Skip to main content

KSA Tire Market Estimated to Expand at a Robust CAGR By 2026

 The Kingdom of Saudi Arabia (KSA) tire market is expected to witness robust growth. Demand for tires in Kingdom of Saudi Arabia will be positively influenced by growing sales of four-wheeler vehicles.

Driven by favorable government policies and lack of luxury or value-added taxations (VATs), the Kingdom of Saudi Arabia tire market is anticipated to reach US$ 2,123 Mn in revenues by 2016. Growing demand for four-wheeler vehicles and robust sales of luxury and top-end cars will continue to influence the growth of the KSA tire market.

Sales will continue to remain strong through the OEM channel, owing to consumer preference for buying tires directly from manufacturers. While overall revenues are expected to increase steadily, stringent regulation regarding used tires coupled with Implementation of stringent import standards by Saudi Arabia Standard Organization (SASO) can pose challenges to the growth of the market.

By vehicle-type, the four-wheeler segment will continue to account for a leading share of the market. Demand will be substantial for cars and other passenger four-wheelers, owing to high temperatures recorded in Saudi Arabia throughout the year. As a result, the passenger cars will continue to be the most-prominent four-wheeler sub-segment, accounting to more than US$ 1,435 Mn revenues in 2016.

Key Companies- 

  • The Bridgestone Group
  • Michelin Group
  • Goodyear tire and Rubber Company
  • Pirelli & C Spa
  • Continental AG
  • Hankook Tire Company
  • Cooper tire & rubber company
  • Yokohama rubber company ltd.
  • Toyo tire & rubber company ltd.
  • Apollo tyres ltd.
  • Other.

Rising R&D initiatives by manufacturers will fuel the product-wise growth of the Kingdom of Saudi Arabia tire market, which is expected to supplement the sales of pneumatic and non-pneumatic tires. Increasing penetration of internet and online transactions in Saudi Arabia is will continue to influence the growth of the market.

Compared to the rest of the provinces, the Western and Central Provinces of the Kingdom are forecasted to represent a speedy growth in the demand for four wheeler vehicle tires. In the future, the provincial cities of Riyadh and Mecca are expected to be the concentrated hubs of Saudi Arabia’s total tire retail outlets.

For More Info @ https://www.persistencemarketresearch.com/market-research/ksa-tire-market.asp

Prominent global tire companies such as The Bridgestone Group, Continental AG, Pirelli & C Spa, and Michelin Group, will continue to strengthen their dominance in the Kingdom of Saudi Arabia tire market. Companies such as Apollo Tyres Ltd., Yokohama Rubber Company Ltd., and Goodyear Tire & Rubber Company are also expected to create stiff competition for the existing key players in the tire market in KSA.

PMR Long-term Outlook: The tire market in the Kingdom of Saudi Arabia is expected to expand at a CAGR of 10.8% during the forecast period 2016-2026. Four-wheeler vehicle segments will continue to account for a sizeable demand for tires during the forecast period.

Comments

Popular posts from this blog

Medical Gloves Market Trends, Growth, Future Demand, Analysis and Forecast by 2032

 The medical gloves market has witnessed significant growth and evolution, especially in recent years, due to the global healthcare challenges, including the COVID-19 pandemic. Medical gloves are crucial protective equipment used by healthcare professionals to prevent the transmission of infections, maintain hygiene standards, and ensure the safety of both patients and medical personnel. This market encompasses a wide range of glove types, including latex, nitrile, vinyl, and others, each with its unique features and applications. One of the key drivers of the medical gloves market is the increasing focus on infection prevention and control in healthcare settings. The heightened awareness of the importance of hand hygiene, especially in the wake of the pandemic, has led to a surge in demand for medical gloves worldwide. Healthcare facilities, including hospitals, clinics, and laboratories, require a steady and reliable supply of gloves to maintain safety protocols an...

Sales of Commercial Aircraft Video Surveillance Systems to Decelerate in 2020 as COVID 19 Pandemic Takes its Toll on Global Market

  Market Introduction Future Market Insights, in its recent study on the  Commercial Aircraft Video Surveillance Systems market,  offers a detailed value-volume analysis of the Commercial Aircraft Video Surveillance Systems market on the basis of various segments such as product type, application, aircraft type, assembly and region. In terms of product type, cabin surveillance systems is projected to be a lucrative segment in terms of growth opportunities and are mostly being installed in the line fit assembly applications in the commercial aircraft video surveillance systems. To Get the Sample Copy of Report visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5202 There has been significant growth in the number of freighter planes due to expanding e-commerce and pharmaceutical sectors and outperforming global trade growth. From a macroeconomic point of view, demand for commercial aircrafts is anticipated to more than double in the next two decade...

Dural Graft Market Future Trends, Industry Size and Forecast to 2032

 The Dural Graft market is a dynamic and vital sector within the medical device industry, contributing significantly to the advancement of neurosurgery and the treatment of various neurological conditions. Dural grafts, also known as dural substitutes or patches, are crucial in repairing and reinforcing the dura mater, the protective membrane surrounding the brain and spinal cord. As of 2033, this market is experiencing substantial growth due to an increased demand for neurosurgical procedures and a surge in innovative technologies and materials. One of the key drivers of the Dural Graft market's growth is the rising incidence of neurological disorders and traumatic brain injuries. With an aging population and a greater understanding of neurological conditions, more individuals require neurosurgical interventions, driving up the demand for dural grafts. These grafts are instrumental in providing structural support and sealing cerebrospinal fluid leaks after surgerie...