Saudi Arabia Tire Market

Introduction

A Tire is a ring-shaped component that is surrounded by a wheel’s rim, which helps in transferring the vehicle’s load to the ground while providing traction on the surface travelled over. The rubber compound and other materials used in Tire enables efficient performance in different conditions. A Tire is composed using different parts, including body ply, bead, belts, inner liner, sidewall, and tread. The body ply forms the structure of the Tire, and the belt provides stability and strength to the tread area of the Tire. A Tire is generally used in passenger cars, commercials vehicles, two-wheeler, and three-wheeler vehicles.

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Key Saudi Arabia Tire Market Industry Trends and Drivers

Saudi Arabia tire market is primarily driven by increasing vehicle fleet size, rapid growth in the automotive sector, rising disposable incomes and growing popularity of international tire brands. Chinese brands are becoming increasingly popular in the KSA tire market as these brands are easily accessible and cheaper as compared to other brands, which is boosting their sales.  Moreover, government of Saudi Arabia is heavily investing in infrastructural development such as the development of smart cities “NEOM” and other programs, including the National Industrial Development and Logistics Program (NIDLP), to facilitate the Saudi Vision 2030. The continuous expansion in the construction activities will drastically increase the demand for commercial vehicles such as trucks and trailers, which is propelling the Saudi Arabia Tire Market. Increasing requirement of replacing Tire within a short period due to extreme weather condition is another factor, pushing the demand for Tire in Saudi Arabia.

The significant rise in the demand for passenger cars, coupled with increasing economic growth in Saudi Arabia, is projected to have a positive impact on market’s growth. Economy of Saudi Arabia is booming amidst Russia-Ukraine conflict owing to rapid increase in global oil prices. According to  International Monetary Fund’s (IMF) report, Saudi Arabia’s Gross Domestic Product (GDP) is expected to expand at 7.6% and inflation in the country is projected to remain at just 2.8%, which is comparatively low than other countries. As Saudi Arabia is growing at a fast pace, demand for Tire from transportation and other industries is expected to increase in the future.

Automotive and automotive parts market in Saudi arabia is driven by the imports from other countries across the globe as there are less manufacturing units in the kingdom. Rising vehicle parking is projected to create numerous growth opportunities to set up manufacturing plants for global and local companies in Saudi Arabia. Moreover, favourable government policy like 100% ownership of plant and equipment by global market players.

Consumer’s preference has shifted from public transports to personal vehicles for their regular traveling purpose. This fundamental shift will create new opportunities in the market, which in turn, will attract a large number of end-users to the Saudi Arabia Tire market. Various multinational giants are focusing on the advancement of technology in the manufacturing process of the Tires, such as the introduction of nanotechnology to reduce the rate of wear and tear of the Tire, thus capturing the changing demand of the consumers.

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Product Type – Segment Analysis

As per Saudi Arabia tire market analysis, Tubeless Tire segment is estimated to hold the largest market share owing to the increasing demand for tubeless Tires driven by its exceptional properties such as improved lifespan in the extreme weather conditions. The tubeless Tires are lightweight, provides excellent mileage while giving a stable driving experience. These Tires support high speeding of the vehicles even in extreme conditions while eliminating its chances of bursting.

Vehicle Type – Segment Analysis

According to Saudi Arabia tire market research report, the Passenger car segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for personal vehicles, followed by the growing size of the automobile industry in Saudi Arabia are the major factors boosting the demand for Tires in this region. The government is supporting the increasing demand of Tires by facilitating cheaper pricing of passenger cars. Furthermore, affordable financing plans offered by numerous automobile insurance companies will encourage the consumers to opt for personal cars rather than traveling in public transports.

Design – Segment Analysis

Based on Design, the Radial Tires are projected to grow at a higher CAGR during the forecast period owing to its exceptional benefits such as better strength and enhanced flexibility as compared to the regular Tires. The radial Tires easily absorbs the bumps and socks while providing a comfortable ride to the driver and passenger in the vehicle. It also reduces the ground compaction and minimizes the chances of damage caused to the vehicles. All these factors make it more suitable for the end-users, thus accelerating the demand for radial Tires in Saudi Arabia.

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Top Market Players

Various notable players in the Saudi Arabia Tire market include Bridgestone Corporation, Hankook Tire Co., Ltd, Pirelli & C. S.p.A., Dunlop (Goodyear Tire & Rubber Company), Yokohama Rubber Co. Ltd., Continental AG, Toyo Tire & Rubber Co. Ltd., Michelin Group, Apollo Tires Ltd, and Cooper Tire & Rubber Company among others.

Key Development:

• • In 2021, Toyo Tires Japanese and Korean Nexen Tires launched platinum warranty for 3 years for all of its products through its agent AI-Amoudi Co. Ltd. In Saudi Arabia.
  • In 2021, Saudi Arabia Ministry of Commerce and Industry has closed 4 recycling factories for violating quality and safety regulations in Saudi Arabia.

Segments covered in the Report:

The KSA Tire market has been segmented on the basis of product type, vehicle type, design, end-use, and distribution channel. Based on the product type, the market is segmented into Tube Tire and Tubeless Tire. Based on the Vehicle Type, the market is segmented into Passenger car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Off-The-Road, and Two-Wheeler, and Three Wheelers. Based on the Design, the market is segmented into Radial Tire and Bias Tire. Based on End-Use, the market is segmented into OEM market and Replacement market. Based on the Distribution Channel, the market is segmented into Online and Offline.

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Key questions answered in this research report:

• • At what pace is the Saudi Arabia Tire market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the Saudi Arabia Tire market? What will be the impact of market drivers and market restraints in the future?
  • Which product type generated maximum revenues in 2022 and identify the most promising products during the forecast period?
  • What are the various design areas of the Saudi Arabia Tire market and how they are poised to grow?
  • What companies are the major participants in the Saudi Arabia Tire market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2022)	USD Million
Market Base Year	2022
Market Forecast Period	2023-2030
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Product Type, By Vehicle Type, By Design, By End-use, and By Distribution Channel
Regional Coverage	Saudi Arabia
Companies Profiled	Bridgestone Corporation, Hankook Tire Co., Ltd, Pirelli & C. S.p.A., Dunlop (Goodyear Tire & Rubber Company), Yokohama Rubber Co. Ltd., Continental AG, Toyo Tire & Rubber Co. Ltd., Michelin Group, Apollo Tires Ltd, and Cooper Tire & Rubber Company among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Saudi Arabia Tire Market by Product Type

• • Tube Tire
  • Tubeless Tire

Saudi Arabia Tire Market by Vehicle Type

• • Passenger Car
  • Light Commercial Vehicle
  • Medium & Heavy Commercial Vehicle
  • Off-the-Road
  • Two-wheeler
  • Three Wheeler

Saudi Arabia Tire Market by Design

• • Radial Tire
  • Bias Tire

Saudi Arabia Tire Market by End-Use

• • OEM market
  • Replacement market

Saudi Arabia Tire Market by Distribution Channel

• • Offline
  • Online

Saudi Arabia Tire Market Leading market players (Option 1: As a part of free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Bridgestone Corporation
  • Hankook Tire Co., Ltd
  • Pirelli & C. S.p.A.
  • Dunlop (Goodyear Tire & Rubber Company)
  • Yokohama Rubber Co. Ltd
  • Continental AG
  • Toyo Tire & Rubber Co. Ltd
  • Michelin Group
  • Apollo Tires Ltd
  • Cooper Tire & Rubber Company