Saudi Arabia commercial
vehicle tire market is anticipated to register a robust CAGR during the forecast
period, 2024-2028. An increase in construction activities and rapid
infrastructure development projects are the primary factors driving the demand
for commercial vehicles and commercial vehicle tires. Also, the growing
e-commerce sector and the ongoing advancements in the commercial vehicle tire
manufacturing process and technology are expected to bolster the Saudi Arabia
commercial vehicle tire market growth through the forecast period.
Ongoing Infrastructure Development and
Construction activities Drives the Market Growth
The rise in the efforts by the leading
authorities to lower the dependence on the oil & gas industry and generate
new income sources is promoting the growth of prominent industries positively.
Several ongoing reforms and initiatives are taken by leading authorities,
including National Transformation Program, Saudi Vision 2030, and the high-end
investments by the private sector are expected to create massive growth
opportunities for the Saudi Arabia construction industry in the next five
years. To strengthen its economic position and provide quality living
conditions, the government introduce construction and infrastructure
development projects. The Kingdom of Saudi Arabia announced its budget in
December 2021 and anticipated its spending at around USD264 billion with
revenue growth of 10.3%. Upcoming and ongoing mega-construction projects such
as The Sakani Housing Program, Amaala, and the Red Sea Project, Neom Business
City, Qiddiya City Riyadh, and many more projects require the use of commercial
vehicles such as pick-up trucks, dump trucks, concrete mixer trucks, front
loaders, and several other commercial vehicles. Continuous use of commercial
vehicles at construction sites in rough conditions makes the tire wear in a
shorter amount of time. The need to replace the tires and invest in
better-performing commercial vehicles is expected to boost the Saudi Arabia
commercial vehicle tire market growth for the next five years.
Flourishing E-Commerce Sector Supports
the Market Demand
The tech-savvy youth population is
shifting towards the online platform to make purchases of daily use. E-commerce
customers are spending massive amounts and are shopping more frequently than
visiting the stores physically as it is highly convenient, and the order can be
placed from the comfort of homes. The growing E-commerce industry requires the
development of an efficient supply chain to fulfill the demands of increasing
customers. Commercial vehicles carry the products to the storage locations and
then take them to distributors or deliver them to customers. Commercial
vehicles offer high mileage and have more storage capacity than carrying the
items through personal automobiles. Increased demand from the consumers is
making the market players invest more in the purchase of commercial vehicles,
which is expected to fuel the demand for Saudi Arabia commercial vehicle tire
market for the next five years.
Ongoing Advancements in Tire Technology
Fuels the Market Growth
Market players are making high-end
investments in research and development activities to find advanced solutions
to upgrade the existing infrastructure of commercial tires by increasing their
efficiency and performance. Commercial tire manufacturers are developing
intelligent tires that can communicate information about the performance and
give real-time updates, which helps predict the time to change and the current
tire condition. Also, the manufacturers are introducing commercial tires that
last longer and offer better fuel efficiency and are strong and durable. The launch
of efficient and advanced commercial tires by the market players is expected to
act as a positive factor for Saudi Arabia commercial vehicle tire market in the
next five years.
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Market Segmentation
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. Based on tire construction type, the
market is divided into radial and bias. Based on price segment, the market is
divided into budget, ultra budget, and premium. To analyze the market based
on the region, the Saudi Arabia commercial vehicle tire market is studied in
major regions namely Northern & Central, Southern, Eastern, Western.
Market Players
Bridgestone Middle East & Africa
FZE, Hankook Tire, Continental ME, Michelin AIM FZE, and Yokohama Rubber
Company, are among the major market players operating in the Saudi Arabia commercial
vehicle tire market.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 –
2021
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2018-2022
and 2023-2028
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Report coverage
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Revenue
forecast, volume forecast, company share, competitive landscape, growth
factors, and trends
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|
Segments covered
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·
Vehicle Type
·
Tire Construction Type
·
Price Segment
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Regional scope
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Northern
& Central, Southern, Eastern, Western
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Key companies profiled
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Bridgestone Middle East & Africa FZE, Hankook Tire, Continental
ME, Michelin AIM FZE, and Yokohama Rubber Company
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Customization scope
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10%
free report customization with purchase. Addition or alteration to regional
& segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
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Report Scope:
In this report, Saudi Arabia commercial vehicle
tire market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Saudi Arabia Commercial Vehicle Tire Market,
By Vehicle Type:
- Saudi Arabia Commercial Vehicle Tire Market, By Tire Construction
Type:
- Saudi Arabia Commercial Vehicle Tire Market, By Price Segment:
- Budget
- Ultra Budget
- Premium
- Saudi Arabia Commercial
Vehicle Tire Market, By Region:
o Northern & Central
o Southern
o Eastern
o Western
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia commercial vehicle tire
market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
Saudi Arabia commercial vehicle tire
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]