Press Release

Saudi Arabia Commercial Vehicle Tire Market to be dominated by Radial Tires through 2027

The growing competition among the market players and increasing investments by market players are driving the demand of the Saudi Arabia commercial vehicle tire market in the forecast period, 2023-2027.

According to TechSci Research report, Saudi Arabia Commercial Vehicle Tire Market By Vehicle Type (LCV, M&HCV), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast & Opportunities, 2027, the Saudi Arabia commercial vehicle tire market is expected to grow at an impressive rate in the forecast period, 2023-2027. Growing investments by automobile tire manufacturers, the increased average life of the vehicles, and the rise in the number of commercial vehicles on-road are the key factors driving the Saudi Arabia commercial vehicle tire market through the forecast period.

Commercial tires are in high demand in used cars as the demand for used cars is high in used cars compared to new cars due to the absence of a sufficient number of automobile manufacturing facilities. Ridesharing and ride-hailing services are gaining popularity among the tech-savvy population owing to the high internet penetration and proliferation of smart devices. Used and new cars are used for these services, which spurs the demand for commercial vehicles. Used cars require frequent replacement of tires than the new ones. Surging demand for the used car market is expected to accelerate the demand for Saudi Arabia commercial vehicle tire market in the next five years.


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The Saudi Arabia commercial vehicle tire market is segmented into vehicle type, tire construction type, price segment, regional distribution, and company.

Based on vehicle type, the market is divided into LCV and M&HCV. LCV segment is expected to capture the largest market share in the forecast period. Light commercial vehicles or LCV are in high demand in the logistics industry as they offer several benefits, including lower operational cost, better mileage, and easy navigation over its counterpart. The rise in the number of small and medium-sized enterprises owing to ongoing strong economic activities in the country is accelerating the demand for commercial vehicles, which is expected to boost the Saudi Arabia commercial vehicle tire market growth through the next five years.

Based on tire construction type, the market is divided into radial and bias. Radial tires are expected to dominate the market in the next five years. The demand for passenger cars is increasing at a rapid rate as it offers several benefits, including high mileage, improved vehicle performance, and high durability. Also, the increasing purchasing power of consumers and rapid urbanization and development of road infrastructure is bolstering the demand for radial tires. Radial tires offered low fuel consumption and improved cut resistance in the thread area. They run much cooler than bias tires and have better traction and floating. The rising awareness about the benefits of purchasing radial tires among consumers is expected to fuel the demand for radial tires across the country.

Based on the price segment, the market is divided into budget, ultra-budget, and premium. Premium tires are expected to account for significant market share in the next five years as they are made of superior quality material and an advanced manufacturing process. They are in high demand to be used in premium ranged commercial vehicles as they offer improved fuel efficiency than budget tires. Premium tires are subjected to rigorous testing by industry bodies to check their performance during braking, handling, aquaplaning, and optimizing the cabin noise, amongst others. The advantages of using premium commercial tires over others are expected to influence the market demand over the next five years.


Major market players operating in Saudi Arabia commercial vehicle tire market are:

·         Bridgestone Middle East & Africa FZE                                 

·         Hankook Tire                         

·         Continental ME                                  

·         Michelin AIM FZE.

·         Yokohama Rubber Company            


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“The Kingdom of Saudi Arabia government authority supports electric vehicle production and sale by imposing strict emission norms and offering relaxation in income tax rebates. The emission targets to achieve net-zero carbon emissions by 2060 and in compliance with Saudi Vision 2030 are being made to increase the number of electric cars in Riyadh city by 30%. The development of supportive charging infrastructure by the leading authorities and market players is expected to create new growth avenues for commercial electric vehicles. The launch of advanced commercial electric vehicles by the market players to meet the growing needs of consumers is expected to propel the Saudi Arabia commercial vehicle tire market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Saudi Arabia Commercial Vehicle Tire Market By Vehicle Type (LCV, M&HCV), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Saudi Arabia commercial vehicle 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 commercial vehicle tire market.

 

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