Chinese Tire Brands to Continue their Dominance in Saudi Arabia

Expanding vehicle fleet size, increasing investments by the government in infrastructure and construction projects and improving economic condition to boost Saudi Arabia tire market through 2024

According to TechSci Research report, “Saudi Arabia Tire Market By Vehicle Type, By Radial Vs Bias, By Online vs Offline Sales Channel, Competition, Forecast & Opportunities, 2014 – 2024”, Saudi Arabia tire market is estimated to grow at a CAGR of over 6.4% during 2019-2024 on account of ongoing and upcoming government aided construction and infrastructure projects coupled with expanding vehicle fleet. Moreover, lifting of ban on women drivers in Saudi would further boost the demand for vehicles in the country, thereby positively influencing the tire market as well. Moreover, growing purchasing power of the citizens due to the country’s improving economic scenario and rising preference for retreaded tires is further anticipated to aid the growth of Saudi Arabia tire market during forecast period.

Browse 34 market data Figures and 9 Tables spread through 90 Pages and an in-depth TOC on “Saudi Arabia Tire Market”

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With more than two-thirds of the volume share in 2018, passenger car tire segment dominatedSaudi Arabia tire market, followed by light commercial vehicles, medium & heavy commercial vehicles, OTR vehicles and two-wheelers. The dominance of passenger car segment is backed by increasing purchasing power parity and continuous growth in the country’s auto lease market. With a cumulative volume share of more than 58% in 2018, Central and Western regions of the country continue to witness high demand for tires. High demand for tires in these regions is backed by presence of major cities with high population density and pilgrim cities like Mecca and Madinah.

Over the last few years, dominating presence of multinational companies like Bridgestone Corporation, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., Dunlop (Goodyear Tire & Rubber Company), Michelin Group, Goodyear Tire & Rubber Company, Yokohama and Continental, and various Chinese brands, etc., has been intensifying the competition in the tire market across country. Competitive pricing of Japanese, Korean and Chinese brands makes them a preferable choice among customers, owing to which, their share is expected to further increase during the forecast period. Moreover, cheaper Chinese imports are a new development in the automotive tire market of Saudi Arabia. “Government spending on construction and infrastructure sector under Saudi Vision 2030 is expected to be a major driver for Saudi Arabia tire market during forecast period. Furthermore, with rising environment concerns, preference for recycled tires is increasing, and this trend is expected to gain more traction in the coming years, which would further steer growth in the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Saudi Arabia Tire Market By Vehicle Type, By Radial Vs, Bias, By Online vs Offline Sales Channel, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of tire market in Saudi Arabia, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Saudi Arabia tire market.

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