Saudi Arabia Otr Tire Market
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Saudi Arabia OTR Tire Market, By Tire Type (Radial, Bias); By Vehicle Type (Earthmoving & Construction Equipment, Agricultural Vehicle, Material Handling Vehicle); By Demand Category (OEM, Aftermarket); By Application (Construction & Mining, Agriculture, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: June 2024
- Report ID: BWC24414
- Available Format: PDF
- Page: 200
Report Overview
A spurring demand for off-the-road (OTR) vehicles driven by a number of mega infrastructure development programs, rapid industrialization & urbanization and thriving mining & construction sectors, and the growing adoption of technological advancements in tire manufacturing are expected drive the Saudi Arabia OTR Tire Market during the forecast period between 2024 and 2030.Saudi Arabia OTR Tire Market – Industry Trends & Forecast Report, 2030
Saudi Arabia OTR Tire Market size by value was estimated at USD 234.97 million in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia OTR Tire Market size is expected 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 country'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 large infrastructure development programs, including the construction of new cities, roads, and transportation networks. These 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, the Saudi Arabia OTR Tire Market size was estimated at 1.21 million units in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia OTR Tire Market size is projected to grow at a CAGR of 6.10% reaching a volume of 1.89 million units by 2030. Another critical factor contributing to the growth of the Saudi Arabia OTR Tire Market is the rapid expansion of the industrial sector. The government's focus on industrial diversification and manufacturing growth has led to an increased use of equipment that requires OTR tires, such as forklifts, cranes, and other heavy-duty vehicles. 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.
OTR (Off-The-Road) Tires – Overview
OTR (Off-The-Road) tires are specialized tires designed for heavy-duty vehicles operating in challenging terrains, such as mining, construction, and forestry. These tires are built to withstand harsh conditions, providing durability, stability, and enhanced traction. They come in various types, including radial and bias, each suited for specific applications. Key manufacturers in the OTR tire industry include Bridgestone, Michelin, and Goodyear. The OTR tires' robust construction features thick treads and reinforced sidewalls, ensuring longevity and performance in demanding environments. OTR tires are crucial for maintaining operational efficiency and safety in industries reliant on heavy machinery.
Saudi Arabia OTR Tire Market
Growth Drivers
Increasing Foreign Investments
The Saudi Arabia OTR (Off-the-Road) Tire Market is experiencing robust growth, fueled by a surge in foreign investments. These investments are primarily directed toward the Kingdom's ambitious infrastructure projects and expanding mining sector, both key consumers of OTR tires. The influx of capital from global enterprises enhances technological advancements and also boosts production capacities in the country. Additionally, the government's pro-business policies and economic diversification initiatives under Vision 2030 are attracting significant foreign direct investment, further propelling the demand for high-performance OTR tires in various industrial applications.
Challenges
Stringent Regulations on Sales and Import of Used Tires
Saudi Arabia has implemented stringent regulations on the sales and import of used tires, significantly impacting the Off-The-Road (OTR) Tire Market. The new rules aim to enhance road safety, reduce environmental hazards, and ensure higher quality standards. These regulations are expected to drive demand for new OTR tires, as stricter controls limit the availability of used alternatives. Industry players anticipate an uptick in sales of premium tires, boosting market growth and promoting safer operational practices across various sectors, including construction and mining.
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 terrain. 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.
Saudi Arabia OTR Tire Market – By Demand Category
Based on demand category, Saudi Arabia OTR Tire Market is divided into OEM and Aftermarket segments. The OEM segment encompasses tires supplied directly by manufacturers for initial equipment installation on vehicles during assembly. Conversely, the aftermarket segment involves tires sold separately for replacement or upgrade purposes after the vehicle has been purchased and is in use. Within this market, the aftermarket segment typically holds a larger share, reflecting the ongoing demand for tire replacements and upgrades beyond the initial vehicle purchase.
Saudi Arabia OTR Tire Market – By Application
Based on application, Saudi Arabia OTR Tire Market is divided into Construction & Mining, Agriculture, and Industrial segments.
