NIGERIA OFF THE ROAD (OTR) TIRE Market Size & Insights

As per recent study by MarkNtel Advisors 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.  

What are the Key DROs in the NIGERIA OFF THE ROAD (OTR) TIRE Market?

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.

What are the Key Segments in the NIGERIA OFF THE ROAD (OTR) TIRE Market?

The NIGERIA OFF THE ROAD (OTR) TIRE is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• 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
• 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
• 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

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How does geographical analysis highlight in the NIGERIA OFF THE ROAD (OTR) TIRE market?

By Region

·       North

·       South

·       East

·       West

Who are the Key Players in NIGERIA OFF THE ROAD (OTR) TIRE Market?

• Pirelli
• Michelin
• Bridgestone
• Continental
• Goodyear
• Zhongce Rubber
• Triangle
• Yokohama
• BF Goodrich
• Double Coin
• Others

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NIGERIA OFF THE ROAD (OTR) TIRE Industry 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..

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·       Scope & Research Design – Clearly defined objectives with tailored qualitative and quantitative methods, backed by precise timelines and budgets.

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·       Forecasting & Finalization – Predictive modeling and time-series analysis anticipate future market behaviors, presented through insightful reports with charts, graphs, and strategic recommendations.

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Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
• Segmented Insights: Target specific segments for focused strategies.
• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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