Saudi Arabia OTR Tire Market Size Expands at CAGR of More Than 6.1% to Touch USD 462 Million & 1.9 Million Units by 2030

Published | 04 June 2024

Saudi Arabia OTR Tire Market is expanding rapidly due to infrastructure development, mining activities, expanding construction projects, technological advancements in tire design, and rising demand for efficient, durable OTR tires.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia OTR Tire Market size by value at USD 234.97 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia OTR Tire Market size to expand at a CAGR of 6.53% reaching a value of USD 461.09 million by 2030. The Saudi Arabia OTR (Off-the-Road) Tire Market is driven by the Kingdom's expansive infrastructure projects and the booming construction industry. The Saudi Vision 2030 initiative, which aims to diversify the economy away from oil dependency, has led to substantial investments in infrastructure development, including the construction of new cities, roads, and transportation networks. The large-scale projects necessitate the use of heavy machinery, which in turn drives the demand for OTR tires. Additionally, the growing mining sector, bolstered by the Kingdom's efforts to exploit its mineral resources, further fuels the need for durable and high-performance OTR tires that can withstand harsh operating conditions.

By volume, BlueWeave estimated the Saudi Arabia OTR Tire Market size at 1.21 million units in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia OTR Tire Market size to expand at a CAGR of 6.10% reaching a volume of 1.89 million units by 2030. A major contributor to the growth of the Saudi Arabia OTR Tire Market is the rapid expansion of the industrial sector across the Kingdom. The Saudi government's increasing focus on industrial diversification and manufacturing growth has led to an increased use of equipment, such as forklifts, cranes, and other heavy-duty vehicles, which require OTR tires. Moreover, technological advancements in tire manufacturing have resulted in the production of more efficient and longer-lasting OTR tires, which are appealing to businesses looking to reduce operational costs. These advancements, coupled with an expanding retail and distribution network for OTR tires, have made these products more accessible, thus supporting market growth.

Opportunity – Growing adoption of digitalization & advanced fleet management solutions

The Saudi Arabia OTR Tire Market is experiencing robust growth, propelled by the adoption of digitalization and advanced fleet management solutions. These technologies help in enhancing operational efficiency, reducing downtime, and optimizing logistics through real-time data analytics and predictive maintenance. Fleet operators benefit from improved fuel management, route planning, and compliance with regulatory standards. As Saudi Arabia continues to modernize its infrastructure and expand its logistics sector, the integration of digital tools is crucial, positioning the heavy-duty truck market for sustained expansion and increased competitiveness in the region.

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Impact of Escalating Geopolitical Tensions on Saudi Arabia OTR Tire Market

Escalating geopolitical tensions can significantly impact the Saudi Arabia OTR (Off-the-Road) Tire Market. Heightened instability may disrupt supply chains, leading to increased costs and delays in tire imports, affecting both availability and pricing. Additionally, geopolitical unrest can hinder foreign investments and economic growth, impacting the construction and mining sectors, major consumers of OTR tires. For instance, tensions in the Middle East have historically affected oil prices, influencing the region's economy and investment climate. Moreover, geopolitical instability may deter international manufacturers from expanding operations or establishing partnerships in Saudi Arabia, limiting market competitiveness and technological advancements. Therefore, the Saudi OTR Tire Market may face challenges in meeting demand and sustaining growth amidst geopolitical uncertainties.

Saudi Arabia OTR Tire Market

Segmental Coverage

Saudi Arabia OTR Tire Market – By Tire Type

Based on tire type, Saudi Arabia OTR Tire Market is divided into Radial and Bias segments. The radial tire type holds a higher market share in the Saudi Arabia OTR Tire Market. Radial tires offer enhanced performance and durability compared to Bias tires, making them the preferred choice in various applications such as mining, construction, and agriculture. The segment's dominance reflects the market's inclination towards advanced tire technology, driven by factors like increasing industrialization, infrastructure development, and demand for efficient vehicles. However, bias tires still hold significance in specific niche markets due to their suitability for certain operating conditions, contributing to the diversity in the Saudi Arabia OTR Tire Market.

Saudi Arabia OTR Tire Market – By Vehicle Type

Based on vehicle type, Saudi Arabia OTR Tire Market is divided into Earthmoving & Construction Equipment, Agricultural Vehicle, and Material Handling Vehicle segments. The earthmoving & construction equipment segment is the largest vehicle type in the Saudi Arabia OTR Tire Market. The segment encompasses heavy machinery used in construction, mining, and other industrial applications, which often require robust tires for rugged terrains. Following closely are the agricultural vehicle and material handling vehicle segments, each catering to specific industries with their unique tire requirements. However, the earthmoving & construction equipment segment tends to dominate due to the significant infrastructure development projects and industrial activities in Saudi Arabia, driving the demand for durable and high-performance OTR tires in this category.

Competitive Landscape

Saudi Arabia OTR Tire Market is fiercely competitive. Major companies in the market include Michelin Group, Bridgestone Corporation, Hankook Tire Co., Ltd, Pirelli, Goodyear Tire & Rubber Company, Continental AG, MRF Limited, Apollo Tyres Limited, and Yokohama Rubber Company. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Saudi Arabia OTR Tire Market.

Don’t miss the business opportunity Saudi Arabia OTR Tire Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia OTR Tire Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Saudi Arabia OTR Tire Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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