MarkNtel Advisors recently published a detailed industry analysis of the Nigeria Off the Road (OTR) Tire Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Nigeria Off the Road (OTR) Tire Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Nigeria Off the Road (OTR) Tire Market size is valued at around USD 70 million in 2024 and is projected to reach around USD 87 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 3.8% during the forecast period i.e., 2025-30.
Key Findings in Nigeria Off the Road (OTR) Tire Market:
- Historical Analysis: 2020–2023
- Base Year: 2024
- Forecast Period: 2025–2030
Leading Market Players- Pirelli, Michelin, Bridgestone, Continental, Goodyear, Zhongce Rubber, Triangle, Yokohama, BF Goodrich, Double Coin, and Others
Key Highlights of the Report
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Primary Stakeholders,
- Analysis of Import and Export Trends,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
What are the major Driver the Nigeria Off the Road (OTR) Tire industry?
Growth of Agricultural Activities and Mechanization – The agriculture sector is a major driver of the Nigeria Off the Road (OTR) Tire Market. Nigeria’s target is to reduce the dependency on imports of agricultural products, hence moving towards increasing agricultural productivity. The agriculture sector contributes approximately 22% of the total GDP of Nigeria growing by 1.13 %. This agricultural sector heavily relies on various vehicles and specialized OTR tires. The growing trend towards mechanization in Nigeria for farming purposes to enhance productivity and efficiency needs special vehicles. Vehicles that can operate in rugged terrains and under challenging conditions like Tractors, Harvesters, Plows, Cultivators, and Transport Trucks are required with specialized OTR tires. Specialized OTR tires will continue to be necessary to support the expansion and operational success of the agriculture industry. For instance,
- September 2024, The Minister of Finance and Coordinating Minister of the Economy, has announced to accelerate the implementation of the National Agricultural Growth Scheme – Agro-Pocket (NAGS-AP). The NAGS-AP initiative is designed to stimulate increased productivity and higher yields among farmers, ensuring a significant impact on food production and agricultural growth across the country.
- September 2024, The Ekiti State Ministry of Agricultural Development and Food Security and Hello Tractor have agreed on a strategic partnership to boost mechanized farming in Nigeria. It will empower smallholder farmers and lead to more efficiency in farming through mechanization like Tractors or harvesters with OTR tires.
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What segments define the Nigeria Off the Road (OTR) Tire Market from 2025 to 2030? How do these segments contribute to market dynamics and growth?
By Type of Vehicle
-
- Earthmoving Equipment- Market Size & Forecast 2020-2030, Thousand Units
- Excavator- Market Size & Forecast 2020-2030, Thousand Units
- Loaders- Market Size & Forecast 2020-2030, Thousand Units
- Bulldozers- Market Size & Forecast 2020-2030, Thousand Units
- Graders- Market Size & Forecast 2020-2030, Thousand Units
- Road Roller- Market Size & Forecast 2020-2030, Thousand Units
- Others- Market Size & Forecast 2020-2030, Thousand Units
- Agricultural Equipment- Market Size & Forecast 2020-2030, Thousand Units
- Tractors- Market Size & Forecast 2020-2030, Thousand Units
- Combined Harvester- Market Size & Forecast 2020-2030, Thousand Units
- Farm Trucks- Market Size & Forecast 2020-2030, Thousand Units
- Others- Market Size & Forecast 2020-2030, Thousand Units
- Material Handling Equipment- Market Size & Forecast 2020-2030, Thousand Units
- Cranes- Market Size & Forecast 2020-2030, Thousand Units
- Forklifts- Market Size & Forecast 2020-2030, Thousand Units
- Others- Market Size & Forecast 2020-2030, Thousand Units
- Earthmoving Equipment- Market Size & Forecast 2020-2030, Thousand Units
According to report, In Nigeria’s Off-the-Road (OTR) Tire Market agricultural equipment is the leading segment with more than 40% of the market share supported by the country’s agricultural sector.
By Tire Size
-
- Tire Size 1- Market Size & Forecast 2020-2030, Thousand Units
- Tire Size 2 – Market Size & Forecast 2020-2030, Thousand Units
- Tire Size 3 – Market Size & Forecast 2020-2030, Thousand Units
- Tire Size 4 – Market Size & Forecast 2020-2030, Thousand Units
- Tire Size 5 – Market Size & Forecast 2020-2030, Thousand Units
By Demand Type
-
- OEM- Market Size & Forecast 2020-2030, Thousand Units
- Replacement- Market Size & Forecast 2020-2030, Thousand Units
By Type of Tire
-
- Radial- Market Size & Forecast 2020-2030, Thousand Units
- Bias- Market Size & Forecast 2020-2030, Thousand Units
By Sales Channel
-
- Exclusive Stores- Market Size & Forecast 2020-2030, Thousand Units
- Authorized Dealers or Distributors- Market Size & Forecast 2020-2030, Thousand Units
- Online- Market Size & Forecast 2020-2030, Thousand Units
- Others- Market Size & Forecast 2020-2030, Thousand Units
According to report, The authorized dealers or distributors segment is dominating the Nigeria Off the Road (OTR) Tire Market.
By Price Category
-
- Budget (Upto USD500 per unit)- Market Size & Forecast 2020-2030, Thousand Units
- Economy (USD501 to 1,500 per unit)- Market Size & Forecast 2020-2030, Thousand Units
- Premium (Above USD1,500 per unit)- Market Size & Forecast 2020-2030, Thousand Units
Explore the Complete Nigeria Off the Road (OTR) Tire Market Analysis Report – https://www.marknteladvisors.com/research-library/nigeria-otr-tire-market.html
Geographical Analysis: Nigeria Off the Road (OTR) Tire Market
By Region
- North-East
- Mid-West
- West
- South
Nigeria Off the Road (OTR) Tire Market Recent Development:
- September 2024: Pirelli and Bosch have signed a joint development agreement. It aims at jointly creating new software-based solutions and driving functions. A sensor is integrated into tires, also known as in-tire sensors, this means greater control, comfort, and sustainability, as well as improved driving dynamics.
- July 2024: Goodyear Tire & Rubber Company announced that it signed a definitive agreement to sell its Off-the-Road (“OTR”) tire business to The Yokohama Rubber Company, Limited for $905 million in cash. The transaction follows a previously announced strategic review of the OTR tire business in connection with the Goodyear Forward transformation plan.
GKey Questions Addressed in This Study
- What are the primary factors driving the growth of the Nigeria Off the Road (OTR) Tire Market?
- How is the Nigeria Off the Road (OTR) Tire Market expected to evolve over the next five years?
- What key insights can be drawn from current trends shaping the market?
- What is the current market size, and how is it forecasted to change in the coming years?
- What is the future outlook for the market in terms of technological innovation and geographic expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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