Saudi Arabia OTR Tire Market to be Lead by Replacement Demand Segment
The rise in the construction
activities and increasing off road activities in the country is expected to drive
the market during the forecast period.
According to
TechSci Research report, “Saudi Arabia OTR Tire Market – By Region Competition Forecast and
Opportunities, 2018-2028”.
Saudi Arabia OTR Tire Market is expected to grow because
the country is attracting investments from the foreign investors in the
infrastructure sector and the OTR tire market in Saudi Arabia accounts for the high
demanding segment in the Saudi Arabia market because of increased off road
activities and another significant market trend is the increased emphasis on
technological advancement for better efficiency. In Saudi Arabia, tire
manufacturers are increasingly focusing on developing and manufacturing
high-tech tires for automobiles. Several tire manufacturers are developing
technologically advanced new tire offerings to meet changing customer demand
for improved safety, fuel efficiency, and durability in the OTR tire segment.
Furthermore, another market trend is the shift towards online OTR tire sales
which has also led to the rise in the demand of the OTR tires in Saudi Arabia.
Furthermore, the government is investing significantly
and establishing favorable policies to attract foreign investments in setting
up tire manufacturing facilities in the country and expanding their market
reach, the ongoing major road projects, metro, and other similar projects in
the country has led to the rise in the demand of the OTR tires in the country.
The replacement segment in the demand category has witnessed the rise in the
demand and in the coming years the demand of this segment in the country is
expected to increase because the off-road activities are increasing.
At the same time, the country also plans to create
smart cities through its NEOM project and the National Industrial Development
& Logistics Program (NIDLP), both of which will help the country's
OTR tire industry grow. Additionally, due to the significant volume of
OTR tires imported into the nation because of the lack of tire manufacturing facilities
in the country, the penetration of foreign tire brands offering
high-quality & durable OTR tires is growing throughout Saudi Arabia
and boosting the market's overall growth. The government plans to build
corporate and manufacturing company hub in Saudi Arabia is also fueling the
market growth for the OTR tires as the Saudi Arabia government has planned to
switch from the oil-based economy. So, during the forecast period, the demand for
OTR tires will rise and all these factors are expected to drive market growth
in the country.
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Saudi Arabia OTR Tire
Market can be segmented based on vehicle type, demand category, tire
construction type, sales channel, and by region. Based on vehicle type the
market is segmented into agriculture, construction, mining and material handling.
Based on demand category, the market is segmented into OEM and replacement. The
replacement category dominated the segment because OTR tires are highly used in
the rough terrains, and this is leading to higher replacement rate of OTR
tires. Similarly, based on tire construction type, the market is segmented into
radial and bias. The bias segment dominates the
segment with higher market share. On the basis of sales channel, the market is
further divided into online and offline. On the basis of region, the market is
segmented into central, western, eastern, southern, and northern region.
Some of the major companies operating in the Saudi Arabia OTR Tire Market include:
- Bridgestone Corporation
- Hankook Tire Co., Ltd.
- Pirelli & C. S.p.A.
- Goodyear Tire & Rubber Company
- Michelin Group
- Continental AG
- MRF Limited
- Apollo Tyres Limited
- Yokohama Rubber Company, Limited
- Zhongce Rubber Group Co., Ltd
These are the key OTR tire companies in Saudi
Arabia and these companies are implementing competitive strategies such as mergers
with the research and development firms, new product developments, and
marketing activities to increase customer outreach. These companies are also
focusing on meeting the regulations of different regional governments and are
also partnering with different research bodies to stay competitive in the
market.
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“The utilization
of the OTR tires in the Saudi Arabia is expected to rise because of the ongoing
rise in the infrastructure projects in the country and in the forecast years the
demand of OTR tires will rise at the same time the country is also focusing and
in talks with the leading players for inhouse manufacturing of tires in the
country, so all these factors will led to growth of the Saudi Arabia OTR tire
market” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi
Arabia OTR Tire Market - Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2018-2028” has evaluated the future growth
potential of Saudi Arabia OTR Tire Market and provides statistics &
information on market size, 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 global Saudi Arabia OTR Tire market.
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