Saudi Arabia OTR Tyre Market (2024-2030) | Analysis, Outlook, Value, Trends, Growth, Industry, Size, Companies, Share, Revenue & Forecast

Topics Covered in the Saudi Arabia OTR Tyre Market Report

The Saudi Arabia OTR Tyre Market report thoroughly covers the market by type, by sales channel, by application, and by Vehicle Type. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Saudi Arabia OTR Tyre Market Synopsis

Saudi Arabia OTR Tyre Market has been witnessing steady growth over the years, due to the country's booming construction and mining industries.  In recent years, the Saudi Arabian government has invested heavily in infrastructure projects and mining operations, leading to an increased demand for OTR tyres. The rise in urbanization and industrialization has also contributed to the growth of this market. As more roads, buildings, and structures are being built across the country, there is a higher need for heavy-duty vehicles and, in turn, OTR tyres.

According to 6Wresearch, Saudi Arabia OTR Tyre Market size is expected to grow at a significant CAGR during the forecast period 2024-2030. This growth can be attributed to various key drivers, one of the primary factors is the rapid development of infrastructure and construction activities in the country. Saudi Arabia has been investing heavily in new projects, including large-scale construction of residential and commercial buildings, roads, bridges, airports, ports, and other vital infrastructure. This increased demand for heavy-duty vehicles which require OTR tyres for their operations. Additionally, the growing mining industry in Saudi Arabia has also been a major driver for the OTR tyre market.

The country is rich in mineral resources, including gold, phosphate, bauxite, and copper. With increased mining activities to extract these valuable resources, the demand for heavy-duty equipment and subsequently OTR tyres has risen significantly. Also, the continuous expansion of the oil and gas sector, the country heavily relies on this industry for its economy. This has led to ongoing development and maintenance projects in various oil fields across Saudi Arabia, raising the demand for OTR tyres.

Despite the positive growth potential, the Saudi Arabia OTR Tyre Market faces several challenges including fluctuating oil prices, which directly impact the country's economy and subsequently, the demand for construction and mining activities. The presence of cheaper Chinese imports continues to pose an obstacle for local manufacturers. These imported tyres often do not meet quality standards and are sold at lower prices, creating unfair competition for domestic companies. Moreover, infrastructure development projects in Saudi Arabia have been affected by delays due to various reasons such as bureaucratic red tape and funding issues. This has resulted in a growth delay in the construction industry and consequently impacted the demand for OTR tyres. Another challenge is the lack of skilled labor and technology in the production process. This leads to higher production costs and affects the overall competitiveness of local manufacturers.

Saudi Arabia OTR Tyre Market Leading Players

The Saudi Arabia OTR Tyre Market is highly competitive, with several leading players dominating the industry. One of the top players in the market is Goodyear Tire & Rubber Company, with a strong global presence, Goodyear has established itself as a reliable and trusted brand in the region. The company offers a wide range of OTR tyres for various applications such as construction, mining, and agriculture. Another major player is Michelin Group, which is known for its advanced technology and sustainable practices. Michelin's commitment to innovation has helped it maintain a strong foothold in the Saudi Arabian market. Continental AG is also an influential player in the OTR tyre market. The company offers a diverse range of products for various industries.

They are known for their advanced tread designs and high durability, making them popular among customers in the region. In addition to these major players, there are several other key players in the Saudi Arabian OTR tyre market such as Bridgestone Corporation, Pirelli & C. S.p.A., and Yokohama Rubber Co., Ltd. These companies are known for their high-quality products and innovative solutions that cater to the diverse needs of customers in the country.

