Advanced Tire Market to Grow with a CAGR of 6.17% in UAE through to 2028
The major drivers for the UAE Advanced Tire Market include a
growing automotive industry, a preference for high-performance and luxury
vehicles, and increasing awareness of the safety and performance benefits
offered by advanced tires in a region known for its high temperatures and
diverse road conditions.
According to TechSci Research report, “UAE Advanced
Tire Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the UAE Advanced Tire Market stood at USD 120 Million
in 2022 and is anticipated to grow with a CAGR of 6.17% in the forecast period,
2024-2028. The UAE Advanced Tire Market is experiencing significant growth due
to multiple driving factors. Firstly, the market is being fueled by the
increased sales of vehicles, particularly luxury and semi-luxury models, which
are in high demand. Moreover, there is a growing awareness among consumers
about the importance of using advanced tires to enhance fuel efficiency and
reduce carbon emissions, thus contributing to the market expansion.
Additionally, the UAE's robust infrastructure and thriving tourism sector have
created a surge in the demand for advanced tires. Furthermore, the country's
strategic location as a global transportation and logistics hub has attracted
international businesses and investors, leading to an increased need for
advanced tires to support the growing automotive industry. The UAE's favorable
business environment and government initiatives to promote innovation and
sustainability have also played a crucial role in driving the growth of the
Advanced Tire Market. Moreover, the market is witnessing a shift towards
eco-friendly and technologically advanced automotive components, and advanced
tires are at the forefront of this trend. With advancements in tire technology,
such as run-flat tires, self-sealing tires, and low rolling resistance tires,
consumers are becoming more inclined to invest in these innovative products to
enhance their driving experience and reduce environmental impact.
In addition, the UAE's commitment to hosting major
international events, such as the Dubai Expo 2020, has further boosted the
demand for advanced tires. The influx of visitors and the increased activities
related to transportation and logistics during these events create a favorable
environment for the growth of the Advanced Tire Market. With these factors at
play, the market is poised for continued success and advancement in the
foreseeable future. The UAE Advanced Tire Market is not only driven by the
demand for high-performance tires but also by the need for sustainable and
technologically advanced solutions that align with the country's vision for a
greener and more efficient transportation sector.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "UAE Advanced Tire Market”
The UAE Advanced Tire Market is a highly dynamic and
rapidly evolving sector, primarily influenced by the distinctive
characteristics of the country's automotive landscape and the ever-changing
preferences of consumers. This comprehensive market overview aims to provide
valuable insights into the key aspects that define and shape the UAE's advanced
tire market, including market trends, competitive dynamics, technological
advancements, and regulatory landscape. By delving deeper into these factors,
stakeholders can gain a comprehensive understanding of this vibrant market and
make informed decisions to capitalize on the immense opportunities it presents.
The UAE Advanced Tire Market has experienced steady growth in recent years,
driven by factors such as the country's expanding automotive sector, a
preference for high-performance vehicles, and a growing awareness of advanced
tire technologies. The market encompasses various tire categories, including
run-flat tires, eco-friendly tires, and high-performance tires, catering to a
diverse range of consumer needs.
Consumer preferences in the UAE are heavily influenced
by the country's deep-rooted affinity for luxury and high-performance vehicles.
With a strong emphasis on elegance and power, discerning consumers seek out
advanced tires that can deliver superior handling, precise braking, and
unwavering stability. These qualities are of utmost importance in a region
known for its extreme weather conditions, where the demand for top-notch tires
is paramount. Among the various tire options available, run-flat tires are gaining
increasing popularity due to their innovative safety features, providing
drivers with an added sense of confidence and peace of mind on the roads.
The UAE Advanced Tire Market is marked by continuous
technological advancements. Manufacturers are incorporating innovative features
into tires, such as smart tire sensors that monitor tire pressure and tread
wear in real-time. These advancements align with the country's reputation for
embracing cutting-edge technology in various industries.
Safety and sustainability are paramount concerns for
consumers in the UAE. Advanced tires are designed to offer enhanced safety
features, including shorter braking distances and better traction.
Additionally, there is a growing interest in eco-friendly tires that improve
fuel efficiency and reduce carbon emissions, aligning with global environmental
goals.
The distribution landscape of advanced tires in the
UAE includes traditional brick-and-mortar tire dealerships, auto service
centers, and an increasing presence of online tire sales platforms. Consumers
appreciate the convenience of purchasing tires online and having them delivered
or installed at their preferred locations.
The UAE has regulations and standards in place to
ensure tire safety and performance. Manufacturers and importers must adhere to
these regulations, including labeling requirements and safety standards, to
ensure the authenticity and quality of tires in the market.
While the UAE Advanced Tire Market presents
significant growth opportunities, it also faces challenges such as intense
competition, price sensitivity among consumers, the need for consumer
education, and counterfeit product concerns. Companies in this market must
navigate these challenges to thrive and establish a strong presence.
In conclusion, the UAE Advanced Tire Market is a
thriving and competitive sector driven by consumer preferences for
high-performance and safety-oriented vehicles. Technological advancements, a
focus on safety and sustainability, evolving distribution channels, and
regulatory compliance are key factors shaping this market's landscape. As the
UAE continues to embrace automotive innovations, the advanced tire market is
poised for further growth and innovation.
Major companies operating in UAE Advanced 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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“The major drivers for the UAE Advanced Tire Market
can be attributed to a number of factors. First, the increased vehicle sales
along with the growing demand for luxury and semi-luxury vehicles are
significantly contributing to the market growth. Secondly, the rising awareness
regarding the significance of using advanced tires for better fuel efficiency
and reducing carbon emissions is also propelling the market. Additionally, the
presence of robust infrastructure, coupled with the growing tourism sector in
the UAE, has led to an increased demand for advanced tires. Finally, the
government-led initiatives promoting the use of eco-friendly and
technologically advanced automotive components are further driving the Advanced
Tire Market in the UAE.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“UAE Advanced Tire Market – UAE
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type (On-Highway Vehicle
and Off-Highway Vehicle), By Technology (On-Highway Vehicle Technology and
Off-Highway Vehicle Technology), By Tire Type (Run-Flat, Airless and
Pneumatic), By Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers
and Others), By Region, Competition”, has evaluated
the future growth potential of UAE Advanced 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 UAE Advanced Tire Market.
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