Chinese Tire Brands to Continue their Dominance in Saudi Arabia
Expanding vehicle fleet size, increasing
investments by the government in infrastructure and construction projects and
improving economic condition to boost Saudi Arabia tire market through 2024
According
to TechSci Research report, “Saudi Arabia Tire Market By Vehicle Type, By
Radial Vs Bias, By Online vs Offline Sales Channel, Competition, Forecast
& Opportunities, 2014 – 2024”, Saudi Arabia tire market is estimated to grow at a CAGR
of over 6.4% during 2019-2024 on account of ongoing and upcoming government
aided construction and infrastructure projects coupled with expanding vehicle
fleet. Moreover, lifting of ban on women drivers in Saudi would further boost
the demand for vehicles in the country, thereby positively influencing the tire
market as well. Moreover, growing purchasing power of the citizens due to the
country’s improving economic scenario and rising preference for retreaded tires
is further anticipated to aid the growth of Saudi Arabia tire market during
forecast period.
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Tire Market"
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With more than two-thirds of the volume share in 2018, passenger car tire segment dominated Saudi Arabia tire market, followed by light
commercial vehicles, medium & heavy commercial vehicles, OTR vehicles and
two-wheelers. The dominance of passenger car segment is backed by increasing
purchasing power parity and continuous growth in the country’s auto lease
market. With a cumulative volume share of more than 58% in 2018,
Central and Western regions of the country continue to witness high demand for tires.
High demand for tires in these regions is backed by presence of major cities
with high population density and pilgrim cities like Mecca and Madinah.
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Over
the last few years, dominating presence of multinational companies like Bridgestone
Corporation, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., Dunlop (Goodyear
Tire & Rubber Company), Michelin Group, Goodyear Tire & Rubber Company,
Yokohama and Continental, and various Chinese brands, etc., has been
intensifying the competition in the tire market across country. Competitive
pricing of Japanese, Korean and Chinese brands makes them a preferable choice
among customers, owing to which, their share is expected to further increase
during the forecast period. Moreover, cheaper Chinese imports are a new
development in the automotive tire market of Saudi Arabia. “Government spending
on construction and infrastructure sector under Saudi Vision 2030 is expected
to be a major driver for Saudi Arabia tire market during forecast period. Furthermore,
with rising environment concerns, preference for recycled tires is increasing,
and this trend is expected to gain more traction in the coming years, which
would further steer growth in the market.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Saudi Arabia Tire Market By Vehicle Type, By
Radial Vs, Bias, By Online vs Offline Sales Channel, Competition Forecast
& Opportunities, 2013 – 2023” has analyzed the potential of tire market in Saudi Arabia,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the 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 Saudi Arabia tire market.
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