Saudi Arabia Tire Market Analysis and Forecast, Competition and Opportunities, 2016-2020 and 2021-2027

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DUBLIN, January 07, 2022– (COMMERCIAL THREAD)–The “Tire market in Saudi Arabia, by vehicle type (passenger car, LCV, M & HCV, OTR and two-wheelers), by tire construction type (radial, bias), by sales channel (online, offline) , competition, forecast and opportunities, 2016-2027 “ the report was added to ResearchAndMarkets.com offer.

The Saudi tire market was worth $ 2.07 billion in 2020 and is expected to grow at a CAGR of over 5.30% and exceed $ 2.74 billion by 2026, due to the increase the size of the vehicle fleet, the increase in purchasing power and the growth of the infrastructure and construction sector in the country.

In addition, the development of smart cities such as ‘Neom’ and the implementation of programs such as the National Industrial and Logistics Development Program (NIDLP) to facilitate Saudi Vision 2030 further boost the growth of the Saudi tire market.

Moreover, the short tire replacement period due to the extreme weather conditions in Saudi Arabia along with improving economic conditions are expected to further push the tire demand in the country during the forecast period.

One of the major trends seen in the market is the growing popularity of tire retreading, especially OTR tires. The OTR tire market in Saudi Arabia accounts for the highest share of the overall retreaded tire market in the country. In addition, the increasing emphasis on technological advancement is another major trend seen in the market.

Increasingly, tire manufacturers are focusing on developing and manufacturing high-tech tires for automobiles in Saudi Arabia. To meet changing customer demands for increased ride comfort, safety, fuel efficiency and durability, several tire manufacturers are offering their new, state-of-the-art tire offerings.

In addition, the shift to online tire sales is another trend seen in the market. The increase in e-commerce and online sales is beneficial for consumers as it enables them to make better product choices. Customers have the time to compare different brands of tires, while reviewing the prices, quality and specifications of related products. The online platform also cuts down on the overhead and time that customers would incur in going the traditional style of buying tires.

The Saudi tire market is segmented on the basis of vehicle type, tire construction type, sales channel and region. Depending on the type of vehicle, the market is further divided into passenger cars, LCVs, M & HCVs, OTRs and two-wheelers. Among them, passenger car segment dominated the market during the historical period, and the trend is also expected to continue during the forecast period.

The growing demand for passenger cars is supported by increasing per capita income, improving road infrastructure, increasing completely destroyed factories (CKDs), etc. In addition, growing demand for passenger cars coupled with an expected increase in the average selling price of vehicles is expected to increase the market value of passenger cars in Saudi Arabia during the forecast period.

In addition, the removal of the ban and the growing preference for female drivers has boosted the passenger car market in Saudi Arabia. Changes in government standards for women driving motor vehicles after decades have resulted in an increase in the number of female drivers.

In addition, opting for autonomous driving gives many women a sense of empowerment. As a result, many women travel Saudi roads with four-wheeled vehicles, and several women with foreign licenses have already obtained Saudi driving licenses. Relatively, many women learn to drive. All of the above factors are expected to increase passenger car sales in Saudi Arabia which in turn will further boost the passenger car tire market in Saudi Arabia.

Scope of the report:

Companies mentioned

  • Bridgestone Company

  • Hankook Tire Co., Ltd.

  • Pirelli & CSpA

  • Goodyear Tire & Rubber Company

  • Michelin Group

  • Goodyear Tire and Rubber Company

  • Yokohama Rubber Company Limited

  • Toyo Tire and Rubber Company

  • Sumitomo Rubber Industries Limited

  • Continental SA

Years considered for this report:

Saudi Arabia Tire Market, By Vehicle Type:

Saudi Arabia Tire Market, By Tire Construction Type:

Saudi Arabia Tire Market, By Sales Channel:

Saudi Arabia Tire Market, By Region:

  • Central region

  • Western region

  • eastern region

  • South region

  • Northern region

Main topics covered:

1. Product overview

2. Research methodology

3. Executive summary

4. Impact of COVID-19 on the tire market in Saudi Arabia

5. Voice of the customer

6. Saudi Arabia Tire Market Outlook

7. Saudi Arabia Passenger Car Tire Market Outlook

8. Saudi Arabia Light Duty Vehicle Tire Market Outlook

9. Saudi Arabia Medium and Heavy Commercial Vehicle Tires Market Outlook

10. Saudi Arabia OTR Tire Market Outlook

11. Saudi Arabia Two-Wheel Tire Market Outlook

12. Import-Export Analysis

13. Market dynamics

14. Market trends and developments

15. Regulatory policy and landscape

16. Saudi Arabia’s Economic Profile

17. Competitive landscape

18. Strategic recommendations

For more information on this report, visit https://www.researchandmarkets.com/r/5mimbc

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220107005192/en/

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