
Oman Tire Market - By Type (Radial, Bias); By Application (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers); By Demand Category (OEM, Replacement); By Region (North, South, Central), Trend Analysis, Competitive Landscape
Description
Oman Tire Market - By Type (Radial, Bias); By Application (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers); By Demand Category (OEM, Replacement); By Region (North, South, Central), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Oman Tire Market Size to Expand at a CAGR of 3.9% During 2023–2029
Oman tire market is flourishing because of stringent government regulations for vehicle and passenger safety and surging demand for passenger car tires and safety features in automobiles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Oman Tire market size to grow at a CAGR of 3.9% during the forecast period between 2023 and 2029. Major factors for the expansion of Oman tire market include increasing vehicle fleet and growing automobile sales in the country. The government's ninth five-year plan prioritized infrastructure projects such as the South Batinah Logistics Area and the Ad Dhahirah Economic Area, among others, which increased sales for commercial vehicle and OTR tires in the country. Due to the lack of automotive manufacturing in Oman, the tire market is reliant on replacement demand, which is met by both European and Chinese tire brands imported into the nation. Growing vehicle motorization rates, as well as a growing emphasis on diversifying the country's economy into non-oil sectors such as construction, tourism, and logistics are expected to drive the growth of Oman tire industry during the forecast period. However, stringent regulations and commercialized use of integrated advanced sensor-based technique are anticipated to hinder the expansion of Oman tire market.
Oman Tire Market - Overview
A tire is a ring-shaped, circular vehicle component that holds the wheel rim and is filled with pressurized air. It is made from natural or synthetic rubber, wire, silica, carbon black, steel, and other materials. It transmits the weight of the vehicle from the axle to the ground and increases vehicle stability by minimizing vibrations and enhancing shock absorption. It also enhances the vehicle's performance, mileage, and passenger safety, as well as reducing wear and tear. It is now routinely available in many sizes and versions based on the type of automobile. Oman is reliant on tire imports to meet domestic demand for tires because to a lack of vehicle OEMs and tire manufacturing units in the nation. Passenger cars accounted for around two-thirds of total automobile sales and more than three-fourths of total vehicle fleet in Oman in 2014. In 2015, there were over 167,600 new registrations in Oman, of which approximately 121,100 were passenger cars. As a result, passenger car tire sales constituted the vast bulk of tire sales in the country.
Oman Tire Market – By Demand Category
Based on demand category, Oman tire market is bifurcated into OEM and Replacement segments. The replacement segment is expected to hold a higher share of Oman tire market. It attributes primarily to its benefits, such as the easy availability of a diverse selection of tires of various brands, budgets, quality, and applications, attracting an increasing number of consumers. Because there are no automotive manufacturers in Oman, the tire sector is totally dependent on replacement demand. Rapidly increasing vehicle sales and increasing customer awareness about timely inspecting tire conditions and providing replacements are attracting a large customer base for replacement tires, primarily Chinese and flagship brands imported into Oman, and, as a result, fueling overall market growth.
Impact of COVID-19 on Oman Tire Market
Covid-19 in 2020 had a detrimental effect on the Oman tire market. The government's enforcement of strict movement restrictions, travel bans, and lockdown caused various unprecedented obstacles, including disruptions in the supply chain of raw materials, a shortage of staff, demand-supply gaps, distribution delays, and the closure of production units. As a result, the industry's top players suffered significant financial losses during the crisis. However, with the lifting of limitations and the resumption of business activities, the top market participants are seeing profitable opportunities and have raised the need for tire imports to fulfil the country's increasing requirements. They are likely to play a critical role in restoring the growth of market.
Competitive Landscape
Major players operating in Oman tire market include Bridgestone Corporation, Sumitomo Rubber, Michelin, Yokohama Rubber, Pirelli & C. Spa, Hankook Tire Co., Toyo Tire & Rubber Company Ltd, Continental, Apollo Tyres, and Goodyear Tires. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Oman Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Oman Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Oman Tire Market Size to Expand at a CAGR of 3.9% During 2023–2029
Oman tire market is flourishing because of stringent government regulations for vehicle and passenger safety and surging demand for passenger car tires and safety features in automobiles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Oman Tire market size to grow at a CAGR of 3.9% during the forecast period between 2023 and 2029. Major factors for the expansion of Oman tire market include increasing vehicle fleet and growing automobile sales in the country. The government's ninth five-year plan prioritized infrastructure projects such as the South Batinah Logistics Area and the Ad Dhahirah Economic Area, among others, which increased sales for commercial vehicle and OTR tires in the country. Due to the lack of automotive manufacturing in Oman, the tire market is reliant on replacement demand, which is met by both European and Chinese tire brands imported into the nation. Growing vehicle motorization rates, as well as a growing emphasis on diversifying the country's economy into non-oil sectors such as construction, tourism, and logistics are expected to drive the growth of Oman tire industry during the forecast period. However, stringent regulations and commercialized use of integrated advanced sensor-based technique are anticipated to hinder the expansion of Oman tire market.
