Saudi Arabia Tire Market Forecast to Grow at CAGR 11% till 2021
Growing automobile sales
coupled with expanding vehicle fleet to drive Saudi Arabia tire market through
2021
According to recently released TechSci
Research report, “Saudi Arabia Tire Market
Forecast & Opportunities, 2021”, Saudi Arabia tire demand is
projected to grow at a CAGR of over 11% during 2016 – 2021. Improving macroeconomic
scenario, growing vehicle fleet, increasing
automobile sales and favourable government policies are some of the major factors
anticipated to boost the demand for tires in the country over the next five
years. The cumulative sales of passenger cars and commercial vehicles in
the country grew at a CAGR of 8.91% during 2011-2015.
On the basis of vehicle type, the tire market in Saudi Arabia has been
segmented into five categories, namely, passenger car, medium & heavy commercial vehicle,
two-wheelers, off-the-road and light commercial vehicle. In 2015, passenger car
segment dominated the country’s tire market. According to the World Bank, the
Gross National Income per capita of Saudi Arabia was USD23,550 in 2015. Moreover,
the Government of Saudi Arabia banned the import of
used vehicles over the age of 5 years in 2009. Backed by increasing
purchasing power and favourable
government policies, the passenger car segment
is anticipated to maintain its dominance in the country’s tire market over the
next five years as well.
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“Eyeing robust demand for various
vehicle types, some of the prominent tire suppliers such as Chinese, Bridgestone,
Michelin, Continental, Goodyear, Yokohama, Hankook, etc. are operating in Saudi
Arabia. Moreover, due to its strategic location in the Middle East
region, many companies use Saudi Arabia as a re-exporting hub. Tire imports
from Asian countries such as Thailand, China, Taiwan, South Korea, Japan, etc.,
dominates the Saudi Arabia tire market. Tire imports from the aforementioned
countries accounts for more than 85% of the total tire imports in Saudi Arabia.
Lower overheads and local raw material sources are the major reasons for tires
being imported from these countries.”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Saudi
Arabia Tire Market Forecast & Opportunities, 2021” has evaluated the future growth
potential of Saudi Arabia tire
market and provides statistics and information on market structure, market
size, share, imports and trends of Saudi Arabia tire market. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges and opportunities
available in Saudi Arabia tire
market.
About TechSci Research
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