Middle East & Africa OTR Tire Market volume is Projected to Grow at a CAGR of 2.8% during 2019-25

Ambitious economic diversification visions and public infrastructure spending across the region would drive the growth of Middle East & Africa OTR tire market- 6Wresearch

The Middle East & Africa OTR tire market is expected to witness substantial increase in demand due to efforts by local governments for economic diversification, which would require infrastructure development across multiple sectors such as manufacturing, hospitality and logistics. However, construction boom in some countries, such as UAE and Qatar is expected to be over in the coming years with lack of upcoming projects in pipeline, thereby leading to a slowdown for the OTR tire market in such countries.

According to 6Wresearch, Middle East & Africa OTR Tire Market volume is projected to grow at a CAGR of 2.8% during 2019-25. The Middle East & Africa OTR tire market, mining application segment is expected to undergo stable growth across the region, as countries in the region are investing in the mining industry to serve as a source of foreign reserve after the recent oil crisis. The mining industry is undergoing reforms across the region and exploration efforts are growing in countries such as Egypt. Due to the aforementioned reasons, the demand for OTR tire in the mining application in set to grow during the forecast period

According to Prithu Chawla, Research Analyst, Research and Consulting, 6Wresearch, “South Africa and Turkey are the top demand generators in the Middle East & Africa OTR Tire Market. South Africa’s dominance in the market is due to its immense mining industry and high throughput across its ports. However, the growth of OTR tire market in the country is expected to be subdued during the forecast period owing to rising operational costs in the mining sector and slowdown in construction activity.

According to Akash Sharma, Research Analyst, Research and Consulting, 6Wresearch, "By Type, radial technology currently dominates the OTR tire market in the Middle East & Africa OTR tire market, and is likely to continue its dominance in majority of the countries. The growing preference for radial tires as a superior technology is attributed majorly to its comparative operational cost advantages as it enhances the equipment’s fuel efficiency. The demand for bias tires would decline in the developing countries and is likely to be restricted to a small fraction of the overall market in the long run."

Some of the major companies in Middle East & Africa OTR tire market include Triangle Tire Co. Ltd., The Goodyear Tire & Rubber Company, Balkrishna Industries Limited (BKT), Bridgestone Middle East & Africa FZE and General Company Establishment Michelin.

"Middle East & Africa OTR Tire Market (2019-2025)" report provides an in-depth analysis with 241 figures and 67 tables, covered in more than 360 pages. The report estimates and forecast the overall Middle East & Africa OTR tire market by volume, types, applications, vehicle type and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.