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.
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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.
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