Middle East Tire Market to Surpass $ 24 Billion by 2023
Increasing
investment in construction activities, growing infrastructure and industrial
sectors, and expanding vehicle sales and fleet size to drive the Middle East
tire market through 2023
According to TechSci Research report, “Middle East Tire Market By Vehicle Type, By Demand Category, By Radial
Vs. Bias, By Country, Competition Forecast & Opportunities, 2013 – 2023”, tire market in the Middle East is projected to cross $
24 billion by 2023. Expanding vehicle fleet, growing purchasing power and
rising preference for retreaded tires are among the key factors expected to
boost demand for tires in the region over the next five years. Additionally, rising
number of construction and infrastructure projects is pushing the sale of
commercial vehicles, which in turn is anticipated to have a positive impact on
the Middle East tire market.
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With more than two
third of the volume share in 2017, passenger car tire segment dominated the
Middle East tire market, followed by light commercial vehicles, medium &
heavy commercial vehicles, two-wheelers and OTR vehicles. The dominance of
passenger car segment is backed by increasing purchasing power parity and
continuing growth in the region’s auto lease market. The dominating presence of
various Chinese brands and multinational companies such as Bridgestone,
Hankook, Michelin, Yokohama and Continental, etc., is intensifying the market
competition. Competitive pricing of Chinese brands makes them a preferable
choice among customers, owing to which, their share is expected to increase further
during the forecast period.
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“Growing government spending on construction and
infrastructure sectors is expected to be a positive factor for the Middle East
tire market during forecast period. Moreover,
with increasing environment concerns, demand for recycled tires is also rising
across the region. Consequently, the region’s tire market is anticipated to
register healthy growth over the course of next five years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Middle East Tire Market By Vehicle Type, By Demand
Category, By Radial Vs. Bias, By Country, Competition Forecast &
Opportunities, 2013 – 2023” has analyzed the potential of tire market across the Middle East region, and
provides statistics and information on market size, 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 industry.
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