Saudi Arabia Retread Tire market is expected to grow at Significant Rate till 2026
Rising demand to increase
the average life of tires and high vehicle parc is expected to drive the Saudi
Arabia retread tire market throughout the forecast period.
According
to TechSci Research report, “Saudi
Arabia Retread Tire Market By Vehicle Type (OTR, Truck, Bus) By Company, By
Region, Forecast & Opportunities, 2026”, Saudi Arabia retread tire market is expected to grow at a
steady rate during the forecast period. Tires which are repaired or retreaded
to achieve suitable mileage with the aid of retread components are known as
retread tires. After traveling long distance tear in the vehicles gets wear
down and the part is known as tread. The tread in tire can be replaced so that
the vehicle can run again up to its full potential. Rising demand for retread
vehicles in commercial and passenger vehicles is contributing to the increase
in demand of the retread tires. Vehicle fleet owners are preferring retread
tires due to their affordable nature and ability to reduce the average cost per
mile. There is high demand from private and government fleet owners for retread
tires to satisfy the environmental constraints as retread tires offers
sustainable solutions. Rise in awareness among consumers about the type of tire
to be fitted into the vehicles for better performance in addition with rising
sales of tires is fostering the growth of the market in the forecast period.
Development of smart cities in Saudi Arabia with projects like NEOM and to
achieve the Saudi Vision 2030 implementation of program like National
Industrial Development and Logistics Program is further driving the market
demand. Growth in construction and infrastructure sector in Saudi Arabia is
increasing the purchasing capacity of consumers. Retread tires are environment
friendly as it eliminates the need of crude oil which is required to produce
the new tires and costs lower than the new tires. Manufacturers are providing
additional value retreading services along with retread tires to expand the
consumer base for purchasing retread tires. Stringent government norms and
rising environmental concerns is contributing to high market growth.
Since the onset of pandemic COVID-19, imposition of
lockdown the fight the novel coronavirus affected the retread tires adversely.
Leading authorities released precautionary measures and a set of guidelines to
ensure the safety of its residents. Manufacturing units were shutdown and
disruption in supply chain was observed due to restrictions imposed by
authorities on the import and export. After the pandemic is over, the Saudi
Arabia retread tire market is expected to pick up the pace eventually.
However, fluctuations in the cost of oil and raw
material may pose challenge in the growth of the Saudi Arabia retread tire market.
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Saudi Arabia retread tire market is segregated into vehicle type, regional
distribution, and company. Based on vehicle type, market is further divided
into OTR, truck and bus. Truck segment is expected to account for major market
share during the forecast period, 2022-2026. Rise in logistics and industrial
activities is accelerating the retread tire growth. Truck owners are adopting
the retreading of tires at a large scale as it is financial advantageous for
them. Retread of tires costs approximately half or even lower than the new
tires and if a proper tire maintenance program is followed by truck owners to
retread the worn tires as many times as possible.
Al-Jawad Tire Retreading, General Group,
Al Howail Tyre Retreading Factory, Marangoni Retreading Systems, among others
are some of the leading players operating in Saudi Arabia retread tire market.
Companies operating in the market are using strategies such as joint ventures, product
launches, mergers, and research collaborations to boost their share and
increase their geographic reach.
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“Growth
of the e-commerce industry is creating lucrative opportunities for the growth
of the market as major players are openly opting for customer friendly
interface and development of websites and mobile applications to expand their
product reach and raise awareness among consumers. Offering of attractive
discounts and offers by companies along with the facility of providing ease and
convenience to consumers for availing the services without facing any hurdle is
contributing significantly to the growth of retread tire market in Saudi
Arabia.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Saudi Arabia Retread Tire Market By
Vehicle Type (OTR, Truck, Bus) By Company, By Region, Forecast &
Opportunities, 2026”, has
evaluated the future growth potential of Saudi Arabia retread tire market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in Saudi Arabia retread tire market.
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