Report Overview

Oman Tire Market - Industry Trends & Forecast Report, 2029

Oman tire market size is expected to grow at a CAGR of 3.9% during the forecast period between 2023 and 2029. Major growth drivers for Oman tire market include increasing number of construction projects, rising number of vehicle fleet, and growing automobile sales in the country. The government's ninth five-year plan prioritized infrastructure projects such as the South Batinah Logistics Area and the Ad Dhahirah Economic Area, among others, which increased sales for commercial vehicle and OTR tires in the country. Due to the lack of automotive manufacturing in Oman, the tire market is reliant on replacement demand, which is met by both European and Chinese tire brands imported into the nation. Growing vehicle motorization rates, as well as a growing emphasis on diversifying the country's economy into non-oil sectors such as construction, tourism, logistics, and so on, are expected to drive growth in Oman's tire industry during the forecast period.

Oman Tire Market – Overview

A tire is a ring-shaped, circular vehicle component that holds the wheel rim and is filled with pressurized air. It is made from natural or synthetic rubber, wire, silica, carbon black, steel, and other materials. It transmits the weight of the vehicle from the axle to the ground and increases vehicle stability by minimizing vibrations and enhancing shock absorption. It also enhances the vehicle's performance, mileage, and passenger safety, as well as reducing wear and tear. It is now routinely available in many sizes and versions based on the type of automobile. Oman is reliant on tire imports to meet domestic demand for tires because to a lack of vehicle OEMs and tire manufacturing units in the nation. Passenger cars accounted for around two-thirds of total automobile sales and more than three-fourths of total vehicle fleet in Oman in 2014. In 2015, there were over 167,600 new registrations in Oman, of which approximately 121,100 were passenger cars. As a result, passenger car tire sales constituted the vast bulk of tire sales in the country.

Oman Tire Market

Growth Drivers

Rising demand for passenger car tires

Increased sales of passenger, luxury, and electric cars (EVs) as a result of increasing urbanization and rising individual spending power are among the key factors driving global tire demand. Also, the increased emphasis on driver and passenger safety, as well as the increasing frequency of fatal road accidents, are fueling demand for premium grade tires with longer operational life, improved stability and reliability, and greater puncture resistance.

Strict government regulations for vehicle & passenger safety

With an increasing number of road accidents in Oman, the government is imposing strict regulations requiring vehicle owners to inspect the condition of their vehicles and tires on a regular basis and ensure proper replacements to increase their safety, which is increasing tire sales in the country and creating growth opportunities for the Oman tire market.

Restraints

Volatile raw material prices

Oman tire market is hampered by fluctuating raw material prices, higher input costs caused by a scarcity of natural rubber, and oil prices. Furthermore, nearly all raw materials are crude derivatives, rendering them price sensitive to crude oil. Furthermore, the raw materials used in tire production account for the majority of the cost, with synthetic and natural rubber acting as the primary raw materials. Crude oil prices have recently risen substantially over the world. As a result, the cost of synthetic rubber and other crude derivatives used in tire manufacturing is expected to climb in the future years.

Impact of COVID -19 on Oman Tire Market

Covid-19 in 2020 had a detrimental effect on the Oman tire market. The government's enforcement of strict movement restrictions, travel bans, and lockdown caused various unprecedented obstacles, including disruptions in the supply chain of raw materials, a shortage of staff, demand-supply gaps, distribution delays, and the closure of production units. As a result, the industry's top players suffered significant financial losses during the crisis. However, with the lifting of limitations and the resumption of business activities, the top market participants are seeing profitable opportunities and have raised the need for tire imports to fulfil the country's increasing requirements. They are likely to play a critical role in restoring the growth of market.

Oman Tire Market

Segmental Coverage

Oman Tire Market – By Type

By type, Oman tire market is bifurcated into Radial and Bias segments. The radial tire segment demand is expected to grow at a faster rate in the Oman tire market during the forecast period, owing to benefits such as lower fuel consumption, enhanced vehicle stability, better traction, reduced rolling resistance, and improved cut resistance, among others, fueling their adoption in various heavy-duty vehicles for a smooth driving experience. Increasing number of construction and mining projects are driving demand for vehicles that require radial tires to achieve improved operational efficiency. As a result of these factors, the Oman tire market is expected to see an increase in demand for radial tires between 2023 and 2029.

Oman Tire Market – By Application

Based on application, Oman tire market is segmented into Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two Wheelers. The passenger car tire segment accounted for highest market share and increased sales in the country due to increasing urbanization and rising disposable income levels.

Oman Tire Market – By Demand Category

Based on demand category, Oman tire market is bifurcated into OEM and Replacement segments. The replacement segment is expected to hold a higher share in the Oman tire market. It attributes primarily to its benefits, such as the easy availability of a diverse selection of tires of various brands, budgets, quality, and applications, attracting an increasing number of consumers. Because there are no automotive manufacturers in Oman, the tire sector is totally dependent on replacement demand. Furthermore, rapidly increasing vehicle sales and increasing customer awareness about timely inspecting tire conditions and providing replacements are attracting a large customer base for replacement tires, primarily Chinese and flagship brands imported into Oman, and, as a result, fueling overall market growth.

Oman Tire Market – By Region

Geographically, Oman tire market is segmented into North, South, and Central regions.

