Saudi Arabia High Performance Tire Market to Grow at Impressive Rate through 2028
The Saudi Arabia High
Performance Tire Market is expected to exhibit impressive CAGR in the forecast
years as the demand for such tires is expected to rise.
According to
TechSci Research report, “Saudi Arabia High Performance Tire Market – By Region Competition Forecast and Opportunities,
2018-2028F”.
Saudi Arabia High Performance Tire Market is expected
to grow because the country is witnessing inclination towards racing activities.
The increase in the off-road activities in the country is also attracting new
racing enthusiast. similarly, the increase in the high-end vehicle fleet
especially in the passenger car segment is generating new demand for the high-performance
tires. The market has grown significantly because of the rising popularity of
various forms of automotive racing events. Though popular car racing series
were initially the focus of competitive automotive racing, high end two
wheelers have also gained the market share.
Saudi Arabia is expected to continue
strengthening its position in the tire market by partnering with the companies
to come and manufacture high performance tires in Saudi Arabia. Consequently,
in the coming years, some key players are expected to start tire
production facilities in the country. Additionally, the rising production
standards for tire manufacturing, along with sustainable innovations, will
collectively lead the market growth in the country, in the coming years.
High performance tires are distinguished primarily by
their higher speed ratings, larger diameters, and lower aspect ratios as they
were originally designed as fitments for sports cars and other
similar vehicles. Today, high performance tires for passenger cars are
made for high-speed driving and have a smoother ride that matches the vehicle
design. Tire manufacturers are increasingly developing high performance tires
that are a hybrid of speed, performance, extended wear, and year-round
drivability.. Therefore, the key focus of the manufacturers is to increase
their product portfolio of the high-performance tires as the demand of such
tires is expected to increase in the forecast years.
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Saudi Arabia High
Performance Tire Market can be segmented based on Vehicle Type, based on Demand
Category, and by region. Based on vehicle type, the market is segmented into Two
Wheelers, Passenger Cars, Commercial Vehicles and Off-the Highway Vehicles. The
passenger car category in the vehicle type segment is expected to increase its
market presence in the high-end tire market in the Saudi Arabia as passenger
car sales is also expected to increase in the forecast years. Based on demand
category, the market is segmented into OEM and Replacement. The replacement
category dominate the segment because the high-performance tires are highly
used in high end vehicles and are also easily used in the custom-made off-road
vehicles. Regionally, the market is
segmented into Central Region, Western Region, Eastern Region, Southern Region,
and Northern Region.
Some of the major companies operating in the Saudi Arabia High Performance Tire Market include:
- Bridgestone Corporation
- Hankook Tire Co., Ltd.
- Pirelli & C. S.p.A.
- Goodyear Tire & Rubber Company
- Michelin Group
- Continental AG
- MRF Limited
- Apollo Tyres Limited
- Yokohama Rubber Company Limited
- Kumho Tire Co.Inc.
These are the key high-performance tire companies
in Saudi Arabia and they are implementing competitive strategies which includes
mergers like Goodyear Tire & Rubber Company has completely acquired Cooper
Tires similarly, Kumho tires and Blatco are in talks over Saudi tire factory
and, new product developments, and marketing activities to increase customer outreach.
These companies are also focusing on meeting the regulations of different
regional governments and are also partnering with different research bodies to stay
competitive in the market.
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“The increase adoption
of the high-performance tires in Saudi Arabia is because of the increase in the
fleet size of high end vehicles in the country. The demand is also increasing
as the racing events and competition in the country are gaining popularity in
the country. Hence, all these factors will lead to the rise in its demand and
will generate new opportunity for the Saudi Arabia High Performance Tire Market
in the forecast years” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Saudi Arabia High Performance
Tire Market - Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2018-2028F” has evaluated the future growth potential of Saudi
Arabia High Performance 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
the global Saudi Arabia High Performance Tire Market.
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