Saudi Arabia Tire Market to Surpass $ 5.5 Billion by 2023
Expanding vehicle fleet size and
improving economic condition to boost Saudi Arabia tire market through 2023
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, 2013 – 2023”, Saudi Arabia tire market is projected to cross $ 5.5 billion by 2023. Expanding
vehicle fleet coupled with rising number of construction and infrastructure
projects are anticipated to boost demand for tires in Saudi Arabia over the
next five years. Moreover, growing purchasing power coupled with rising
preference for retreaded tires is further anticipated to positively influence
Saudi Arabia tire market during the forecast period.
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With more than two-thirds of the volume share in 2017, 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. 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, Hankook, Michelin, 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 factor for Saudi Arabia
tire market during forecast period. 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, 2013 – 2023” 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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