Middle East & Africa UHP Tire Market to Surpass $ 1.6 Billion by 2023
Increasing sales of premium
passenger cars and motorcycles coupled with rising focus of OEMs on offering
UHP tires in vehicles to aid growth of Middle East & Africa UHP tire market
through 2023
According
to TechSci Research report, “Middle
East & Africa Ultra High-Performance (UHP) Tire Market By Vehicle Type,
By Tire Type, By Demand Category, By Country, Competition Forecast &
Opportunities, 2023”, Middle
East & Africa UHP tire market is projected to cross $ 1.6 billion by 2023
on account of growing demand for UHP tires due to rising sales and imports of
premium passenger cars and motorcycles in the region. Moreover, UHP tires offer
better performance and
safety standards, which is further anticipated to push their demand over the coming years. Michelin, Bridgestone
Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook
Tire Co., Ltd., Pirelli & C. S.p.A., etc., are some of the major players operating in the Middle
East & Africa UHP tire market.
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High-Performance (UHP) Tire Market"
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Among
countries, Saudi Arabia is the major demand generator of UHP tires. The country dominated Middle East &
Africa UHP tire market in 2017 and is likely to maintain its dominance during
forecast period as well on the back of surging sales of premium and utility
vehicles across the country. Passenger car tire segment accounted for the
majority share in the market backed by rising demand for luxury vehicles including
sedans, SUVs and CUVs. These vehicles are equipped with UHP tires as they
provide better comfort and safety.
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“With
augmenting demand for better ride comfort and safety, demand for vehicles equipped
with UHP tires is also increasing across Middle East & Africa. Moreover,
UHP tires are gaining traction due to their better handling performance.
Furthermore, rising technological advancements has resulted in UHP tires being
introduced for all seasons, which were earlier available only for summer
season. These factors would continue to steer growth in Middle East &
Africa UHP tire market over the next five years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Middle East & Africa
Ultra
High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By Demand
Category, By Country, Competition Forecast & Opportunities, 2023” has analyzed the potential of UHP tire market
across Middle East & Africa, 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 Middle
East & Africa UHP tire market.
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