In 2023, the Egyptian Cabinet approved about USD 2.02 billion tourism initiative to boost hotel room capacity in the country in the upcoming years.
According to MarkNtel Advisors study, The Middle East and Africa Truck & Bus Tire Market size is estimated to grow at a CAGR of around 6.6% during the forecast period, i.e., 2024–30.
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.
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Market Growth Driver: The increasing real estate development projects as well as the growing demand for residential property in Saudi Arabia has infused the growth of home furniture in the country. Moreover, the government of Saudi Arabia has taken several initiatives, such as the Housing Program Vision 2030, the Sakani Program, and the Ministry of Housing Infrastructure Program, which has heightened the establishment of new residential units in the country.
Middle East and Africa Truck & Bus Tire Market 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
Market Segmentation Overview:
By Type of Vehicle
-Truck
–Light Trucks
–Medium & Heavy Trucks
-Bus
–Light Buses
–Medium & Heavy Buses
Out of them all, the truck segment is anticipated to hold a major share of the market in the forecast period, owing to countries’ economic structures and transportation needs. The Middle Eastern and African economies rely significantly on commodity transportation, with trucks serving as the principal form of freight transfer across different terrains. Trucks are used in industries like agriculture, construction, and manufacturing to distribute products and supplies efficiently. While buses are important for passenger transportation, the magnitude and regularity of cargo transfers lead to a greater demand for truck tires in the region. Furthermore, the vast rural areas and the need to access remote locations for trade and commerce highlight the importance of trucks in the Middle East and Africa Truck & Bus Tire Market.
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
- Qatar
- Oman
- Bahrain
- Kuwait
- Morocco
- Egypt
- Israel
- South Africa
- Nigeria
- Rest of the Middle East & Africa
The Saudi Arabia Cardiovascular Regional Growth
Saudi Arabia, the UAE, South Africa, Egypt, and Nigeria are expected to be the major markets for truck and bus tire suppliers during 2024–30. During this period, Saudi Arabia is expected to acquire the largest market share due to ongoing societal transformation and economic diversification measures. Megaprojects like Red Sea, Neom City, etc. are expected to generate massive demand for trucks and buses during the forthcoming years. Eventually, in-land freight forwarders, logistics operators, tour operators, etc. are expected to witness an expansion in their fleet size. As a result, the demand for trucks and buses from these entities is also expected to soar.
Moreover, the UAE government has been granting significant budgets for the construction of new cities as well as public infrastructure. For Instance,
In 2022, the UAE government approved the country’s federal budget of about USD 79 billion for construction activities until 2026.
The UAE’s flourishing construction activities in the country are creating immense demand for trucks for the transportation of construction equipment, building materials, scaffolding, etc. Continuous use of trucks & buses under these construction projects results in early tire damage, ultimately leading to a higher demand for tires. Moreover, the surging tourism sector in the UAE has expanded the fleet of tourist buses relying on high-quality bus tires.
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