Saudi Arabia Retread Tire market is expected to grow at Significant Rate till 2026
Rising demand to increase the average life of tires and high vehicle parc is expected to drive the Saudi Arabia retread tire market throughout the forecast period.
According to TechSci Research report, “Saudi Arabia Retread Tire Market By Vehicle Type (OTR, Truck, Bus) By Company, By Region, Forecast & Opportunities, 2026”, Saudi Arabia retread tire market is expected to grow at a steady rate during the forecast period. Tires which are repaired or retreaded to achieve suitable mileage with the aid of retread components are known as retread tires. After traveling long distance tear in the vehicles gets wear down and the part is known as tread. The tread in tire can be replaced so that the vehicle can run again up to its full potential. Rising demand for retread vehicles in commercial and passenger vehicles is contributing to the increase in demand of the retread tires. Vehicle fleet owners are preferring retread tires due to their affordable nature and ability to reduce the average cost per mile. There is high demand from private and government fleet owners for retread tires to satisfy the environmental constraints as retread tires offers sustainable solutions. Rise in awareness among consumers about the type of tire to be fitted into the vehicles for better performance in addition with rising sales of tires is fostering the growth of the market in the forecast period. Development of smart cities in Saudi Arabia with projects like NEOM and to achieve the Saudi Vision 2030 implementation of program like National Industrial Development and Logistics Program is further driving the market demand. Growth in construction and infrastructure sector in Saudi Arabia is increasing the purchasing capacity of consumers. Retread tires are environment friendly as it eliminates the need of crude oil which is required to produce the new tires and costs lower than the new tires. Manufacturers are providing additional value retreading services along with retread tires to expand the consumer base for purchasing retread tires. Stringent government norms and rising environmental concerns is contributing to high market growth.
Since the onset of pandemic COVID-19, imposition of lockdown the fight the novel coronavirus affected the retread tires adversely. Leading authorities released precautionary measures and a set of guidelines to ensure the safety of its residents. Manufacturing units were shutdown and disruption in supply chain was observed due to restrictions imposed by authorities on the import and export. After the pandemic is over, the Saudi Arabia retread tire market is expected to pick up the pace eventually.
However, fluctuations in the cost of oil and raw material may pose challenge in the growth of the Saudi Arabia retread tire market.
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Saudi Arabia retread tire market is segregated into vehicle type, regional distribution, and company. Based on vehicle type, market is further divided into OTR, truck and bus. Truck segment is expected to account for major market share during the forecast period, 2022-2026. Rise in logistics and industrial activities is accelerating the retread tire growth. Truck owners are adopting the retreading of tires at a large scale as it is financial advantageous for them. Retread of tires costs approximately half or even lower than the new tires and if a proper tire maintenance program is followed by truck owners to retread the worn tires as many times as possible.
Al-Jawad Tire Retreading, General Group, Al Howail Tyre Retreading Factory, Marangoni Retreading Systems, among others are some of the leading players operating in Saudi Arabia retread tire market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Growth of the e-commerce industry is creating lucrative opportunities for the growth of the market as major players are openly opting for customer friendly interface and development of websites and mobile applications to expand their product reach and raise awareness among consumers. Offering of attractive discounts and offers by companies along with the facility of providing ease and convenience to consumers for availing the services without facing any hurdle is contributing significantly to the growth of retread tire market in Saudi Arabia.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Retread Tire Market By Vehicle Type (OTR, Truck, Bus) By Company, By Region, Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia retread tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia retread tire market.
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