Growth Opportunities in the Saudi Arabia Tyre Market look promising over the next six years. This is mainly due to the increasing infrastructural and construction industry, the rising need to replace tyres in a short period due to the harsh weather condition, economic growth, the strong demand for passenger cars, and the increasing purchasing power of the consumers.
Saudi Arabia Tyre Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The increasing infrastructural and construction industry and the growth in the vehicle fleet size nationwide are the key drivers fuelling the growth of the Saudi Arabia tyre market. The Saudi Arabian government is increasingly investing in infrastructural development like the National Industrial Development and Logistics Program (NIDLP) to help the Saudi Vision 2030. The rapid expansion in the construction activities will boost the demand for commercial vehicles, including trailers and trucks, thus propelling the growth of the Saudi Arabia tyre market. Furthermore, the rising need to replace tyres in a short period owing to the harsh weather condition will further contribute to the growth of the market.
The economic growth, the strong demand for passenger cars, along with the increasing purchasing power of the consumers, will further pay the way for the growth of the market. The fundamentally shifting consumers’ preference towards personal vehicles from public transport for their continuous traveling purpose will further stimulate the market growth. This shift will open doors for the growth of the market, which in turn, will attract many end-users to the Saudi Arabia tyre market. Several multinational companies are emphasizing the advancement of technology in the manufacturing process of the tyres, including the launch of nanotechnology to decrease the rate of tear and wear of the tyre, thereby boosting the demand of the consumers.
Vehicle Type Segment Drivers
Based on the vehicle type, the passenger car is projected to rise at a higher CAGR in the coming years due to the strong demand for personal vehicles and the increasing size of the automobile sector in Saudi Arabia. The government is supporting the rising demand of tyres by helping cheaper pricing of passenger cars. Moreover, the affordable financing plans provided by various automobile insurance organizations will encourage the consumers to opt for personal cars instead of traveling in public transports.
Product Type Segment Drivers
Based on the product type, the tubeless tyre is expected to dominate the market in the coming years due to the rising demand for tubeless types driven by its remarkable features like enhanced lifespan in severe weather conditions. The tubeless tyres are usually lightweight, offer excellent mileage while offering a stable driving experience. These tyres support the high speeding of the vehicles even in harsh weather conditions while minimizing their chance of bursting.
Saudi Arabia Tyre Market’s leading Manufacturers:
- Bridgestone Corporation
- Hankook Tyre Co., Ltd
- Pirelli & C. S.p.A.
- Dunlop (Goodyear Tyre & Rubber Company)
- Yokohama Rubber Co. Ltd
- Continental AG
- Toyo Tyre & Rubber Co. Ltd
- Michelin Group
- Apollo Tyres Ltd
- Cooper Tyre & Rubber Company
Saudi Arabia Tyre Market Segmentation:
Segmentation by Product Type:
- Tube Tyre
- Tubeless Tyre
Segmentation by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- Off-the-Road
- Two-wheeler
- Three Wheeler
Segmentation by Design:
- Radial Tyre
- Bias Tyre
Segmentation by End-Use:
- OEM market
- Replacement market
Segmentation by Distribution Channel:
- Online
- Offline
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