Africa Off the Road (OTR) Tire Market Overview: 2024-2030
Base Year: 2023
Historical Years: 2019-22
Forecast Years: 2024-30
The Global Africa Off the Road (OTR) Tire Market is estimated to grow at a CAGR of around 3.5% during the forecast period, i.e., 2024-29. The market growth is accredited to the rising inclination towards increasing government investment in the development of urban areas & surging infrastructure development activities in the region, which require heavy machines in the construction process. The growing demand for OTR tires in the mining, construction, and agriculture sectors augmented government subsidies for farm equipment, and heightened investments in new radial tire manufacturing facilities are the key factors positively influencing the industry’s growth prospects during the forecast period.
Markntel Advisor’s Africa Off the Road (OTR) Tire Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, Africa Off the Road (OTR) Tire Market drivers, barriers, Africa Off the Road (OTR) Tire Market Trends, and Key Players in Africa Off the Road (OTR) Tire Market.
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Africa Off the Road (OTR) Tire Market Dynamics: 2024-2030
Africa Off the Road (OTR) Tire Market Driver:
Mineral-rich Africa’s Thriving Mining Industry to Aid in Fueling the Demand for Off the Road (OTR) Tires – Africa’s vast & diverse mineral resources, including precious metals, minerals, and ores, have led to a thriving mining sector. Hence, with the booming demand for heavy vehicles from the mining industry in Africa the demand for Off the Road (OTR) tires is destined to drive.
In the pursuit of valuable resources, mining operations depend heavily on specialized equipment, such as colossal haul trucks, loaders, and excavators, equipped with OTR tires designed to withstand the harsh & challenging terrain of mining sites. Further, as the mining industry continues to expand due to the high investments by government & private companies for the exaction of miners, the demand for OTR tires is also predicted to experience a parallel surge in the years ahead.
Consequently, due to these growing investments in the country, the demand for OTR vehicles, such as excavators, graders, loaders, etc., has been consistent, which would eventually impact the demand graph for OTR tires in the forecast years.
Africa Off the Road (OTR) Tire Market Challenge:
Currency Fluctuations Challenges the OTR Tire Affordability in Africa – Currency fluctuations pose a significant challenge in the market for Off the Road (OTR) tires in Africa. These fluctuations can have a profound impact on the cost of importing OTR tires, which, in turn, affects pricing and affordability for local businesses and industries. The OTR Tire Market in Africa often relies on the import of these specialized products, and the prices are typically denominated in foreign currencies.
Given the inherent volatility in currency exchange rates, local buyers may experience sudden and unpredictable cost increases, making it challenging to budget for tire procurement effectively. Hence, instability in currency exchange rates can result in increased production costs and subsequently impact project feasibility and profitability in industries such as mining, construction, and agriculture, which are major consumers of OTR tires.
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Africa Off the Road (OTR) Tire Market (2024-30): Segmentation Outlook
The market report has segmented the market into the following categories:
- By Application
- Construction -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Industrial -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Mining-Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Agriculture -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- Ports -Market Size & Forecast 2019-2029F, Unit Sold (Thousand)
- By Rim Size
- 20”-25”- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- 26”-35”- – Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- 36”-48” – Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Above 48”- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Season
- All Season- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Summer- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Price Category
- Budget- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Economy- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Premium- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Sales Channel
- Multi-brand & Exclusive Outlets- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Direct Sales- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Online- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
According to report, The availability of Multiple Brands with competitive pricing & hundreds of product portfolios to choose from in multi-brand outlets contributed to a significant share of the segment in the Africa OTR Tire Market.
- By Type of Equipment
- Earth Moving Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Excavator- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Grader-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Loader-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Bulldozer-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Road Roller-Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Material Handling Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Crane- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Forklifts- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Agriculture Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Tractor- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Combines- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Type of Tire
- Radial – Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Bias- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- By Demand Type
- OEM- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Aftermarket- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
- Earth Moving Equipment- Market Size & Forecast 2019-2029F, Units Sold (Thousand)
According to report, The Aftermarket segment has been experiencing a significant increase in demand over the past few years.
By Region
- South Africa
- Nigeria
- Kenya
- Algeria
- Morocco
- Rest of Africa
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Top Companies Operating in the Africa Off the Road (OTR) Tire Market:
- Continental
- Michelin
- Bridgestone Corporation
- The Yokohama Rubber Co., Ltd
- Sumitomo Rubber Industries, Ltd
- Toyo Tire & Rubber Company
- Triangle Tyre Co. Ltd
- CEAT Limited
- BKT
- Hangzhou Zhongce Rubber Co. Ltd.
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