UAE Tire Market Set to Grow at CAGR 5% till 2021
Increasing
sales of vehicles coupled with constantly expanding automotive fleet to drive UAE
tire market through 2021
According to TechSci Research report, “UAE
Tire Market Forecast &
Opportunities, 2021”, the country’s tire market is projected to grow at a CAGR of over 5%, during 2016-2021, on account of
expanding sales of automobiles, growing purchasing power of people and
expanding vehicle fleet size. Further, constant increase in the number of
nuclear families coupled with increasing number of infrastructure projects is
projected to boost demand for passenger cars and commercial vehicles and
related tires in the country. Passenger car fleet size in the country stood at
1.96 million units in 2014 and this is projected to increase in the coming
years.
As of 2015, a major share in the demand for tires in the
UAE is emanating from Dubai, Abu Dhabi and Sharjah. These states are the
economic and commercial centers of the country and house a large population base
in the region. These regions are anticipated to continue dominating UAE tire market through 2021 as well. Further, although offline channels dominated sales
of tires in the UAE, rising internet penetration rates as well as growing
popularity of e-commerce portals in the country is projected to drive sales of
tires in the UAE through online channels. According to World Bank, internet penetration in the UAE crossed 91.2%
in 2015.
Customers can also request for 10% free
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“With the increasing infrastructure and commercial projects
in the UAE such as World Expo 2020, the country would be able to attract huge
foreign investments in construction and infrastructure projects in the coming
years. The
country is anticipated to undergo major infrastructure transformations in
energy, communication, transport, water, health and housing sectors across the
country. This is projected to boost demand for automobiles and tires in the
country in medium to long term”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“UAE
Tire Market Forecast & Opportunities, 2021” has analyzed the potential of UAE tire
market, and provides statistics and information on market sizes, shares and
trends. The report will suffice in providing 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 the industry.
About TechSci Research
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employing innovative research solutions and tracking global and country
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market trends.
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