According to the latest report by IMARC Group, titled “Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Saudi Arabia tire market size reached 21.8 Million Units in 2021. Looking forward, IMARC Group expects the market to reach 24.7 Million Units by 2027, exhibiting a growth rate (CAGR) of 2.3% during 2022-2027.
Year considered to estimate the market size:
• Base year of the analysis: 2021
• Historical period: 2016-2021
• Forecast period: 2022-2027
Saudi Arabia Tire Market Trends
The expanding automobile industry and the elevating sales of electric vehicles (EVs), on account of the heightened environmental consciousness among the masses, are primarily driving the Saudi Arabia tire market. In line with this, the inflating demand for luxury passenger vehicles and premium quality tires that provide high puncture resistance and enhanced driving stability and reduce the risks of accidents is also positively influencing the market across the country. Apart from this, the emerging trend among leading market payers of recovering and recycling used tires to conserve the energy required to produce new products is acting as another significant growth-inducing factor.
Moreover, the increasing penetration of international tire brands that offer high-quality assurance and extended product life and the growing strategic partnerships and alliances between regional tire manufacturing companies and global players for improving their product portfolios and product premiumization are further stimulating the market growth. In addition to this, the escalating number of logistics and transportation activities to deliver packages and the rising agricultural activities are expected to propel the Saudi Arabia tire market in the coming years.
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Saudi Arabia Tire Market Insight:
A tire is an essential vehicle component composed of natural and synthetic rubber compounds, steel wire, silica, carbon black, etc., and is circular in shape. It is available in radial and bias categories and in multiple sizes. These tire variants are designed to protect the wheel rim and generate tractive force between the road or surface and the vehicle. They even support the weight of the vehicle and reduce the impact of vibration by absorbing the road shocks, thereby facilitating adequate acceleration and efficient braking. Consequently, tire products are extensively utilized in the automotive sector in Saudi Arabia.
Competitive Landscape with Key Players:
The competitive landscape of the Saudi Arabia tire market has been studied in the report with the detailed profiles of the key players operating in the market.
List of Key Tires Companies Covered in this Market Report:
- Michelin (OTCMKTS: MGDDY)
- Bridgestone (OTCMKTS: BRDCY)
- Continental (OTCMKTS: CTTAY)
- Goodyear (NASDAQ: GT)
- Sumitomo (OTCMKTS: SSUMY)
- Pirelli (BIT: PIRC)
- Yokohama (TYO: 5101)
- Hankook (KRX: 161390)
- Toyo (TYO: 5105)
- Kumho
Saudi Arabia Tire Market Segmentation:
The report has segmented the Saudi Arabia tire market on the basis of type, end use, vehicle type, size, distribution channel and country.
Based on Type:
- Radial
- Bias
Based on End-Use:
- OEM
- Replacement
Based on Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Off-The-Road (OTR)
Based on Size:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Off-The-Road (OTR)
Based on Distribution Channel:
- Offline
- Online
Regional Analysis:
- Eastern
- Central
- Northern
- Northwest
- Midwest
- Southwest
Explore Report Description with TOC & List of Figure: https://www.imarcgroup.com/saudi-arabia-tire-market
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Also Read:
Europe Off-the-Road (OTR) Tire Industry Report 2022-2027
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