTR tire market is segmented into application type, demand category, rim size,
tire construction, regional distribution, and company. Based on application
type, the market can be divided into agriculture, construction, mining,
material handling, ports, forestry, and others. The construction followed
closely by the port segment is expected to hold a major UAE OTR tire market
share for the forecast period, 2022-2026. The large number of ongoing
construction projects to improve the economic status of the country is creating
the demand for heavy vehicles which in turn is accelerating the demand for OTR
tires. Also, the development of smart Dubai requires the use of cranes,
loaders, dump trucks to handle the heavyweight over the rough surface. The rise
in the development of the port infrastructure and the presence of upcoming
projects such as the development of Nasir oilfield and expansion of the Jebel
Ali Port’s terminal 4 is expected to drive the demand of the port segment.
Based on the tire construction, the market is bifurcated into radial and bias.
The bias tire segment is expected to dominate the UAE OTR tire market for the
forecast period, 2022-2026. Bias tire has crosshatch construction and offers a
tougher sidewall than its counterpart. Bias tires are less expensive than
radial tires and are preferred to ride over the rough surface. Based on the
demand category, the market can be divided into OEM and replacement. The
replacement segment is expected to account for major market share for the next
five years. An increase in the average working hours of the machines is fueling
the demand for the replacement tires.
Bridgestone
Middle East & Africa FZE, Michelin AIM FZE, Hankook Tire Co., Ltd.,
Goodyear Middle East FZE, Pirelli Tyre S.P.A, Continental AG, Yokohama Rubber
Co., Ltd. are the leading players operating in UAE OTR tire market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several OTR tire manufacturers are coming up with
their technologically advanced offerings.
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“Market
players are making huge investments for the research and development activities
to introduce tires with enhanced features to increase the sales of OTR tires.
The use of advanced technology such as tire management software, tire pressure
monitoring system, and the advent of intelligent tires for real-time analysis
and monitoring the condition of OTR tires by predicting the occurrence of
potential hazards is contributing to the market growth. The integration of
value-added technologies such as embedded sensors, and the use of new compounds
and materials to enhance the properties of OTR tires is expected to propel the
UAE OTR tire market growth through 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“UAE OTR Tire Market By Application
Type (Agriculture, Construction, Mining, Material Handling, Ports, Forestry and
Others {Terrain Vehicles, Sports Vehicles, etc.}), By Demand Category (OEM Vs
Replacement), By Rim Size (Up to 25” and Above 25”), By Tire Construction
(Radial, Bias), By Region, Competition Forecast & Opportunities, 2026” has
evaluated the future growth potential of UAE OTR tire market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the of UAE OTR tire market.
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