Report Description

The market has grown significantly because of the rising global popularity of various forms of automotive racing events in the country. Popular car racing series like Formula One, NASCAR, and motorcycle races were the initial focus of competitive automotive racing because they attracted a lot of sponsorships and promotional activities. As time went by, there have been a variety of racing competitions, featuring vehicles with various engine sizes, including SUVs, dirt bikes, monster trucks, solar cars, sprint cars, and touring cars. The off-road activities have also increased in Saudi Arabia, which has led to the rise in demand of high-performance tires in the country.

Recent Developments

The high-performance vehicle in the Saudi Arabia is witnessing the rise in demand for the high-performance tires as racing events in the country are taking place like the FIA World Touring Car Racing WTCR series in Jeddah, Saudi Arabia. Companies like Goodyear Tire and Rubber Company have also participated in WTCR, and is the official partner in this. Similarly, other racing events and competitions have also led to the rise in the demand of the high-performance tires in the country. At the same time, new high-performance tires’ launch for high-speed vehicles for extra safety and comfort is also diversifying the tire portfolios of the key tire players in the country like Al-Talayi company, largest distributor of Bridgestone tires in Saudi Arabia has introduced Turanza T001, a new tire, the tire is especially designed that guarantees safe performance when driving at high speeds.

The rise in the category of devoted by sports car enthusiasts has led to the rise in the demand of high-performance tires in crossover vehicles, sport utility vehicles and passenger cars. The sales of high-performance tires is increasing as a result of rising purchases of these preferred vehicles in the country, and the increase in the sales of the high end vehicles in the passenger car segment is also leading to the rise in the demand of the high performance tires in Saudi Arabia. Customers’ preference for high performance tires is primarily influenced by the original equipment (OE) vehicle market. The benefits of these tires are being made known to consumers through expanding fitments by top automakers, which is fueling a replacement market for them in the Saudi Arabia.

Rise in the Demand for Replacement High Performance Tires

As Saudi Arabia possesses a  fleet of high-end vehicles, the rise in the racing activities is leading to the rise in the demand of OTR tires. To capitalize on the lucrative aftermarket high-performance and ultra-high-performance tire segments, vendors are investing in marketing to raise their brand awareness. Additionally, they are spending money to improve the selection of high-performance tires that are offered for online purchase and to make their products more noticeable on their websites. The key global players are investing and expanding their market reach in the Saudi Arabia, due to which the forecast years of high-performance replacement tire market is expected to generate new opportunity in the coming years. The demand of the replacement segment is also higher in racing events, like a team uses around ten to twelve tires in single event, similarly the off-road vehicle in the Saudi Arabia is also generating new demand for the replacement segment in the Saudi Arabia high performance tire market.

Increase in the Racing Activities

The increase in the racing events in Saudi Arabia and the rise in off-road activities is generating new demand for the high-performance tires, thereby driving the market growth. With the rise in disposable income in the country, the ease in the adoption of such high-performance tires has increased. As the racing events are catching up in Saudi Arabia due to rising inclination of people towards such events, it is expected to drive the market growth in the country.

Lack of in-house High Performance Tire Manufacturing Facilities

There are many key global players having presence in the Saudi Arabia high performance tire market but most of these players have either dealers, distributors or sales partner and do not have their own manufacturing in Saudi Arabia. This is leading to slow supply chain process and high price of the high-performance tires. The government is taking measures and is in talks with the tire manufacturers to set up in house manufacturing in Saudi Arabia itself. However, this may take time and this aspect can be a challenge in the rising demand of the high-performance tires in the country, during the forecast years.

Sales of high-performance tires in Saudi Arabia will continue to be driven by the increasing demand for high performance vehicles for automotive sports and the introduction of new technologies to enhance tire efficiency.