Competitive Landscape
Major players in the Saudi Arabia OTR Tire Market include Michelin Group, Bridgestone Corporation, Hankook Tire Co., Ltd, Pirelli, Goodyear Tire & Rubber Company, Continental AG, MRF Limited, Apollo Tyres Limited, Yokohama Rubber Company. 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
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
By Value - USD Million |
By Volume - Million Units |
|
Market Coverage |
Saudi Arabia |
Product/Service Segmentation |
Tire Type, Vehicle Type, Demand Category, Application |
Key Players |
Michelin Group, Introduction & Company Profile, Product Benchmarking, Strategic Outlook, Key Personals, Key Competitors, Financial Analysis, Recent Developments, SWOT Analysis, Bridgestone Corporation, Hankook Tire Co., Ltd, Pirelli, Goodyear Tire & Rubber Company, Continental AG, MRF Limited, Apollo Tyres Limited, Yokohama Rubber Company |
By Tire Type
-
Radial
-
Bias
By Vehicle Type
-
Earthmoving & Construction Equipment
-
Agricultural Vehicle
-
Material Handling Vehicle
By Demand Category
-
OEM
-
Aftermarket
By Application
-
Construction & Mining
-
Agriculture
-
Industrial
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Saudi Arabia OTR Tire Market Insights
- DROC Analysis
- Growth Drivers
- Rise in infrastructure projects
- Increasing foreign investments
- Technological advancements in tire manufacturing, focusing on high-tech tires for automobiles
- Shift towards online tire sales
- Restraints
- High cost of tires
- Stringent regulations on the sales and import of used tires
- Competition
- Opportunities
- Increasing government spending on construction and infrastructure projects
- Rising preference for recycled and green tires due to environmental concerns
- Agricultural sector growth
- Challenges
- Economic volatility and oil price fluctuations
- Import dependency and currency exchange rates
- Growth Drivers
- Technological Advancements/Recent Developments
- Porter’s Five Forces Analysis
- DROC Analysis
- Industry Value Chain Analysis
- Raw Material Procurement
- Manufacturing
- Distribution and Supply Chain
- End-User Application
- After-Sales Services
- Regulatory Framework
- The Saudi Standards, Metrology and Quality Organization (SASO)
- Import Regulations
- Safety Regulations
- Environmental Regulations
- Saudi Arabia OTR Tire Market: Marketing Strategies
- Saudi Arabia OTR Tire Market: Pricing Analysis
- Saudi Arabia OTR Tire Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- By Volume (Million Units)
- Market Share & Forecast
- By Tire Type
- Radial
- Bias
- By Vehicle Type
- Earthmoving & Construction Equipment
- Agricultural Vehicle
- Material Handling Vehicle
- Others
- By Demand Category
- OEM
- Aftermarket
- By Application
- Construction & Mining
- Agriculture
- Industrial
- By Tire Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- Saudi Arabia OTR Tire Market Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on Saudi Arabia OTR Tire Market
- Company Profiles
- Michelin Group *(same data pointers will be provided for the below companies)
- Introduction & Company Profile
- Product Benchmarking
- Strategic Outlook
- Key Personals
- Key Competitors
- Financial Analysis
- Recent Developments
- SWOT Analysis
- Bridgestone Corporation
- Hankook Tire Co., Ltd
- Pirelli
- Goodyear Tire & Rubber Company
- Continental AG
- MRF Limited
- Apollo Tyres Limited
- Yokohama Rubber Company
- Other Prominent Players
- Michelin Group *(same data pointers will be provided for the below companies)
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 Saudi Arabia OTR Tire Segmentation
Figure 2 Saudi Arabia OTR Tire Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Saudi Arabia OTR Tire Market Size, By Value (USD Million), 2019–2030
Figure 5 Saudi Arabia OTR Tire Market Size, By Volume (Million Units), 2019–2030
Figure 6 Saudi Arabia OTR Tire Market Share, By Tire Type, By Value, 2019–2030
Figure 7 Saudi Arabia OTR Tire Market Share, By Tire Type, By Volume, 2019–2030
Figure 8 Saudi Arabia OTR Tire Market Share, By Vehicle Type, By Value, 2019–2030
Figure 9 Saudi Arabia OTR Tire Market Share, By Vehicle Type, By Volume, 2019–2030
Figure 10 Saudi Arabia OTR Tire Market Share, By Demand Category, By Value, 2019–2030
Figure 11 Saudi Arabia OTR Tire Market Share, By Demand Category, By Volume, 2019–2030
Figure 12 Saudi Arabia OTR Tire Market Share, By Application, By Value, 2019–2030
Figure 13 Saudi Arabia OTR Tire Market Share, By Application, By Volume, 2019–2030
List of Tables
Table 1 Saudi Arabia OTR Tire Market Size, By Value (USD Million), 2019–2030
Table 2 Saudi Arabia OTR Tire Market Size, By Volume (Million Units), 2019–2030
Table 3 Saudi Arabia OTR Tire Market Size, By Tire Type, By Value, 2019–2030
Table 4 Saudi Arabia OTR Tire Market Size, By Tire Type, By Volume, 2019–2030
Table 5 Saudi Arabia OTR Tire Market Size, By Vehicle Type, By Value, 2019–2030
Table 6 Saudi Arabia OTR Tire Market Size, By Vehicle Type, By Volume, 2019–2030
Table 7 Saudi Arabia OTR Tire Market Size, By Demand Category, By Value, 2019–2030
Table 8 Saudi Arabia OTR Tire Market Size, By Demand Category, By Volume, 2019–2030
Table 9 Saudi Arabia OTR Tire Market Size, By Application, By Value, 2019–2030
Table 10 Saudi Arabia OTR Tire Market Size, By Application, By Volume, 2019–2030
Table 11 Michelin Group Company Overview
Table 12 Michelin Group Financial Overview
Table 13 Bridgestone Corporation Company Overview
Table 14 Bridgestone Corporation Financial Overview
Table 15 Hankook Tire Co., Ltd Company Overview
Table 16 Hankook Tire Co., Ltd Financial Overview
Table 17 Pirelli Company Overview
Table 18 Pirelli Financial Overview
Table 19 Goodyear Tire & Rubber Company: Company Overview
Table 20 Goodyear Tire & Rubber Company Financial Overview
Table 21 Continental AG Company Overview
Table 22 Continental AG Financial Overview
Table 23 MRF Limited Company Overview
Table 24 MRF Limited Financial Overview
Table 25 Apollo Tyres Limited Company Overview
Table 26 Apollo Tyres Limited Financial Overview
Table 27 Yokohama Rubber Company: Company Overview
Table 28 Yokohama Rubber Company Financial Overview
Market Segmentation
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