Tire Market to Grow with a CAGR of 8.42% in Bahrain through to 2028
The major driver for the Bahrain Tire
Market is the rising automobile ownership, spurred by economic growth and
increased consumer demand for vehicles, which in turn fuels the need for tires
across various vehicle segments.
According to TechSci Research report, “Bahrain Tire
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Bahrain Tire Market stood at USD 70 Million in
2022 and is anticipated to grow with a CAGR of 8.42% in the forecast period,
2024-2028. The tire market in Bahrain is experiencing remarkable growth, driven
by several key factors. One of the primary drivers is the increasing sales of
vehicles, both new and old, which have significantly contributed to the
expansion of the market. Additionally, government regulations mandating the
replacement of tires after a certain period or usage have played a crucial role
in stimulating market growth. These regulations ensure that vehicles on the
roads are equipped with safe and reliable tires, further boosting the demand
for tire replacements.
Moreover, the growth of the tourism sector in Bahrain
has had a direct impact on the tire market. As the number of tourists visiting
the country increases, so does the demand for commercial vehicles such as
taxis, buses, and rental cars. This surge in demand has fueled the need for
high-quality tires that can withstand the demands of the tourism industry,
including long hours of driving and various road conditions.
Furthermore, it is worth noting that the tire market
in Bahrain has also benefited from favorable government policies aimed at
promoting the automotive sector. These policies include tax incentives,
subsidies, and other support measures that encourage investment and growth in
the automotive industry. As a result, both local and international tire
manufacturers have been attracted to Bahrain, further expanding the range of
tire options available in the market.
In conclusion, the growth of the tire market in
Bahrain can be attributed to multiple factors. The increasing sales of
vehicles, government regulations, the growth of the tourism sector, and
favorable government policies have all contributed to the expansion and
development of this thriving market.
Browse over 26 market data Figures
spread through 91 Pages and an in-depth TOC on "Bahrain Tire Market”
The Bahrain tire market is an integral component of
the nation's automotive industry, reflecting a diverse and dynamic landscape.
Key players, encompassing both global tire manufacturers and domestic
retailers, contribute to the market's vibrancy. The market's structure
encompasses a wide array of tire segments, including those tailored for
passenger cars, SUVs, light trucks, commercial vehicles, off-road applications,
and specialty purposes. Notable global tire brands such as Bridgestone,
Michelin, Goodyear, Pirelli, and Continental hold significant sway in Bahrain's
tire market. These brands, alongside local distributors and retailers, cater to
the diverse demands of Bahraini consumers.
Within the Bahrain tire market, segmentation is
evident based on tire types and vehicle applications. These segments include
passenger car tires, SUV and light truck tires, commercial vehicle tires
(including trucks and buses), off-road tires suited for both recreational and
industrial usage, and specialty tires designed to fulfill specific needs such
as those in motorsports or agriculture. This segmentation reflects the
multitude of vehicles traversing Bahrain's roads, each necessitating distinct
tire specifications to optimize performance and safety.
Several prominent trends are shaping the Bahrain tire
market. Firstly, there is a discernible uptick in the demand for premium and
specialty tires. This trend is driven by consumers' growing preference for
tires that offer heightened performance, safety, and durability. Notably, the
passenger car tire segment is experiencing the impact of this trend,
particularly as luxury and high-performance vehicles gain popularity.
In parallel, the market witnesses significant
technological advancements and tire innovation. Tire manufacturers channel
substantial investments into research and development, resulting in innovative
features and materials that elevate tire performance. Innovations range from
improved tread patterns, advanced rubber compounds, to smart tire technologies
that monitor pressure and temperature in real-time, enhancing both safety and
efficiency. This continuous cycle of innovation underscores manufacturers' commitment
to meeting consumer expectations and regulatory standards.
The digital transformation is altering the tire
purchasing landscape in Bahrain, as evidenced by the growing prominence of
online tire retail. Consumers increasingly embrace e-commerce platforms, drawn
by the convenience of researching and procuring tires online. The accessibility
to a vast array of tire options online amplifies this trend, compelling
traditional brick-and-mortar retailers to bolster their online presence. The
COVID-19 pandemic further accelerated this shift, reinforcing the critical importance
of a robust online presence in the tire market.
Moreover, sustainability and eco-friendly tires are
gaining traction in Bahrain. Environmental consciousness is compelling
consumers to seek eco-friendly or green tires, which are engineered to reduce
fuel consumption and carbon emissions. Bahraini consumers are displaying a
growing inclination toward environmentally responsible tire options, aligning
with global sustainability trends.
The rise of electric vehicles (EVs) also leaves an
imprint on the Bahrain tire market. EVs' unique performance characteristics
vis-à-vis traditional internal combustion engine vehicles necessitate
specialized tires. These tires are designed to accommodate the additional
weight of EVs due to battery packs and to mitigate increased tire wear
resulting from elevated torque generation. Bahrain's governmental emphasis on
EV adoption aligns with this trend, indicating an impending demand surge for
EV-specific tires.
However, the market is not without its challenges. It
remains sensitive to economic fluctuations, particularly concerning oil prices.
Bahrain's economy, with a significant reliance on oil revenue, impacts consumer
purchasing power, subsequently influencing tire demand. The market's
competitiveness engenders price wars and margin pressures, as numerous global
and domestic tire brands vie for supremacy. Additionally, supply chain
vulnerabilities loom due to Bahrain's dependence on tire imports, exposing it
to disruptions in global supply chains.
In conclusion, the Bahrain tire market presents a
dynamic and multifaceted landscape, characterized by a diverse array of tire
segments and the presence of both global and domestic market players. The
market's growth is shaped by a combination of consumer preferences,
technological advancements, e-commerce expansion, sustainability concerns, and
the rise of electric vehicles. However, challenges related to economic
sensitivity, competition, and supply chain vulnerabilities persist. As the
market continues to evolve, stakeholders within the Bahrain tire industry must
remain adaptable and responsive to these trends and challenges to thrive in
this dynamic market.
Major companies operating in Bahrain Tire Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“Several factors are driving the growth of the tire
market in Bahrain. The increasing sales of vehicles, both new and old, play a
significant role in this expansion. Government regulations mandating the
replacement of tires after a certain period or usage also contribute to market
growth. Furthermore, the growth of the tourism sector has led to an increased
demand for commercial vehicles, thereby fueling the tire market. Lastly, the
existence of favorable government policies promoting the automotive sector in
Bahrain has had a positive impact on the tire market.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Bahrain Tire Market – Bahrain
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias),
By Demand Category Type (OEM, Replacement), By Region,
Competition”, has evaluated the future growth potential of Bahrain 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 Bahrain Tire Market.
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