KSA Tire Market 2022
Summary:
The tyre market in the Kingdom of Saudi Arabia (KSA) is anticipated to expand rapidly. Growing sales of four-wheeled vehicles will have a favourable impact on tyre demand in the Kingdom of Saudi Arabia.
During the projected period of 2016–2026, the Saudi Arabian tyre market is anticipated to grow at a CAGR of 10.8%. Throughout the projected period, a sizable portion of tyre demand will continue to come from the four-wheeler vehicle categories.
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Growing demand for four-wheeler vehicles and robust sales of luxury and top-end cars will continue to influence the growth of the KSA tire market. Sales will continue to remain strong through the OEM channel, owing to consumer preference for buying tires directly from manufacturers. While overall revenues are expected to increase steadily, stringent regulation regarding used tires coupled with Implementation of stringent import standards by Saudi Arabia Standard Organization (SASO) can pose challenges to the growth of the market.
Key Companies-
- The Bridgestone Group
- Michelin Group
- Goodyear tire and Rubber Company
- Pirelli & C Spa
- Continental AG
- Hankook Tire Company
- Cooper tire & rubber company
- Yokohama rubber company ltd.
- Toyo tire & rubber company ltd.
- Apollo tyres ltd.
- Other.
By vehicle-type, the four-wheeler segment will continue to account for a leading share of the market. Demand will be substantial for cars and other passenger four-wheelers, owing to high temperatures recorded in Saudi Arabia throughout the year. As a result, the passenger cars will continue to be the most-prominent four-wheeler sub-segment, accounting to more than US$ 1,435 Mn revenues in 2016.
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Rising R&D initiatives by manufacturers will fuel the product-wise growth of the Kingdom of Saudi Arabia tire market, which is expected to supplement the sales of pneumatic and non-pneumatic tires. Increasing penetration of internet and online transactions in Saudi Arabia is will continue to influence the growth of the market.
Compared to the rest of the provinces, the Western and Central Provinces of the Kingdom are forecasted to represent a speedy growth in the demand for four wheeler vehicle tires. In the future, the provincial cities of Riyadh and Mecca are expected to be the concentrated hubs of Saudi Arabia’s total tire retail outlets.
Prominent global tire companies such as The Bridgestone Group, Continental AG, Pirelli & C Spa, and Michelin Group, will continue to strengthen their dominance in the Kingdom of Saudi Arabia tire market. Companies such as Apollo Tyres Ltd., Yokohama Rubber Company Ltd., and Goodyear Tire & Rubber Company are also expected to create stiff competition for the existing key players in the tire market in KSA.
PMR Long-term Outlook: The tire market in the Kingdom of Saudi Arabia is expected to expand at a CAGR of 10.8% during the forecast period 2016-2026. Four-wheeler vehicle segments will continue to account for a sizeable demand for tires during the forecast period.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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