Press Release

Tire Market to Grow with a CAGR of 9.43% in Oman through to 2028

The major drivers for the Oman Tire Market include a growing automotive industry, increased vehicle ownership, and a focus on safety and performance, driving consistent demand for tires in the country.

 

According to TechSci Research report, “Oman Tire Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Oman Tire Market stood at USD 130 Million in 2022 and is anticipated to grow with a CAGR of 9.43% in the forecast period, 2024-2028. The Oman Tire Market has witnessed substantial growth, driven by a multitude of factors. Firstly, the surge in vehicle ownership can be attributed to the rising middle-class population and favorable government policies, which have created a conducive environment for the automotive industry. This has led to an increased demand for tires, as more individuals are purchasing vehicles for their personal and professional needs.

Secondly, the booming tourism sector has played a pivotal role in fueling the growth of rental and commercial transportation services. As the number of tourists visiting Oman continues to rise, the demand for transportation services has increased significantly. This, in turn, has boosted the demand for tires, as rental companies and commercial transportation providers strive to meet the growing requirements of their customers.

Furthermore, ongoing infrastructural developments and increased construction activities have contributed to the expansion of the commercial vehicle segment. As new roads, bridges, and buildings are being constructed, there is a higher demand for commercial vehicles to support these projects. Consequently, the tire market has witnessed a positive impact, as the increased demand for commercial vehicles necessitates a higher demand for tires.

Lastly, the availability and awareness of high-quality, technologically advanced tires have played a significant role in the market's growth. Consumers are now more informed about the importance of using reliable and efficient tires, which has led to an increased preference for high-quality products. As a result, tire manufacturers have focused on developing innovative tire technologies to meet the evolving demands of consumers, further driving the growth of the market.

In summary, the Oman Tire Market's growth can be attributed to the surge in vehicle ownership, expansion of the tourism sector, ongoing infrastructural developments, and the availability of high-quality tires. These factors have collectively contributed to the market's positive trajectory, making it a promising industry for investors and stakeholders alike.

 

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The Oman Tire Market is a crucial sector within Oman's automotive industry, playing a pivotal role in ensuring safe and efficient mobility solutions for the increasing number of vehicles on Omani roads. Over the years, the market has exhibited consistent growth, driven by factors such as rising consumer incomes, improved access to credit, and the need for reliable and safe tires to equip the expanding fleet of vehicles in Oman.

Oman's stable and diversifying economy contributes significantly to the market's expansion. As disposable incomes rise and more individuals and businesses invest in vehicles, there is a growing demand for tires to cater to diverse consumer preferences and the various driving conditions experienced in Oman.

The Oman Tire Market's growth trajectory is poised to continue as Oman places a strong emphasis on environmental sustainability and road safety. The nation's climate diversity, including scorching hot summers and occasional wet seasons, underscores the significance of high-quality tires. Therefore, there is a consistent need for reliable and seasonally appropriate tires, positioning the market for sustained growth.

Several key drivers underpin the growth and vibrancy of the Oman Tire Market. Oman's stable economic environment and increasing consumer incomes have fostered an environment conducive to vehicle ownership, consequently driving the demand for tires as more vehicles require replacements and upgrades.

The climate in Oman, characterized by extremely hot summers and occasional rainfall, necessitates a range of tires to ensure safety and optimal performance on Omani roads. This seasonal variation in road conditions fuels the market's growth, as consumers seek tires tailored to their specific needs and preferences.

The Oman Tire Market also benefits from a growing awareness of environmental sustainability and responsible consumption. Consumers in Oman are becoming more conscientious of the environmental impact of their choices, including their vehicle-related decisions. This has led to an increasing preference for eco-friendly and sustainable tires designed to reduce carbon emissions and minimize environmental harm.

Government regulations play a pivotal role in shaping the Oman Tire Market. Oman has implemented regulations pertaining to tire safety and labeling, ensuring that tires meet specific quality and safety standards. These regulations are in place to protect consumers and enhance road safety. Manufacturers are required to adhere to these standards to operate in the Omani market, driving the production of safer and more reliable tires. Mandatory tire labeling requirements provide consumers with essential information about tire performance attributes, aiding them in making informed choices.

Regarding trends, all-season tires have gained popularity in the Oman Tire Market due to their versatility in adapting to various weather conditions. These tires offer convenience to consumers as they can be used throughout the year without the need for seasonal changes. Additionally, there is an increasing preference for online tire purchases, reflecting the convenience and accessibility of e-commerce platforms. Consumers are increasingly turning to online retailers and tire dealer websites to research, compare, and purchase tires, reshaping the market landscape.

In conclusion, the Oman Tire Market is characterized by consistent growth, driven by economic stability, safety considerations, environmental awareness, and government regulations. As Oman continues to prioritize road safety and sustainability, the demand for high-quality tires is expected to persist. Tire manufacturers and retailers must adapt to evolving consumer preferences and market dynamics to thrive in this competitive landscape.

 

Major companies operating in Oman Tire Market are:

  • Bridgestone Corporation
  • Continental AG
  • Goodyear Tire & Rubber Company
  • Sumitomo Rubber Industries Ltd
  • Michelin Group
  • Pirelli & C. S.p.A.
  • Yokohama Rubber Company Limited
  • Kumho Tire Co. Inc.  

 

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“The major drivers for the Oman Tire Market can be attributed to several factors. Firstly, a surge in vehicle ownership, driven by a growing middle-class population and favorable government policies, has increased the demand for tires. Secondly, the expansion of the tourism sector has fueled the growth of rental and commercial transportation services, subsequently driving the tire market. Thirdly, ongoing infrastructural developments and increased construction activities have boosted the demand for commercial vehicles, thus positively impacting the tire market. Finally, the increasing availability and awareness of high-quality, technologically advanced tires have also played a significant role in the market's growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Oman Tire Market Oman Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By Region, Competition”, has evaluated the future growth potential of Oman Tire Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Oman Tire Market.      

 

 

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Relevant Reports

Oman Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By Region, Competition, Forecast & Opportunities, 2018-2028

Automotive | Oct, 2023

The major drivers for the Oman Tire Market include a growing automotive industry, increased vehicle ownership, and a focus on safety and performance, driving consistent demand for tires in the country.

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