KSA Tire Market to Reach US$ 8,623 Million by 2022, Exhibiting a CAGR of 11.8%

KSA Tire Market
KSA Tire Market


Market Overview:

The KSA tire market is anticipated to reach a valuation of US$ 8,623 million by 2022, with a compound annual growth rate (CAGR) of 11.8% during the forecast period of 2023-2030, as stated in a recent report by Coherent Market Insights. The market offers a wide range of tire products that cater to the various needs of consumers in the Kingdom of Saudi Arabia. These tires provide numerous advantages such as improved traction, durability, fuel efficiency, and enhanced safety measures. The growing automotive industry and increasing disposable income of consumers are driving the demand for high-quality tires in the KSA market.

Market Key Trends:
One key trend in the KSA tire market is the rising demand for eco-friendly tires. With growing concerns about environmental sustainability, consumers are becoming increasingly aware of the impact of vehicle emissions on the environment. As a result, there is a growing preference for eco-friendly tires that offer reduced rolling resistance and lower fuel consumption. These tires are designed to minimize carbon dioxide emissions and contribute to a greener future. The tire manufacturers are focusing on developing innovative tire technologies and materials to meet this demand and gain a competitive edge in the market. The adoption of eco-friendly tires is expected to witness significant growth in the coming years, driven by government initiatives promoting sustainable transportation and consumer awareness.
Segment Analysis:

The KSA tire market can be segmented based on tire type, vehicle type, and distribution channel. In terms of tire type, the market can be categorized into radial tires and bias tires. Radial tires dominated the market in 2021 and are expected to continue their dominance over the forecast period. This can be attributed to the numerous advantages offered by radial tires, such as improved fuel efficiency, better traction, and longer tread life. Radial tires are commonly used in passenger cars, commercial vehicles, and motorcycles.

Based on vehicle type, the market can be divided into passenger cars, commercial vehicles, and two-wheelers. Among these, the passenger car segment accounted for the largest market share in 2021. This can be attributed to the increasing per capita income and changing consumer preferences towards owning personal vehicles in the KSA region. The commercial vehicle segment is also expected to witness significant growth during the forecast period due to the expanding logistics and transportation industry in the region.

In terms of the distribution channel, the market can be segmented into original equipment manufacturers (OEMs) and aftermarket. The aftermarket segment dominated the market in 2021 and is projected to maintain its dominance over the forecast period. This can be attributed to the rising demand for replacement tires due to wear and tear, as well as increasing vehicle fleet size in the region.

Key Takeaways:

The KSA tire market is expected to witness high growth, exhibiting a CAGR of 11.8% over the forecast period 2023-2030. This growth can be attributed to various factors, including the increasing demand for vehicles, expanding automotive industry, and rising investments in infrastructure projects in the KSA region.

Regionally, the KSA tire market is expected to be the fastest-growing and dominating region. This can be attributed to the favorable government initiatives promoting automotive manufacturing and sales, as well as the presence of major automotive manufacturers in the region.

Key players operating in the KSA tire market include The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire & Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tire & Rubber Company, and Continental AG. These players focus on strategies such as product innovation, mergers and acquisitions, and collaborations to strengthen their market position and gain a competitive edge. The presence of these key players indicates the high level of competition in the KSA tire market.

Read More:

https://www.ukwebwire.com/ksa-tire-market-growing-automotive-industry-in-saudi-arabia-to-drive-market-growth/

 

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