Expanding vehicle fleet size, and improving economic condition to boost Saudi Arabia tire market through 2026.
According to TechSci Research report, “Saudi Arabia Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, and Two-wheeler), By Tire Construction Type (Radial, Bias), By Sales Channel (Online, Offline), Competition, Forecast & Opportunities, 2016 – 2026”, Saudi Arabia tire market was valued at USD2.07 billion in 2020 and it is projected to grow at a CAGR of over 5.30% to cross USD2.74 billion by 2026 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 is further boosting 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 the forecast period. Environmental concerns leading to rising adoption of green tires is a major trend witnessed in the Saudi Arabia tire market. Rising awareness and concerns among people about the environment is boosting the adoption of green tires. An increasing number of automobile owners have started preferring green tires in their vehicles instead of conventional tires and this trend is expected to gain higher traction in the Saudi Arabia tire market in the coming years as well.
The Saudi Arabia tire market is characterised by replacement tire sales due to the absence of vehicle manufacturing factories. Thus, the retail outlets increase effectiveness of aftersales services for tires and provide technical support related to tires. This helps tire companies to increase their brand awareness and satisfaction among customers. Thus, the new players are advised to invest in developing a robust distribution network consisting of tire retailing and tire service centers. This is emerging as the latest market diversification strategy adopted by renowned tire manufacturers.
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With more than two-thirds of the volume share in 2020, passenger car tire segment dominatedthe Saudi 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 55% in 2020, Central and Western regions of the country continue to witness high demand for tires. High demand for tires in these regions is backed by the presence of major cities with high population density and pilgrim cities like Mecca and Madinah.
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Over the last few years, dominating presence of multinational companies like Bridgestone Corporation, Hankook Tire Co., Ltd. , Pirelli & C. S.p.A., Goodyear Tire & Rubber Company, and Michelin Group, Goodyear Tire and Rubber Company, Yokohama Rubber Company Limited, Toyo Tire and Rubber Company, Sumitomo Rubber Industries Limited, and Continental AG 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. Most of the companies present in the Saudi Arabia tire market are trying to capture a significant share in the country’s tire market by widening their distribution network across the local areas. To cater the country’s tire market at its core, premium brands are joining with local dealers present in various regions to sell and market their products to all the target areas in 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 the 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 (Passenger Car, LCV, M&HCV, OTR, and Two-wheeler), By Tire Construction Type (Radial, Bias), By Sales Channel (Online, Offline), Competition, Forecast & Opportunities, 2016 – 2026” 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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