UAE OTR Tire Market to expand at a CAGR of 6.13% during 2023-2029

Published | 31 January 2023

UAE OTR tire market size is flourishing owing to growing construction, mining, and industrial sectors, in the UAE along with the growing infrastructure development in this region to diversify the economy, as well as rising government investments in non-oil sectors.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated UAE OTR tire market size at USD 91.79 million in 2022. During the forecast period between 2023 and 2029, BlueWeave UAE OTR tire market size is expected to grow at a significant CAGR of 6.13% reaching a value of USD 139.08 million by 2029. The demand for medium and heavy commercial vehicles is expected to rise due to the increase in initiatives taken by the top authorities to promote the infrastructure development of the nation, such as the Abu Dhabi Metro project to improve the economic situation. The UAE OTR tire market is expanding as a result of the government's efforts to diversify its revenue streams and create new sources of income to stabilize the nation's financial situation. The increased efforts being made by market participants to expand dealerships and the introduction of novel tires to draw in more customers are expected to have an impact on market growth. The demand for tractors and agricultural vehicle equipment is rising as the agricultural sector is expanding.

UAE OTR Tire Market – Overview

Off-road tires known as OTRs are used to increase traction on unpaved surfaces like loose dirt, mud, sand, or gravel. These tires, which frequently have radial construction and deep, thick treads, are designed to be used on and off-road. For heavy-duty equipment and vehicles, OTR tires that can operate in challenging environments without compromising quality, performance, or safety are necessary. OTR tires have been used in a variety of industrial applications, such as those for aircraft towing vehicles, articulated dump trucks, container handlers, container handler reach stackers, gantry cranes, graders, loaders, mobile cranes, pavers, rigid frame haul trucks, rubber tire dozers, rubber tire gantry cranes, scrapers, special purpose vehicles, straddle carriers and many more. Off-road tires are also created specifically.

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Growth Drivers

Rising demand for OTR tires

A growing transportation system, sizable investments in highways, bridges, and tunnels for convenience, a bolstered supply chain network for better trade, developing manufacturing sectors, and building construction are all examples of infrastructure. The demand for mining and construction equipment could increase due to rising labor costs, the need for greater efficiency, and the desire to maximize the use of resources.

Challenge: Recycling of plastics used in the manufacture of electric vehicles

The development and best use of OTR tires throughout their life cycle were made possible by technological advancement and commercialization. The pneumatic tire cavity of OTR tires typically has small, simple-to-install sensors installed inside of it as part of a tire condition monitoring system (TCMS) or tire pressure monitoring system (TPMS). Inflation pressure, cavity air temperature, tire belt stress and strain, normal load, traction force, acceleration, and tire wear are all measured and transmitted electronically by these devices to a digital device in the driver's cabin. With the help of these measurements, the driver can assess the condition of each tire and take the necessary corrective and preventive measures to reduce the likelihood of tire-related downtime.

Impact of COVID-19 on UAE OTR Tire Market

The COVID-19 outbreak has had a significant negative impact on the OTR tire industry and supply chain in UAE. Sales of mining and construction equipment decreased during the first quarter of 2020. Sales, however, increased in the second half of 2020. The demand for off-highway equipment has also significantly increased as a result of increased mechanization. However, cross-border trade was severely harmed as a result of the COVID-19 outbreak, which resulted in supply chain disruptions in 2020. Due to increased investments in infrastructure development, increased metal demand, and growth in the mining industry, farm mechanization, and industrial automation, demand for off-highway vehicles increased in 2021 and is expected to increase further.

UAE OTR Tire Market – By Application

The UAE OTR tire market is segmented into Loader tires, Compactor tires, Earth Moving tires, Grader tires, and Others based on application. L-type tires are designed to handle heavy loads, travel short distances at a slow speed, and prioritize stability; they are categorized for use on wheeled loaders and dozers. L-classified tires also have a numerical designation that specifies tread depth and application. All tires mounted on large machinery are referred to as earth-moving tires. Such equipment is mainly used in the construction, road building, and mining industries, where hardened roads are scarce. Resistance, grip, and durability are more stressed in these circumstances.

Competitive Landscape

UAE OTR Tire market is fiercely competitive. Prominent players in the market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Apollo Tires, Nokian Tires, Dunlop Tires, Falken Tires, Hankook Tires, JK Tire, Yokohama Tires, Sumitomo Rubber Industries, Toyo Tires, Cooper Tires. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the UAE OTR tire market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of UAE OTR Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in UAE OTR 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.

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