Kuwait is one of the wealthiest countries across the globe with more than 95% of urban population. The automobile sales have been growing at a rapid pace in the country, which has consequently driven the demand for tires in both OEM and replacement markets. The country has a hot and humid climate, which results in shorter replacement period of around 1.5 years for tires. The demand for technologically improved tires, which provide more fuel efficiency and enhanced safety is growing in the country. However, in the absence of any tire manufacturing facility in the country, Kuwait is fully dependent on the imports of tires. Major global tire manufacturers such as Bridgestone, Michelin, Yokohama and Goodyear are the leading players in the Kuwait tire market.
According to “Kuwait Tyre Market Forecast & Opportunities, 2019”, the tire market in Kuwait is projected to grow at a CAGR of around 11% during 2014-19. The continuous increase in the demand for automobiles coupled with the growing demand for retreaded tires in the replacement market is expected to drive the tire industry in Kuwait over the next five years. In 2012, sales of passenger cars grew at a Y-o-Y rate of 16%, while the commercial vehicle sales grew at 25%. Since tires are replaced at regular intervals in the country, which is relatively more frequent than other countries, the demand for tires in replacement market continues to grow.“Kuwait Tyre Market Forecast & Opportunities, 2019” report elaborates following aspects of tire market expansion in Kuwait:
Why You Should Buy This Report?
- Kuwait Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car, Commercial and OTR
- Changing Market Trends & Emerging Opportunities
- Policy & Regulatory Landscape
- Competitive Landscape & Strategic Recommendations
Report Methodology The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tire manufacturers and channel partners. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
- To gain an in-depth understanding of tire industry in Kuwait.
- To identify the on-going trends and anticipated growth in the coming years
- To help industry consultants, tire manufacturers and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing materials.
- To gain competitive knowledge of leading players.
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer’s specific needs