Kuwait Tire Market to Grow at 11% during 2016 - 2021
Rising
urbanization, expanding vehicle fleet size and rising infrastructure developments
to drive Kuwait tire market through 2021
According to TechSci Research
report, “Kuwait
Tire Market Forecast and Opportunities,
2021’’, Kuwait
tire market is forecast to grow at a CAGR of over 11% during 2016 - 2021. In
June 2015, the government announced its Five-Year Plan worth USD116 billion, for
filling infrastructure gaps and boosting construction, real estate and
transportation sectors in the country. This is projected to fuel demand for
tires, especially from commercial and OTR segments, in the country during 2016
- 2021. Additionally, rising per capita income of consumers and growing demand
for luxury cars in the country is fueling demand for passenger car tires in Kuwait.
Browse
23 market data Tables and 25 Figures spread through 112 Pages and an in-depth TOC
on "Kuwait Tire Market "
https://www.techsciresearch.com/report/kuwait-tire-market-forecast-opportunities-2021/733.html
Vehicle sales in Kuwait
grew at a CAGR of around 5.8% during 2011 - 2015, with unit sales increasing from
0.11 million units in 2011 to 0.14 million units in 2015. This resulted in expansion
of automotive fleet size from 1.48 million units in 2011 to 1.95 million units
in 2015. Growing fleet size boosted demand for tires from the replacement segment
during the same period and the trend is anticipated to continue in the coming
years as well. Moreover, passenger car tire segment dominated Kuwait tire
market in 2015, followed by light commercial vehicle tire segment. Moreover, due
to the largest fleet size, passenger cars segment would continue its dominance in
Kuwait tire market during the forecast period. Nevertheless, on the back of growing
construction and logistics industries, medium and heavy commercial vehicle tire
segment is expected to demonstrate robust growth over the next five years.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=733
Customers can also request
for 10% free customization on this report.
“Various major infrastructure
developments, implementation of government’s initiatives such as the Kuwait
2035 Mission Plan, and rising investments in healthcare, education facilities and
housing is projected to fuel demand for vehicles, and consequently, tires in the
country over the next five years. Additionally, increasing consumer inclination
towards enhancing vehicle safety and adopting new tire technologies, such as
Seal Inside technology and Black/White Walled tires, is expected to positively
influence the country’s tire market in the coming years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Kuwait
Tire Market Forecast and Opportunities, 2021” has evaluated the future growth
potential of Kuwait tire market and provides statistics and information on
market structure, consumer behaviour and trends. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in Kuwait
tire industry.
About TechSci Research
TechSci Research is a leading
global market research firm publishing premium market
research reports. Serving 700 global clients with more than 600 premium market
research studies, TechSci Research is serving clients across 11 different
industrial verticals. TechSci Research specializes in research based consulting
assignments in high growth and emerging markets, leading technologies and niche
applications. Our workforce of more than 100 fulltime Analysts and Consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]