LONDON, June 27, 2016 /PRNewswire/ -- Increasing vehicle motorization rate along with growing focus on diversification of the country's economy into non-oil sectors such as construction, tourism, logistics, etc., is forecast to drive growth in Oman's tire market over the next five years. Due to absence of automobile OEMs and tire manufacturing plants in the country, Oman is dependent on tire imports to address the domestic demand for tires. In 2014, passenger car accounted for around two-thirds of the total automobile sales and over three-fourths of the total vehicle fleet in Oman. As of 2015, the number of new registration were around 167,600 in Oman, out of which around 121,100 were passenger cars. As a result, passenger car tire sales accounted for majority of the tire sales in the country. Passenger car tire segment is forecasted to dominate tire sales during 2016-2021 as well, due to increasing urbanization and rising disposable income levels.
According to "Oman Tire Market Forecast & Opportunities, 2021", growing construction activities, expanding vehicle fleet and growing automobile sales are the prominent factors expected to drive the tire market in Oman during forecast period. The government's five years plan for 2011-2015 attracted investments worth USD70 billion for infrastructure projects, and this in turn, drove demand for commercial vehicle and OTR tires in the country. Due to absence of automobile manufacturing in Oman, the tire market is dependent on the replacement demand, which is being addressed by flagship as well as Chinese tire brands imported into the country. Though Oman tire market is dominated by leading global tire brands, the market share of international brands in the country is projected to decline during the forecast period due to increasing penetration of Chinese tire brands. Few of the prominent tire brands operating in Oman include Bridgestone, Goodyear, Yokohama, Michelin, and Pirelli. "Oman Tire Market Forecast & Opportunities, 2021" report elaborates following aspects of tire market in Oman:
- Oman Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car Tires, Light Commercial Vehicle Tires, Medium & Heavy Commercial Tires & OTR Tires
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tire market in Oman
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading players
- To avail 10% customization in the report without any extra charges and get research data or trends added in the report as per the buyer's specific needs
Report Methodology
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tire companies, distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Download the full report: https://www.reportbuyer.com/product/3903434/
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
http://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
SOURCE ReportBuyer
Share this article