Qatar Tyre Market to Grow at 11% CAGR Until 2020
Growing automobile sales, increasing demand for low cost tyres and booming construction industry to drive Qatar tyre market over the next five years
According to TechSci Research report, “Qatar Tyre Market Forecast & Opportunities, 2020”, tyre market in Qatar is forecast to grow at a CAGR of more than 11% during 2015 – 2020 on account of rising automobile sales, expanding automobile fleet and growing proliferation of flagship tyre brands due to increasing purchasing power of end consumers. Apart from the FIFA World Cup 2022 to be held in Qatar, another major factor expected to drive tyre sales in Qatar is “Qatar National Vision 2030”, a government program that aims at strengthening the country’s infrastructure and roll-out various other programs for achieving high and sustaining long-term growth in the country. Also, booming construction sector in Qatar is expected to significantly boost the country’s OTR tyre segment during the forecast period.
Due to absence of tyre manufacturing in Qatar, the market is supported by the replacement demand only, which is catered by import of tyres from various parts of the world. Around one third of the tyre sales in Qatar are accounted for by the Chinese tyre brands, which are available at a cheaper price compared to the premium flagship tyre brands operating in the country. Though, there is a considerable penetration of low cost Chinese tyres in the country’s tyre market, the market share of these tyre companies is expected to decline during the forecast period due to increasing proliferation of the flagship tyre brands that offer better technology and improved tyre shell life.
“Majority of construction activities in the coming years are planned in Doha and Ar Rayyan regions, and consequently, these two regions are expected to witness maximum demand growth for commercial, OTR and passenger tyres in the coming years. Moreover, continuing rise in employment opportunities, growing urbanization and increasing immigration are boosting adoption of new tyre technologies in the country, and this trend is expected to continue over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Qatar Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Qatar tyre market and provides statistics and information on market structure and trends of Qatar tyre market. The report is intended 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 Qatar tyre market.