Bahrain Tire Market is projected to be Valued USD 0.10 Billion by 2025

Favorable government policies and increasing automobile sales are some key factors propelling the growth of Bahrain tire market.

According to TechSci Research report, “Bahrain Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Bahrain tire market is forecast to undergo 5.47% CAGR, in terms of value during the forecast period. Bahrain’s focus on diversification of non-oil sector, along with growing construction activities, rising disposable income, expanding vehicle fleet and increasing automobile sales, are some of the prominent factors driving the growth of country’s tire market. With a GDP of over $30 billion and a vehicle fleet of over 1 million units in 2015, Bahrain has emerged as one of the key tire markets in the GCC region. However, the country has been witnessing the repercussions of slump in crude oil prices, which declined from more than $ 100 per barrel levels in 2011 to sub $ 50 per barrel levels in 2015. In order to desensitize the country’s economy from the economic shocks resulting from oil price fluctuations, the government of Bahrain has been continuously introducing various initiatives to lessen the country’s reliance on oil & gas sector. Consequently, with anticipated growth in the country’s automotive sector over the next five years, Bahrain tire market is forecast to register healthy growth over the next five years.

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Bahrain tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three -wheeler. Among them, the country’s tire market was dominated by the passenger car tire segment in 2019, owing to huge and expanding passenger car fleet size. Moreover, this trend is expected to continue during the forecast period as well. Based on demand category, Bahrain tire market can be split into replacement and OEM. Among the two, the replacement segment is projected to hold 100% market share in Bahrain tire market during the forecast period as the country has no domestic tire manufacturing facility.

Bahrain tire market is dominated by Chinese brands, which is anticipated to trim down the share of premium tire brands during forecast period. Some of the prominent global brands operating in Bahrain tire market are Bridgestone Middle East & Africa FZE, Continental AG, Yokohama Rubber Co. Ltd., Hankook Tire Co. Ltd., Michelin AIM FZE, Goodyear Middle East FZE, Pirelli Tyre (Suisse) SA (Middle East Branch), Sumitomo Rubber Middle East FZE, Toyo Tire & Rubber CO., LTD. and Shandong Wanda BOTO Tyre Co. Ltd.  Moreover, key growth strategies being adopted by leading tire manufacturers are product innovation, mergers & acquisitions, collaborations and partnerships.

“With growing economy, Bahrain’s automobile industry has been rapidly expanding over the years, and the demand for tires is completely dependent on imports. When an imported tire reaches the consumer, loads of additional cost, in the form of customs duties, tariffs and freight charges, are included, thereby increasing the overall price of a tire, consequently restricting the market growth. Furthermore, with anticipated boom in the construction sector and surge in demand for passenger car, tire market is anticipated to witness significant growth over the next five years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Bahrain Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Bahrain tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Bahrain tire market.

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