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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