Oman Tire Market - Overview
A tire is a ring-shaped, circular vehicle component that holds the wheel rim and is filled with pressurized air. It is made from natural or synthetic rubber, wire, silica, carbon black, steel, and other materials. It transmits the weight of the vehicle from the axle to the ground and increases vehicle stability by minimizing vibrations and enhancing shock absorption. It also enhances the vehicle's performance, mileage, and passenger safety, as well as reducing wear and tear. It is now routinely available in many sizes and versions based on the type of automobile. Oman is reliant on tire imports to meet domestic demand for tires because to a lack of vehicle OEMs and tire manufacturing units in the nation. Passenger cars accounted for around two-thirds of total automobile sales and more than three-fourths of total vehicle fleet in Oman in 2014. In 2015, there were over 167,600 new registrations in Oman, of which approximately 121,100 were passenger cars. As a result, passenger car tire sales constituted the vast bulk of tire sales in the country.
Oman Tire Market – By Demand Category
Based on demand category, Oman tire market is bifurcated into OEM and Replacement segments. The replacement segment is expected to hold a higher share of Oman tire market. It attributes primarily to its benefits, such as the easy availability of a diverse selection of tires of various brands, budgets, quality, and applications, attracting an increasing number of consumers. Because there are no automotive manufacturers in Oman, the tire sector is totally dependent on replacement demand. Rapidly increasing vehicle sales and increasing customer awareness about timely inspecting tire conditions and providing replacements are attracting a large customer base for replacement tires, primarily Chinese and flagship brands imported into Oman, and, as a result, fueling overall market growth.
Impact of COVID-19 on Oman Tire Market
Covid-19 in 2020 had a detrimental effect on the Oman tire market. The government's enforcement of strict movement restrictions, travel bans, and lockdown caused various unprecedented obstacles, including disruptions in the supply chain of raw materials, a shortage of staff, demand-supply gaps, distribution delays, and the closure of production units. As a result, the industry's top players suffered significant financial losses during the crisis. However, with the lifting of limitations and the resumption of business activities, the top market participants are seeing profitable opportunities and have raised the need for tire imports to fulfil the country's increasing requirements. They are likely to play a critical role in restoring the growth of market.
Competitive Landscape
Major players operating in Oman tire market include Bridgestone Corporation, Sumitomo Rubber, Michelin, Yokohama Rubber, Pirelli & C. Spa, Hankook Tire Co., Toyo Tire & Rubber Company Ltd, Continental, Apollo Tyres, and Goodyear Tires. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Oman Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Oman Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
107 Pages
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Oman Tire Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Strict Government Regulations for Vehicle & Passenger Safety
- 3.2.1.2. Rising Demand for Safety in Automobiles from Consumers
- 3.2.1.3. Rising Demand for Passenger Car Tires
- 3.2.2. Restraints
- 3.2.2.1. Stringent Regulations
- 3.2.2.2. Commercialized Use of Integrated Advanced Sensor-Based Technique
- 3.2.3. Opportunities
- 3.2.3.1. Rapid Expansion of Online Platforms
- 3.2.3.2. Developing Alternative, Cost-Effective and Recyclable Raw Materials
- 3.2.4. Challenges
- 3.2.4.1. High R&D Costs
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Oman Tire Market Overview
- 4.1. Market Size & Forecast by Value, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Type
- 4.2.1.1. Radial
- 4.2.1.2. Bias
- 4.2.2. By Application
- 4.2.2.1. Passenger Car
- 4.2.2.2. Light Commercial Vehicles
- 4.2.2.3. Heavy Commercial Vehicles
- 4.2.2.4. Two Wheelers
- 4.2.3. By Demand Category
- 4.2.3.1. OEM
- 4.2.3.2. Replacement
- 4.2.4. By Region
- 4.2.4.1. North
- 4.2.4.2. South
- 4.2.4.3. Central
- 5. North Oman Tire Market
- 5.1. Market Size & Forecast by Value, 2019–2029
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.2. By Application
- 5.2.3. By Demand Category
- 6. South Oman Tire Market
- 6.1. Market Size & Forecast by Value, 2019–2029
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Application
- 6.2.3. By Demand Category
- 7. Central Oman Tire Market
- 7.1. Market Size & Forecast by Value, 2019–2029
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Application
- 7.2.3. By Demand Category
- 8. Competitive Landscape
- 8.1. List of Key Players and Their Offerings
- 8.2. Oman Tire Company Market Share Analysis, 2022
- 8.3. Competitive Benchmarking, By Operating Parameters
- 8.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- 9. Impact of Covid-19 on Oman Tire Market
- 10. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 10.1. Bridgestone Corporation
- 10.2. Sumitomo Rubber
- 10.3. Michelin
- 10.4. Yokohama Rubber
- 10.5. Pirelli & C. Spa
- 10.6. Hankook Tire Co.