Saudi Arabia OTR Tyre Market Government Regulations

Government regulations play a pivotal role in shaping the Saudi Arabia OTR Tyre Market. The country has a strong and well-established regulatory framework that governs the import, sale, and use of tyres in Saudi  Arabia. This helps to ensure safety standards are met, and fair competition is maintained among manufacturers and suppliers. One of the primary government bodies responsible for regulating the market is the Ministry of Transport. They oversee all aspects of transportation, including road safety and vehicle regulations. The ministry works closely with other governmental agencies to develop policies and regulations that promote safe driving practices and protect consumers. In addition, the Saudi Arabian Standards, Metrology and Quality Organization (SASO) is responsible for setting these standards and enforcing them through periodic inspections.

Future Insights of the Market

Saudi Arabia is one of the largest and most influential countries in the Middle East, with a thriving economy and a rapidly growing population. The automotive industry is a major contributor to the country's economy, with the Kingdom being one of the top importers of vehicles and automotive parts in the region. One segment of the automotive industry that has been gaining considerable attraction in Saudi Arabia is the OTR tyre market. The demand for OTR tyres in Saudi Arabia has been increasing steadily over the past few years, and this trend is expected to continue in the future. The construction sector, in particular, has been a major driving force for the growth of the OTR tyre market. With numerous infrastructure projects in progress and planned for the near future, there is a high demand for heavy-duty vehicles and equipment equipped with OTR tyres. Overall the future of Saudi Arabia's OTR Tyre Market appears promising.

Market Segmentation by Sales Channel

According to Dhaval, Research Manager, 6Wresearch, the aftermarket segment holds the majority of market share in the OTR tyre market in Saudi Arabia. This can be attributed to a growing preference for aftermarket tyres due to their cost-effectiveness and availability.

Market Segmentation by Application

The highest market share in the segment by Applications was attained by the Construction category. This can be attributed to the rapid growth in construction activities across the country, especially with major infrastructure projects.

Market Segmentation by Vehicle Type

According to the market statistics, the Loader segment has dominated the OTR tyre market in Saudi Arabia with the highest market share. This can be attributed to its widespread usage in various industries such as construction, mining, and agriculture.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Market Report

• Saudi Arabia OTR Tyre Market Overview
• Saudi Arabia OTR Tyre Market Trends
• Saudi Arabia OTR Tyre Market Forecast
• Historical data & Forecast of Saudi Arabia OTR Tyre Market Volume for the Period 2020-2030.
• Saudi Arabia OTR Tyre Market Size & Saudi Arabia OTR Tyre Market Forecast until 2030.
• Historical Data of Saudi Arabia OTR Tyre Market Volume for the Period 2020-2030.
• Market Size & Forecast of Saudi Arabia OTR Tyre Market Volume until 2030.
• Historical Data of Saudi Arabia OTR Tyre Market Volume, by Type, for the Period 2020-2030.
• Market Size & Forecast of Saudi Arabia OTR Tyre Market Volume, by Type, until 2030.
• Historical Data of Saudi Arabia OTR Tyre, by Sales Channel, for the Period 2020-2030.
• Market Size & Forecast of Saudi Arabia OTR Tyre Market Volume, by Sales Channel, until 2030.
• Historical Data of Saudi Arabia OTR Tyre Market Volume, by Application, for the Period 2020-2030.
• Market Size & Forecast of Saudi Arabia OTR Market Volume, by Application, until 2030.
• Historical Data of Saudi Arabia OTR Tyre Market Volume, by Vehicle Type, for the Period 2020-2030.
• Market Size & Forecast of Saudi Arabia OTR Tyre Market Volume, by Vehicle Type, until 2030.
• Saudi Arabia OTR Tyre Market Outlook
• Market Drivers and Restraints
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Saudi Arabia OTR Tyre Market Overview on Competitive Benchmarking
• Saudi Arabia OTR Tyre Market Share, By Players
• Company Profiles
• Saudi Arabia OTR Tyre Market Ranking, by Companies
• Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments

By Type

• Radial
• Bias

By Sales Channel

• OEM
• Aftermarket

By Applications

• Construction
• Port
• Mining
• Others

By Vehicle Type

• Loader
• Dump Truck
• Excavator
• Grader
• Cranes
• Material Handling Equipment
• Others