High performance tires are distinguished primarily by their higher speed ratings, larger diameters, and lower aspect ratios because they were originally designed as fitments for sports cars. However, as their appeal among regular drivers has grown, high performance tires now have a lot of qualities required to appeal to typical customers. Today, tires for passenger cars are made for high-speed driving and have a smooth ride that matches the car's design. Tire manufacturers are increasingly creating high performance tires that are hybrid, performance-centric, with extended wear qualities, and year-round drivability to get drivers to pay an extra for their performance products.


Download Free Sample Report

Market Segmentation

The Saudi Arabia High Performance Tire Market is segmented By Vehicle Type, By 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. Based on Demand Category the market is segmented into OEM and Replacement and based on region the market is segmented into Central Region, Western Region, Eastern Region, Southern Region, and Northern Region.

Company Profiles

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 and Kumho Tire Co. Inc.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2022

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         By Vehicle Type

·         By Demand Category

·         By Region

Regional Scope

Al-Riyadh, Eastern Region, Makkah Al-Mokarramah, Aseer, Al-Qaseem, and Others.

Country Scope

Saudi Arabia

Key Companies Profiled

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 and Kumho Tire Co. Inc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, Saudi Arabia High Performance Tire Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Saudi Arabia High Performance Tire Market, By Vehicle Type:

    • Two Wheelers
    • Passenger Cars
    • Commercial Vehicles
    • Off-the Highway Vehicles

·         Saudi Arabia High Performance Tire Market, By Demand Category:

    • OEM
    • Replacement

·         Saudi Arabia High Performance Tire Market, By Region:

o   Central Region

o   Western Region

o   Eastern Region

o   Southern Region

o   Northern Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Saudi Arabia High Performance 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 High Performance 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]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Saudi Arabia High Performance Tire Market

5.    Voice of Customer

5.1.  Factors Influencing Purchase Decision

5.2.  Aided and Unaided Brand Recall

5.3.  Brand Satisfaction Level

6.    Saudi Arabia High Performance Tire Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type (Two Wheelers, Passenger Car, Commercial Vehicles and Off-the Highway Vehicles)

6.2.2.     By Demand Category (OEM Vs. Replacement)

6.2.3.     By Region (Central Region, Western Region, Eastern Region, Southern Region, and Northern Region)

7.    Saudi Arabia Two Wheelers High Performance Tire Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By Demand Category (OEM Vs. Replacement)

7.2.2.     By Region (Central Region, Western Region, Eastern Region, Southern Region, and Northern Region)

7.3.  By Company

8.    Saudi Arabia Passenger Car High Performance Tire Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value & Volume

8.2.  Market Share & Forecast

8.2.1.     By Demand Category (OEM Vs. Replacement)

8.2.2.     By Region (Central Region, Western Region, Eastern Region, Southern Region, and Northern Region)

8.2.3.     By Company

9.    Saudi Arabia Commercial Vehicles High Performance Tire Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value & Volume

