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Nigeria Off the Road (OTR) Tire Market Outlook 2030: Leading Companies & Share Insights

  • Writer: Amit Kumar
    Amit Kumar
  • 50 minutes ago
  • 4 min read
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Future Nigeria Off the Road (OTR) Tire Market: Key Dynamics, Size & Share Analysis

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. Nigeria is located in West Africa and bordered by the Atlantic Ocean to the south. Being a coastal location, it facilitates international trade by lowering logistical costs and delays in shipping. Trade among countries needs transportation through the sandy beaches of Nigeria to load the goods on the ships utilizing heavy machinery, thereby boosting the industry for OTR tires. Also, these coastal regions are gradually attracting tourism to the country, elevating the demand for infrastructure developments like hotels, restaurants, and resorts. These construction projects necessitate heavy vehicles and equipment with specialized OTR tires for construction sites. Vehicles such as excavators, loaders, bulldozers, and road rollers require durable OTR to work in the diverse conditions of the construction sites.

Top Market Challenges Impacting the Nigeria Off the Road (OTR) Tire Market Growth

Increasing Inflation Rate of Nigeria – The inflation rate in Nigeria is increasing extremely recorded 34.02% in 2024. The inflation rate from June 2023 to June 2024 was raised by 11.40% points and 0.24% points in just one month from May 2024 to June 2024. The increasing inflation rate is a major obstacle for the Nigeria OTR Tire Market as it directly increases the tire production cost due to the rising price of raw materials. It turns to higher retail prices and as a result decrease in demand for the specialized OTR tires. Also, due to high inflation businesses and consumers are likely to lower their spending on infrastructure development, which reduces the need for OTR tire-based vehicles. The higher costs of raw materials can compress the profit margins of distributors and manufacturers, restricting them from investing in innovation or expansion. Additionally, the growth opportunity for start-up companies of OTR tires is hampered as no foreign investors are willing to enter the Nigerian market due to economic uncertainty.

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Understanding the Core Segments in the Nigeria Off the Road (OTR) Tire Market

Nigeria Off the Road (OTR) Tire Market Size, Share & Industry Trends Analysis- By Type of Vehicle (Earthmoving Equipment, [Excavator, Loaders, Bulldozers, Graders, Road Roller, Others], Agricultural Equipment, [Tractors, Combined Harvester, Farm Trucks, Others], Material Handling Equipment, [Cranes, Forklifts, Others], By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5), By Demand Type (OEM, Replacement), By Type of Tire (Radial, Bias), By Sales Channel (Exclusive Stores, Authorized Dealers or Distributors, Online, Others), By Price Category (Budget (Upto USD500 per unit), Economy (USD501 to 1,500 per unit), Premium (Above USD1,500 per unit)), By Region (North, South, East, West) and Others

Geographical Analysis of the Nigeria Off the Road (OTR) Tire Market

By Region

  • North

  • South

  • East

  • West.

Who Dominates the Nigeria Off the Road (OTR) Tire Market Insights on Key Industry Players?

Companies are strengthening their presence in the Nigeria Off the Road (OTR) Tire market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

  • Pirelli

  • Michelin

  • Bridgestone

  • Continental

  • Goodyear

  • Zhongce Rubber

  • Triangle

  • Yokohama

  • BF Goodrich

  • Double Coin


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