High vehicle motorization rate and high purchasing power of people are some major factors driving the growth of Kuwait tire market.
According to TechSci Research report, “Kuwait Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Kuwait tire market is expected to witness a significant growth and undergo a CAGR of 5.72% during the forecast period. Key factors propelling the growth of Iran tire market are high motorization rate, increasing sale of passenger vehicles on account of rise in per capita disposable income and growth in automotive industry of the country. Moreover, Kuwait is one of the wealthiest countries in the world, with more than 95% of urban population. Automobile sales in Kuwait grew at a CAGR of 8.42% during 2013-2019 and are further poised to demonstrate a similar trend during 2019-2025. This growth in automobile sales is being supported by increasing urbanization and growing infrastructure and construction sector in the country.
Additionally, increasing penetration of low priced Chinese tire brands is projected to bite into the share of branded tires in Kuwait over the coming years. Also, hot and humid climatic conditions in the country have shortened the replacement period of tires to around 1.5 years, thereby driving growth in Kuwait tire market. Apart from that, government initiatives such as Kuwait Vision 2035 and the Land Transport System Development Program are also anticipated to boost the country’s tire market growth over the next five years.
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Kuwait tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, passenger car tire segment dominated the country’s tire market followed by light commercial vehicle tire and medium & heavy commercial vehicle tire segments in 2019. Moreover, expanding passenger car fleet size and rising sales of passenger cars is projected to further make the segment a dominating one during the forecast period. Based on tire type, Kuwait tire market can be segmented into radial vs bias. Among the two, the demand for radial tyres is expected to undergo highest growth during the forecast period owing to growing consumer preferences.
Leading market players in Kuwait tire market are Bridgestone Tire Distribution Co. W.L.L, Yokohama Rubber Co. Ltd., Michelin UAE, Goodyear Middle East FZE, Hankook Tire Co. Ltd., Continental AG, Sumitomo Rubber Middle East FZE, Pirelli Tyre(Suisse) SA (Middle East Branch), Toyo Tire & Rubber Co., LTD. and Hangzhou Zhongce Rubber Co. Ltd. (ZC Rubber). However, increasing penetration of low cost Chinese tires is largely hampering volume sales of premium tire brands. Nevertheless, on the back of high consumer confidence and strong dealership network, premium tire companies are expected to maintain their dominance in Kuwait tire market during the forecast period. Moreover, tire manufacturers are undergoing partnerships, collaborations, mergers & acquisitions and joint ventures in order to increase their share in Kuwait tire market.
“As part of Kuwait Vision 2035, the gulf country has numerous ongoing construction projects and plans to launch more in the coming years to boost development and construction activities in the country. Construction projects like Kuwait International Airport Expansion, Kuwait National Rail network expansion, Jahra Road development and Kuwait National Railroad among others are leading to increased sale of commercial vehicles and thus positively impacting the growth of tire market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Kuwait Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Kuwait tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Kuwait tire market.
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