9.2.  Market Share & Forecast

9.2.1.     By Demand Category (OEM Vs. Replacement)

9.2.2.     By Region (Central Region, Western Region, Eastern Region, Southern Region, and Northern Region)

9.2.3.     By Company

10.  Saudi Arabia Off-the Highway Vehicles Tire Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value & Volume

10.2.              Market Share & Forecast

10.2.1.  By Demand Category (OEM Vs. Replacement)

10.2.2.  By Region (Central Region, Western Region, Eastern Region, Southern Region, and Northern Region)

10.2.3.  By Company

11.  Developments in the Industry

11.1.              Key Investments in the Market

11.2.              Technological Developments

11.3.              Key Takeaways

12.  Market Dynamics

12.1.              Drivers

12.1.1.  Rise in the Demand for Replacement High Performance Tires.

12.1.2.  Increase in the Racing Activities.

12.2.              Challenges

12.2.1.  Lack of in-house High Performance Tire Manufacturing Facilities

13.  Market Trends

13.1.              Growing Technological Advancements

13.2.              Surge in demand from Passenger Car Segment

14.  Porter’s Five Forces Model

14.1.              Competition Landscape

14.2.              Buyer Power

14.3.              Supplier Power

14.4.              Threat of New Entrants

14.5.              Threat of Substitutes

15.  Competitive Landscape

15.1.              Bridgestone Corporation

15.1.1.  Company Details

15.1.2.  Products & Services

15.1.3.  Financial (As Reported)

15.1.4.  Key Market Focus & Geographical Presence

15.1.5.  Recent Development

15.1.6.  Key Management Personnel

15.2.              Hankook Tire Co., Ltd.

15.2.1.  Company Details

15.2.2.  Products & Services

15.2.3.  Financial (As Reported)

15.2.4.  Key Market Focus & Geographical Presence

15.2.5.  Recent Development

15.2.6.  Key Management Personnel

15.3.              Pirelli & C. S.p.A.

15.3.1.  Company Details

15.3.2.  Products & Services

15.3.3.  Financial (As Reported)

15.3.4.  Key Market Focus & Geographical Presence

15.3.5.  Recent Development

15.3.6.  Key Management Personnel

15.4.              Goodyear Tire & Rubber Company

15.4.1.  Company Details

15.4.2.  Products & Services

15.4.3.  Financial (As Reported)

15.4.4.  Key Market Focus & Geographical Presence

15.4.5.  Recent Development

15.4.6.  Key Management Personnel

15.5.              Michelin Group

15.5.1.  Company Details

15.5.2.  Products & Services

15.5.3.  Financial (As Reported)

15.5.4.  Key Market Focus & Geographical Presence

15.5.5.  Recent Development

15.5.6.  Key Management Personnel

15.6.              Continental AG

15.6.1.  Company Details

15.6.2.  Products & Services

15.6.3.  Financial (As Reported)

15.6.4.  Key Market Focus & Geographical Presence

15.6.5.  Recent Development

15.6.6.  Key Management Personnel

15.7.              MRF Limited

15.7.1.  Company Details

15.7.2.  Products & Services

15.7.3.  Financial (As Reported)

15.7.4.  Key Market Focus & Geographical Presence

15.7.5.  Recent Development

15.7.6.  Key Management Personnel

15.8.              Apollo Tyres Limited

15.8.1.  Company Details

15.8.2.  Products & Services

15.8.3.  Financial (As Reported)

15.8.4.  Key Market Focus & Geographical Presence

15.8.5.  Recent Development

15.8.6.  Key Management Personnel

15.9.              Yokohama Rubber Company, Limited

15.9.1.  Company Details

15.9.2.  Products & Services

15.9.3.  Financial (As Reported)

15.9.4.  Key Market Focus & Geographical Presence

15.9.5.  Recent Development

15.9.6.  Key Management Personnel

15.10.            Kumho Tire Co. Inc.

15.10.1.                Company Details

15.10.2.                Products & Services

15.10.3.                Financial (As Reported)

15.10.4.                Key Market Focus & Geographical Presence

15.10.5.                Recent Development

15.10.6.                Key Management Personnel

16.  Strategic Recommendations

16.1.              Key Focus Areas

16.2.              Target Regions & Countries

16.3.              Target Type

16.4.              Target Category

About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

The increase in the off-road activities and the rise in the high-end vehicle is expected to drive the Saudi Arabia High Performance Tire Market in the forecast years.

down-arrow

The Passenger car category is leading in Vehicle type segment and in the forecast years, the segment will grow.

down-arrow

The major player contributing to the Saudi Arabia High Performance Tire Market are Bridgestone Corporation, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, Michelin Group, Continental AG, etc.

down-arrow

The replacement segment is leading in the Demand Category, followed by OEM segment.

profile

Srishti Verma

Business Consultant
Press Release

Saudi Arabia High Performance Tire Market to Grow at Impressive Rate through 2028

Jan, 2023

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.