Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Oman Tire Market, The Oman Tire Market is projected to grow at a CAGR of around 3.3% during the forecast period, i.e., 2021-26. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Oman Tire Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2021-2026
- CAGR (2021-2026): 3.3%
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Oman Tire Market Segmentation Breakdown:
The Oman Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
By Vehicle Type
- Passenger Cars
- SUV
- Sedan
- Hatchback & Bakkies
- Light Commercial Vehicles (LCV)
- Light Trucks
- Light Buses
- Pickup trucks & Vans
- Medium & Heavy Commercial Vehicles
- Bus
- Truck
- Two Wheelers
- Moped
- Scooters
- Motorcycles
- Off the Road (OTR)
- Earthmoving Equipment
- Material Handling Equipment
- Industrial & Mining Equipment
By Demand Type
- OEM
- Replacement
Of both, the Replacement demand is anticipated to acquire the largest share of the Oman Tire Market during the forecast period.
By Type of Tire
- Radial
- Bias
Here, the demand for Radial Tires is projected to witness the fastest growth in the Oman Tire Market during the forecast period, principally due to their benefits like lower fuel consumption, improved vehicle stability, better traction, low rolling resistance, & improved cut resistance, among others, i.e., fueling their adoption in different heavy-duty vehicles for a smooth driving experience.
By Season
- All Season
- Summer
By Sales Channel
- Online
- Dealers/ Exclusive Outlets
- Others
By Rim Size
- Upto 12
- 1” to 15”
- 1.” to 18”
- 1” to 20”
- 1” to 22.5”
- 6” to 26”
- 1” to 35”
- 1” to 47”
- Above 47”
By Price Category
- Low
- Medium
- High
Key Drivers: Strict Government Regulations for Vehicle & Passenger Safety
With an escalating number of road accidents in Oman, the government is imposing strict regulations for vehicle owners to timely inspect the condition of their vehicles & tires and ensure proper replacements to increase their safety, which, in turn, is augmenting the sales of tires in the country and generating growth opportunities for the Oman Tire Market through 2026.
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A Comprehensive Analysis of Leading Companies in Oman Tire Market
- Bridgestone Corporation
- Sumitomo Rubber
- Compagnie Générale Des Établissements Michelin
- Yokohama Rubber
- Pirelli & C.Spa
- Hankook Tire Co.
- Toyo Tire & Rubber Company Ltd
- Continental
- Apollo Tyres
- Goodyear Tires
Growth Opportunity: Rapid Expansion of Online Platforms
With the mounting inclination of customers toward online shopping, several tire manufacturers in Oman are increasingly adopting digital platforms to offer an extensive range of tires. It, in turn, is generating growth opportunities for them to expand their product portfolio & visibility across the country, which, in turn, would contribute to the overall expansion of the Oman Tire Market in the coming years.
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