Saudi Arabia’s vehicle motorization rate (for passenger cars and commercial vehicles) stood at 212 vehicles per 1,000 people in 2014. As a result of harsh climatic conditions in the country, the replacement period of tires is generally about one and a half years. Due to absence of tire production in the country, the tire market in Saudi Arabia is import driven, with significant penetration of Chinese tire brands due to easy availability and low cost pricing as compared to flagship tire brands. However, the share of Chinese tire brands in Saudi Arabia tire market is anticipated to decline during the forecast period due to increasing availability of high quality tires by flagship tire brands, which are expected to gain popularity among vehicle owners due to their higher life cycle.
According to “Saudi Arabia Tire Market Forecast & Opportunities, 2021”, the market of tire in Saudi Arabia is projected to grow at a CAGR of over 11% during 2016 – 2021. Growing construction activities, expanding vehicle fleet and growing automobile sales are the prominent factors expected to drive the tire market in Saudi Arabia during forecast period. Moreover, growing urbanization coupled with increasing immigration and per capita GDP have resulted in an increasing number of consumers in Saudi Arabia readily adopting new tire technologies being offered by premium tire brands. Central region grabbed the largest share in the country’s tire market in 2015. Over the last decade, the region has evolved as the country’s economic powerhouse due to large scale infrastructure development activities coupled with rising population and business activities. “Saudi Arabia Tire Market Forecast & Opportunities, 2021” discusses the following aspects of Saudi Arabia tire market:
• Saudi Arabia Tire Market Size, Share & Forecast
• Segmental Analysis – Passenger Car, Medium & Heavy Commercial Vehicle, Two-Wheelers, Off-the-Road & Light Commercial Vehicle
• Policy & Regulatory Landscape
• Changing Market Trends and Emerging Opportunities
• Competitive Landscape and Strategic Recommendations
For More Related Reports: Industry & Mfg Market Reports on Saudi Arabia