Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia Tire Market, By Vehicle Type (Tire, LCV, M&HCV, OTR, and Two-wheeler), By Tire Construction Type (Radial, Bias), By Sales Channel (Online, Offline), Competition, Forecast & Opportunities, 2016 – 2026” under Automotive Market Research Report category. The Saudi Arabia Tire Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
Saudi Arabia Tire Market stood at USD2.07 billion in 2020 and it is forecast to grow at a CAGR of over 5.30% and cross USD2.74 billion by 2026, on account of expanding vehicle fleet size, rising purchasing power and growing infrastructure and construction sector in the country. Moreover, the development of smart cities such as ‘Neom’ and implementation of programs such as National Industrial Development and Logistics Program (NIDLP) to facilitate the Saudi Vision 2030 are further driving the growth of Saudi Arabia tire market. Additionally, short replacement period of tires due to extreme weather conditions in Saudi Arabia along with improving economic conditions are expected to further push the demand for tires in the country during the forecast period.
One of the major trends witnessed in the market is the growing popularity of tire retreading, especially in OTR tires. OTR tire market in Saudi Arabia accounts for the highest share of overall retread tire market in the country. Furthermore, increasing focus on technological advancement is another major trend observed in the market. Tire manufacturers are increasingly focusing on developing and manufacturing high-tech tires for automobiles in Saudi Arabia. To meet evolving customer demand with respect to better ride comfort, safety, higher fuel efficiency and durability, several tire manufacturers are coming up with their technologically advanced new tire offerings. Moreover, shift towards online tire sales is another trend witnessed in the market. Increase in e-commerce and online sales is beneficial for the consumers as it allows them to make better product choices. Customers get time to compare various brands of tires, while also looking into prices, quality and specifications of the related products. The online platform also cuts the overhead expenses and time that customers would incur while opting for the traditional style of buying tires.
The Saudi Arabia tire market is segmented on the basis of vehicle type, tire construction type, sales channel, and region. Based on vehicle type, the market is further segregated into passenger car, LCV, M&HCV, OTR, and two-wheeler. Among them, the passenger car segment dominated the market in the historical period, and the trend is expected to continue in the forecast period as well. Growing demand for passenger cars is backed by rising per capita income, improving road infrastructure, increasing completely knocked down (CKD) plants, etc. Moreover, rising demand for passenger cars coupled with an expected increase in the average selling price of the vehicles is expected to drive the market value of passenger cars in Saudi Arabia over the forecast period. Moreover, the removal of ban and growing preference for women drivers has uplifted the passenger car market in Saudi Arabia. Changes in the government norms for females driving automotive vehicles after decades has resulted in the growth of women drivers. Moreover, opting for self-driving gives many women a sense of empowerment therefore, many women are hitting the Saudi roads with four-wheelers and several women with foreign licenses have already obtained Saudi driving licenses. Relatively, many of the women are learning to drive. All the above factors are expected to increase the sales of passenger cars in Saudi Arabia, which in turn is further going to boost the passenger car tire market in Saudi Arabia.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
•To analyze the historical growth in market size of Saudi Arabia tire market from 2016 to 2020.
•To estimate and forecast the market size of Saudi Arabia tire market from 2021 to 2026 and growth rate until 2026.
•To identify dominant region or segment in the Saudi Arabia tire market.
•To identify drivers and challenges for Saudi Arabia tire market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia tire market.
•To conduct pricing analysis for Saudi Arabia tire market.
•To identify and analyze the profile of leading players operating in Saudi Arabia tire market.
In order to perform the study, Our Research conducted primary as well as exhaustive secondary research. Initially, Our Research prepared an exhaustive list of tire dealers and distributors operating in different regions of Saudi Arabia. Subsequently, Our Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, Our Research was able to include distributors / dealers which could not be identified due to the limitations of secondary research. Our Research analyzed product offerings, distribution channels and regional presence of all major tire distributors across the country.
Our Research calculated the market size for Saudi Arabia tire market using a bottom-up technique, wherein replacement tire market data for different vehicle type (Passenger car, LCV, M&HCV, OTR and Two-wheeler) was recorded as well as forecast for future years. Our Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical sales value data of respective tire vehicle type to arrive at the overall market size. Multiple secondary sources such as directories, databases such as The Association of Saudi Arabia Automotive Industries, Saudi Arabian Rubber Council, Company Websites, company annual reports, white papers, investor presentations and financial reports were also studied by Our Research.
Key Target Audience:
•Tire manufacturers, supplier, distributors and other stakeholders
•Associations, organizations, forums and alliances related to tire market in Saudi Arabia
•Government bodies such as regulatory authorities and policymakers
•Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as tire distributors and dealers, customers and policymakers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking right investment decisions and facilitating their expansion.
In this report, Saudi Arabia tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
•Saudi Arabia Tire Market, By Vehicle Type:
-Light Commercial Vehicles (LCV)
-Medium & Heavy Commercial Vehicles (M&HCV)
•Saudi Arabia Tire Market, By Tire Construction Type:
•Saudi Arabia Tire Market, By Sales Channel:
•Saudi Arabia Tire Market, By Region:
Company Profiles: Detailed analysis of the major players operating in Saudi Arabia tire market.
With the given market data, Our Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
•Detailed analysis and profiling of additional market players (up to five).
Browse our full report with Table of Contents: https://marketreportsonsaudiarabia.com/report/761665/saudi-arabia-tire-market-by-vehicle-type-passenger-car-lcv-mhcv-otr-and-two-wheeler-by-tire-construction-type-radial-bias-by-sales-channel-online-offline-competition-forecast-opportunities
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