Press Release

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.

Browse 34 market data Figures and 9 Tables spread through 91 Pages and an in-depth TOC on "Saudi Arabia Tire Market"

https://www.techsciresearch.com/report/saudi-arabia-tire-market/2097.html

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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