Passenger Car Segment to Continue its Dominance in Saudi Arabia Tire Market through 2026
Expanding vehicle fleet size, and
improving economic condition to boost Saudi Arabia tire market through 2026.
According
to TechSci Research report, “Saudi Arabia Tire Market By Vehicle Type
(Passenger Car, LCV, M&HCV, OTR, and Two-wheeler), By Tire Construction
Type (Radial, Bias), By Sales Channel (Online, Offline), Competition, Forecast
& Opportunities, 2016 – 2026”, Saudi Arabia tire market was valued at USD2.07 billion
in 2020 and it is projected to grow at a
CAGR of over 5.30% to cross USD2.74 billion by 2026 on account of ongoing and
upcoming government aided construction and infrastructure projects coupled with
expanding vehicle fleet. Moreover, lifting of ban on women drivers in Saudi is further
boosting the demand for vehicles in the country, thereby positively influencing
the tire market as well. Moreover, growing purchasing power of the citizens due
to the country’s improving economic scenario and rising preference for retreaded
tires is further anticipated to aid the growth of Saudi Arabia tire market
during the forecast period. Environmental concerns leading to rising adoption
of green tires is a major trend witnessed in the Saudi Arabia tire market. Rising
awareness and concerns among people about the environment is boosting the
adoption of green tires. An increasing number of automobile owners have started
preferring green tires in their vehicles instead of conventional tires and this
trend is expected to gain higher traction in the Saudi Arabia tire market in
the coming years as well.
The
Saudi Arabia tire market is characterised by replacement tire sales due to the
absence of vehicle manufacturing factories. Thus, the retail outlets increase
effectiveness of aftersales services for tires and provide technical support
related to tires. This helps tire companies to increase their brand awareness
and satisfaction among customers. Thus, the new players are advised to invest
in developing a robust distribution network consisting of tire retailing and
tire service centers. This is emerging as the latest market diversification
strategy adopted by renowned tire manufacturers.
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With more than two-thirds of the volume share in 2020, 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 continuous
growth in the country’s auto lease market. With a cumulative
volume share of more than 55% in 2020, Central and Western regions of the
country continue to witness high demand for tires. High demand for tires in
these regions is backed by the 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 multinational companies like Bridgestone
Corporation, Hankook Tire Co., Ltd. ,
Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, and Michelin Group,
Goodyear Tire and Rubber Company, Yokohama Rubber Company Limited, Toyo Tire
and Rubber Company, Sumitomo Rubber Industries Limited, and Continental AG etc.,
has been intensifying the competition in the tire market across country. Competitive
pricing of Japanese, Korean and Chinese brands makes them a preferable choice
among customers, owing to which, their share is expected to further increase
during the forecast period. Moreover, cheaper Chinese imports are a new
development in the automotive tire market of Saudi Arabia. Most of the
companies present in the Saudi Arabia tire market are trying to capture a
significant share in the country’s tire market by widening their distribution
network across the local areas. To cater the country’s tire market at its core,
premium brands are joining with local dealers present in various regions to
sell and market their products to all the target areas in Saudi Arabia. “Government
spending on construction and infrastructure sector under Saudi Vision 2030 is
expected to be a major driver for Saudi Arabia tire market during the forecast
period. Furthermore, with rising environment concerns, preference for recycled
tires is increasing, and this trend is expected to gain more traction in the
coming years, which would further steer growth in the market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi Arabia Tire Market
By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-wheeler), By Tire
Construction Type (Radial, Bias), By Sales Channel (Online, Offline),
Competition, Forecast & Opportunities, 2016 – 2026” has analyzed the potential of tire
market in Saudi Arabia, 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 Saudi Arabia
tire market.
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