As per current published report by Markntel Advisors the Middle East and Africa Truck & Bus Tire Market is estimated to grow at a CAGR of around 6.6% during the forecast period, i.e., 2024-30. A detailed discussion of industry behavior is presented. It will assist companies and other stakeholders in making decisions that assure strong earnings in the upcoming years, and also describes the future trend. In order to assist readers in making defensible choices on market projects, this research will offer a useful summary of the market and its dynamic environment. The growth prospects that will enable the market to extend its operations in current markets will be the main focus of this analysis.
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The Middle East and Africa Truck & Bus Tire Market Driver:
Expansion of the Logistics & Transportation Industry Driving Market Growth – The MEA region’s growing e-commerce, retail, and manufacturing sectors are driving the rise of the logistics and transportation industries. Commercial vehicles are necessary for moving goods and supplies over long distances, creating a greater demand for truck tires to equip these vehicles. Furthermore, the MEA region’s manufacturing sector is developing, with investments in industries including automotive, electronics, textiles, and food processing. For Instance,
- In 2023, Baoshan Iron & Steel Co. invested about USD 4 billion in expanding its manufacturing capacity to enhance Saudi Arabia’s steel industry ecosystem & improve supply chain localization.
As industrial activities grow, so does the demand for transportation of raw materials, components, and completed products between manufacturing sites, warehouses, and distribution locations. This increases the demand for commercial vehicles and truck tires to support supply chain operations, which is expected to significantly boost market growth in the coming years.
The Middle East and Africa Truck & Bus Tire Market has segmented the market into the following categories:
By Type of Vehicle
(Truck, [Light Trucks, Medium & Heavy Trucks], Bus, [Light Buses, Medium & Heavy Buses]),
By Application
(Public Transport, General Cargo Transport, Building & Construction, Agriculture Transportation, Others (Chemical Transportation, Mining Transportation, etc.)),
By Demand Type
(OEM, Aftermarket),
By Price Category
(Budget, Premium, Economy),
By Tire Type
(Radial, Bias),
By Tire Size
(Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5),
By Sales Channel
(Direct Sales, Multi Brand Stores & Exclusive Outlets, Online)
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By Region
– The UAE
– Saudi Arabia
– Oman
– Qatar
– Kuwait
– Bahrain
– Morocco
– Egypt
– Israel
– South Africa
– Nigeria
– Rest of the Middle East & Africa
Competitive Environment Featuring Key Players:
Michelin Middle East, Goodyear Tire and Rubber Industries, Bridgestone Middle East and Africa FZE, Sumitomo Rubber Industries, Kumho Tire Co., Inc., Apollo Tyres Ltd., The Yokohama Rubber Co., Ltd., JK Tires and Industries Ltd., Hankook Middle East and Africa, Continental AG, Maxxis Tyre, Hangchou Zhongce Rubber Co. Ltd. (ZC Rubber), and others
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-The present and projected market outlook in light of recent changes, which include growth prospects and drivers as well as obstacles and constraints in both developed and emerging regions
-Using Porter’s Five Forces approach, provides a thorough examination of the market from a variety of angles.
-Uses the value chain to offer market intelligence.
-The state of the market dynamics and potential for future market expansion
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