Competitive Landscape

Major players operating in Oman tire market include Bridgestone Corporation, Sumitomo Rubber, Michelin, Yokohama Rubber, Pirelli & C. Spa, Hankook Tire Co., Toyo Tire & Rubber Company Ltd, Continental, Apollo Tyres, and Goodyear Tires. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Type

• Radial

• Bias

By Application

• Passenger Car

• Light Commercial Vehicles

• Heavy Commercial Vehicles

• Two Wheelers

By Demand Category

• OEM

• Replacement

By Region

• North

• South

• Central

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Oman Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Strict Government Regulations for Vehicle & Passenger Safety
         2. Rising Demand for Safety in Automobiles from Consumers
         3. Rising Demand for Passenger Car Tires
      2. Restraints
         1. Stringent Regulations
         2. Commercialized Use of Integrated Advanced Sensor-Based Technique
      3. Opportunities
         1. Rapid Expansion of Online Platforms
         2. Developing Alternative, Cost-Effective and Recyclable Raw Materials
      4. Challenges
         1. High R&D Costs
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Oman Tire Market Overview
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Radial
         2. Bias
      2. By Application
         1. Passenger Car
         2. Light Commercial Vehicles
         3. Heavy Commercial Vehicles
         4. Two Wheelers
      3. By Demand Category
         1. OEM
         2. Replacement
      4. By Region
         1. North
         2. South
         3. Central
5. North Oman Tire Market
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Demand Category
6. South Oman Tire Market
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Demand Category
7. Central Oman Tire Market
   1. Market Size & Forecast by Value, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Application
      3. By Demand Category
8. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Oman Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
9. Impact of Covid-19 on Oman Tire Market
10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Bridgestone Corporation
    2. Sumitomo Rubber
    3. Michelin
    4. Yokohama Rubber
    5. Pirelli & C. Spa
    6. Hankook Tire Co.
    7. Toyo Tire & Rubber Company Ltd
    8. Continental
    9. Apollo Tyres
    10. Goodyear Tires    
    11. Other Prominent Players
11. Key Strategic Recommendations
12. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
       1. Secondary Research
       2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumptions & Limitations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1  Oman Tire Market Segmentation

Figure 2  Oman Tire Market Value Chain Analysis

Figure 3  Company Market Share Analysis, 2022

Figure 4  Oman Tire Market Size, By Value (USD Million), 2019–2029

Figure 5  Oman Tire Market Share, By Type, By Value, 2019–2029

Figure 6  Oman Tire Market Share, By Application, By Value, 2019–2029

Figure 7  Oman Tire Market Share, By Demand Category, By Value, 2019–2029

Figure 8  Oman Tire Market Share, By Region, By Value, 2019–2029

Figure 9  North Oman Tire Market Size, By Value (USD Million), 2019–2029

Figure 10 North Oman Tire Market Share, By Type, By Value, 2019–2029

Figure 11 North Oman Tire Market Share, By Application, By Value, 2019–2029

Figure 12 North Oman Tire Market Share, By Demand Category, By Value, 2019–2029

Figure 13 South Oman Tire Market Size, By Value (USD Million), 2019–2029

Figure 14 South Oman Tire Market Share, By Type, By Value, 2019–2029

Figure 15 South Oman Tire Market Share, By Application, By Value, 2019–2029

Figure 16 South Oman Tire Market Share, By Demand Category, By Value, 2019–2029

Figure 17 Central Oman Tire Market Size, By Value (USD Million), 2019–2029

Figure 18 Central Oman Tire Market Share, By Type, By Value, 2019–2029

Figure 19 Central Oman Tire Market Share, By Application, By Value, 2019–2029

Figure 20 Central Oman Tire Market Share, By Demand Category, By Value, 2019–2029

List of Tables

Table 1    Oman Tire Market Size, By Type, By Value, 2019–2029

Table 2    Oman Tire Market Size, By Application, By Value, 2019–2029

Table 3    Oman Tire Market Size, By Demand Category, By Value, 2019–2029

Table 4    Oman Tire Market Size, By Region, By Value, 2019–2029

Table 5    North Oman Tire Market Size, By Type, By Value, 2019–2029

Table 6    North Oman Tire Market Size, By Application, By Value, 2019–2029

Table 7    North Oman Tire Market Size, By Demand Category, By Value, 2019–2029

Table 8    South Oman Tire Market Size, By Type, By Value, 2019–2029

Table 9    South Oman Tire Market Size, By Application, By Value, 2019–2029

Table 10  South Oman Tire Market Size, By Demand Category, By Value, 2019–2029

Table 11  Central Oman Tire Market Size, By Type, By Value, 2019–2029

Table 12  Central Oman Tire Market Size, By Application, By Value, 2019–2029

Table 13  Central Oman Tire Market Size, By Demand Category, By Value, 2019–2029

Table 14  Bridgestone Corporation Company Overview

Table 15  Bridgestone Corporation Financial Overview

Table 16  Sumitomo Rubber Company Overview

Table 17  Sumitomo Rubber Financial Overview

Table 18  Michelin Company Overview

Table 19  Michelin Financial Overview

Table 20  Yokohama Rubber Company Overview

Table 21  Yokohama Rubber Financial Overview

Table 22  Pirelli & C. Spa Company Overview

Table 23  Pirelli & C. Spa Financial Overview

Table 24  Hankook Tire Co. Company Overview

Table 25  Hankook Tire Co. Financial Overview

Table 26  Toyo Tire & Rubber Company Ltd Company Overview

Table 27  Toyo Tire & Rubber Company Ltd Financial Overview

Table 28  Continental Company Overview

Table 29  Continental Financial Overview

Table 30  Apollo Tyres Company Overview

Table 31  Apollo Tyres Financial Overview

Table 32  Goodyear Tires Company Overview

Table 33  Goodyear Tires Financial Overview