Chinese Tire Brands to Continue their Dominance in Saudi Arabia
Expanding vehicle fleet and
improving economic condition to boost Saudi Arabia tire market through 2022
According to TechSci Research report, “Saudi Arabia Tire Market By Vehicle Type, By Radial Vs, Bias, By Online vs
Offline Sales Channel, Competition Forecast & Opportunities, 2012 – 2022”, Saudi Arabia tire market is estimated to
grow at a CAGR of over 8%, in value terms, during 2017-2022. Ongoing and
upcoming government aided construction and infrastructure projects coupled with
expanding vehicle fleet is anticipated to push demand for tires in Saudi Arabia
over the course of next five years. Moreover, growing purchasing power of the citizens
due to the country’s improving economic scenario and rising preference for
retreaded tires is further anticipated to positively influence Saudi Arabia
tire market during the forecast period.
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Arabia Tire Market"
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With more than two-third of the volume share in 2016, passenger car tire segment
dominated the Saudi Arabia tire market, followed by light commercial vehicles, medium
& heavy commercial vehicles, OTR vehicles and two-wheelers. The dominance
of passenger car segment is backed by increasing purchasing power parity and continuing
growth in the country’s auto lease market. However, with the increasing infrastructure projects in the country,
sale of commercial vehicle tires is also expected to increase, thereby pushing
the demand for commercial vehicles tires in the coming years. With a cumulative
volume share of more than 55% in 2016, Central and Western regions of the
country continue to witness high demand for tires. The dominance of these
regions is backed by presence of major cities with high population density and
pilgrim cities like Mecca and Madinah.
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Over the last few years, dominating presence of various Chinese brands
and multinational companies like Bridgestone, Michelin, Hankook, Goodyear,
Yokohama and Continental, etc., has been intensifying the market competition in
the country. Competitive pricing of Chinese brands makes them a preferable
choice among customers, owing to which, their share is expected to further
increase during the forecast period. “Government spending on construction and
infrastructure sector is expected to be a huge positive for Saudi Arabia tire
market. Furthermore, with rising
environment concerns, an increased preference for recycled tires is being
witnessed, and this trend is expected to gain more traction in the coming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Tire Market By Vehicle Type, By Radial Vs, Bias, By Online vs
Offline Sales Channel, Competition Forecast
& Opportunities, 2012 – 2022” has analyzed the potential of tire
market, and provides statistics and information on market sizes, shares and
trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the Saudi Arabia tire
market.
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