The spree of projects for Qatar FIFA world cup 2022 and the consequent demand for commercial vehicle tires are some major factors driving the growth of Qatar tire market.
According to TechSci Research report, “Qatar 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”, Qatar tire market is forecast to witness 6.11% CAGR during the forecast period. The anticipated growth in Qatar tire market can be attributed to expanding automobile fleet in the country and increasing construction and infrastructural activities for the upcoming FIFA World Cup 2022. Moreover, Nation’s Vision 2030, which aims at continuous development of the country in terms of technological advancements and building public facilities, along with growth in tourism sector is further anticipated to positively influence Qatar tire market in the coming years. Apart from that, increasing sale of passenger vehicles and growing penetration of Chinese tires are also leading to high revenue generation for tire market in the country. The Chinese tires are gaining more traction in Qatar tire market due to their easy availability and cost effective pricing than many flagship brands. However, the market share of Chinese tires in the country’s tire market is likely to decline in the coming years due to launch of robust technology and high quality tires by flagship tire brands, which are expected to gain higher popularity among consumers due to their improved lifecycle over the next five years.
Furthermore, the tire market in Qatar is largely replacement and import driven. The hot and harsh climatic conditions in the country have shortened the replacement period of tires to around 1.5 years which also acts as a growth driver for Qatar tire market.
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Qatar 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, the passenger car tire segment is forecast to dominate the overall Qatar tire market during the forecast period owing to increasing purchasing power and growth in the number of nuclear families in the country. Based on demand category, Qatar tire market can be split into replacement vs OEM. Due to absence of automobile manufacturing in the country, the tire market is entirely dependent on the replacement demand, which is being addressed by flagship as well as Chinese tire brands imported. The trend is likely to continue over the next five years as well.
Leading market players in Qatar tire market are Bridgestone Corporation, Dunlop-Middle East, Yokohama Ali Bin Khalifa Al Hitmi & Co., Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin AIM FZE, Continental AG, TOYO Tire & Rubber Co., Ltd., Goodyear Tires and Apollo Tyres Ltd. Furthermore, key growth strategies being adopted by leading companies are product innovation, collaborations, mergers & acquisitions, partnerships and investment on production expansion.
“As part of Nation Vision 2030 and Fifa world cup 2022, major construction activities are planned in regions such as Doha and Ar Rayyan, which will ramp up the demand for commercial vehicle and OTR. Increase in demand for construction vehicles in addition to readily adoption of new tire technologies, Qatar tire market is anticipated to grow at impressive rate through 2025. Besides, rise in employment, urbanization and immigration as well as increase in per capita GDP are projected to positively influence the growth of the market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Qatar 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 Qatar 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 Qatar tire market.
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