- 10.7. Toyo Tire & Rubber Company Ltd
- 10.8. Continental
- 10.9. Apollo Tyres
- 10.10. Goodyear Tires
- 10.11. Other Prominent Players
- 11. Key Strategic Recommendations
- 12. Research Methodology
- 12.1. Qualitative Research
- 12.1.1. Primary & Secondary Research
- 12.2. Quantitative Research
- 12.3. Market Breakdown & Data Triangulation
- 12.3.1. Secondary Research
- 12.3.2. Primary Research
- 12.4. Breakdown of Primary Research Respondents, By Region
- 12.5. Assumptions & Limitations
- *Financial information in case of non-listed companies will be provided as per availability
- **The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
- List of Figures
- Figure 1 Oman Tire Market Segmentation
- Figure 2 Oman Tire Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Oman Tire Market Size, By Value (USD Million), 2019–2029
- Figure 5 Oman Tire Market Share, By Type, By Value, 2019–2029
- Figure 6 Oman Tire Market Share, By Application, By Value, 2019–2029
- Figure 7 Oman Tire Market Share, By Demand Category, By Value, 2019–2029
- Figure 8 Oman Tire Market Share, By Region, By Value, 2019–2029
- Figure 9 North Oman Tire Market Size, By Value (USD Million), 2019–2029
- Figure 10 North Oman Tire Market Share, By Type, By Value, 2019–2029
- Figure 11 North Oman Tire Market Share, By Application, By Value, 2019–2029
- Figure 12 North Oman Tire Market Share, By Demand Category, By Value, 2019–2029
- Figure 13 South Oman Tire Market Size, By Value (USD Million), 2019–2029
- Figure 14 South Oman Tire Market Share, By Type, By Value, 2019–2029
- Figure 15 South Oman Tire Market Share, By Application, By Value, 2019–2029
- Figure 16 South Oman Tire Market Share, By Demand Category, By Value, 2019–2029
- Figure 17 Central Oman Tire Market Size, By Value (USD Million), 2019–2029
- Figure 18 Central Oman Tire Market Share, By Type, By Value, 2019–2029
- Figure 19 Central Oman Tire Market Share, By Application, By Value, 2019–2029
- Figure 20 Central Oman Tire Market Share, By Demand Category, By Value, 2019–2029
- List of Tables
- Table 1 Oman Tire Market Size, By Type, By Value, 2019–2029
- Table 2 Oman Tire Market Size, By Application, By Value, 2019–2029
- Table 3 Oman Tire Market Size, By Demand Category, By Value, 2019–2029
- Table 4 Oman Tire Market Size, By Region, By Value, 2019–2029
- Table 5 North Oman Tire Market Size, By Type, By Value, 2019–2029
- Table 6 North Oman Tire Market Size, By Application, By Value, 2019–2029
- Table 7 North Oman Tire Market Size, By Demand Category, By Value, 2019–2029
- Table 8 South Oman Tire Market Size, By Type, By Value, 2019–2029
- Table 9 South Oman Tire Market Size, By Application, By Value, 2019–2029
- Table 10 South Oman Tire Market Size, By Demand Category, By Value, 2019–2029
- Table 11 Central Oman Tire Market Size, By Type, By Value, 2019–2029
- Table 12 Central Oman Tire Market Size, By Application, By Value, 2019–2029
- Table 13 Central Oman Tire Market Size, By Demand Category, By Value, 2019–2029
- Table 14 Bridgestone Corporation Company Overview
- Table 15 Bridgestone Corporation Financial Overview
- Table 16 Sumitomo Rubber Company Overview
- Table 17 Sumitomo Rubber Financial Overview
- Table 18 Michelin Company Overview
- Table 19 Michelin Financial Overview
- Table 20 Yokohama Rubber Company Overview
- Table 21 Yokohama Rubber Financial Overview
- Table 22 Pirelli & C. Spa Company Overview
- Table 23 Pirelli & C. Spa Financial Overview
- Table 24 Hankook Tire Co. Company Overview
- Table 25 Hankook Tire Co. Financial Overview
- Table 26 Toyo Tire & Rubber Company Ltd Company Overview
- Table 27 Toyo Tire & Rubber Company Ltd Financial Overview
- Table 28 Continental Company Overview
- Table 29 Continental Financial Overview
- Table 30 Apollo Tyres Company Overview
- Table 31 Apollo Tyres Financial Overview
- Table 32 Goodyear Tires Company Overview
- Table 33 Goodyear Tires Financial Overview
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