Oman Tire Market to be dominated by Passenger Car Segment Through 2025

Increasing vehicle motorization rate and favorable government policies are some key factors propelling the growth of Oman tire market.

According to TechSci Research report, “Oman Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Oman tire market is expected to undergo a significant growth and witness a CAGR of 5.15% by 2025. Major factors propelling the growth of Oman tire market are increasing vehicle motorization rate along with growing focus on diversification of the country’s economy into non-oil sectors such as construction, tourism, logistics, among others. Moreover, Due to absence of automobile manufacturing in Oman, the tire market is dependent on the replacement demand, which is being addressed by flagship as well as Chinese tire brands imported into the country. Apart from that, the government’s five years plan for 2011-2015 attracted investments worth USD70 billion for infrastructure projects, and this in turn, drove demand for commercial vehicle and OTR tires in the country.

Additionally, growing automobile sales on the back of high per capita disposable income of the country is also playing a key factor in the growth of Oman tire market. Anticipated growth in oil & gas, and infrastructure sectors is further expected to boost the commercial vehicle market in Oman, thereby, augmenting demand for commercial vehicle tires in the country over the next five years.

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Oman tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, passenger car tire sales accounted for majority of the tire sales in the country until 2019. The segment is forecast to dominate tire sales during 2019-2025 as well, due to increasing urbanization and rising disposable income levels. Based on demand category, Oman tire market can be split into replacement and OEM. Among the two, the country’s tire market was dominated by replacement segment in 2019 owing to the absence of automobile manufacturing in Oman. The segment is further expected to its 100% dominance during the forecast period.

Though Oman tire market is dominated by leading global tire brands, the market share of international brands in the country is projected to decline during the forecast period due to increasing penetration of Chinese tire brands. Few of the prominent tire brands operating in Oman include Bridgestone Corporation, Sumitomo Rubber Industries Limited, COMPAGNIE GÉNÉRALE DES ÉTABLISSEMENTS MICHELIN, YOKOHAMA RUBBER CO., LTD., Pirelli & C. Spa, Hankook Tire Co Ltd, Toyo Tire & Rubber Co., Ltd., Continental AG, Apollo Tyres Ltd. and Goodyear Tire & Rubber Co. Furthermore, key growth strategies being adopted by leading tire manufacturers are product innovation, mergers & acquisitions, collaborations and partnerships in order to increase their share in Oman tire market.

“Diversification into non-oil sectors, which is reflected by increasing investments in infrastructure projects over the last few years is one of the prominent factors contributing to the growth of Oman tire market. Moreover, the evolution of re-treaded tires and nitrogen filled tires is also positively impacting the country’s tire market growth. In addition to this, introduction of electric cars and rising sale of luxury passenger cars are expected to boost the Oman tire market growth in coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Oman Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Oman tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Oman tire market.

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