The tyre market in Oman is forecast to grow at a rapid pace during 2015 – 2020 due to rising automobile sales and expanding automobile fleet. The country’s overall automobile fleet is dominated by passenger cars. Moreover, with passenger car sales anticipated to grow over the next five years as well, demand for passenger car tyres is also expected to increase during the forecast period. However, light commercial vehicle tyre segment is expected to witness the fastest growth in the coming years.
The demand for tyres in Oman is set to boom in the coming years
Due to absence of automobile manufacturing in Oman, tyre market in the country is dependent on the replacement demand, which is being addressed by various major global tyre companies as well as Chinese tyre brands imported into the country. Though Oman tyre market is dominated by leading global tyre brands, the market share of international brands in the country is projected to decline during the forecast period due to increasing penetration of Chinese tyre brands.
Anticipated growth in oil & gas and infrastructure sectors during 2015 – 2020 is expected to boost commercial vehicle market in Oman, thereby augmenting demand for commercial vehicle tyres in the country. The country’s five-year plan for 2011-2015 attracted investments worth USD70 billion for infrastructure projects, and this in turn, drove demand for commercial vehicle and OTR tyres 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 tyre market in Oman over next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
