NEW YORK, June 10, 2016 /PRNewswire/ --
Growing Construction Sector, Increasing Vehicle Fleet and Rising Automobile Sales to Drive Sales of Tires in Oman
According to TechSci Research report, "Oman Tire Market Forecast & Opportunities, 2021'’, tire market in Oman is forecast to grow and surpass $ 300 million by 2021, due to rising automobile sales and expanding passenger car as well as commercial vehicle fleet size. The country's overall automobile fleet is dominated by passenger cars. With 121,100 passenger cars sales in 2015 out of total vehicle sales of around 167,600 vehicles, the segment is anticipated to exhibit a growing trend over the next five years as well. However, light commercial vehicle tire segment is expected to witness faster growth in the coming years.
Browse 4 market data Tables and 21 Figures spread through 79 Pages and an in-depth TOC on
"Oman Tire Market"
Due to absence of automobile manufacturing in Oman, tire market in the country is driven by replacement demand, which is being addressed by various major global tire companies 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 low cost Chinese tire brands.
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Anticipated growth in oil & gas, and infrastructure sectors during 2016-2021, is expected to boost the commercial vehicle market in Oman, thereby, augmenting demand for commercial vehicle tires in the country. The country's five-year plan for 2011-2015, attracted investments worth US $ 70 billion for infrastructure projects, and this in turn, accelerated the demand for commercial vehicle and OTR tires in the country.
"Diversification into non-oil sectors, which is reflected by increasing investments in infrastructure projects over the last few years, coupled with rising passenger car sales, are the prominent factors expected to drive the tire market in Oman over next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Oman Tire Market Forecast & Opportunities, 2021'’, has evaluated the future growth potential of Oman tire market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in Oman tire market.
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