Press Release

A USD 1.1 Billion Bahrain Tire Market to Flourish at a Steady CAGR of Around 5.43% During 2024-30

The Bahrain Tire Market size was valued at about USD 1.1 billion in 2023 and is anticipated to grow at a CAGR of about 5.43% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growth is primarily driven by the economic growth of Bahrain and the rise in construction activities as required by infrastructure development that is undergoing as part of Bahrain’s Vision 2030 strategy.

Bahrain's economy has been rapidly developing and getting stronger as the effect of Bahrain’s Vision 2030 strategy. This new strategy increased commercial activities in the country. With the increase in commercial activities demand for commercial vehicles raised to facilitate said activities. This gave a boost to the Bahrain Tire Market, as the demand for vehicles is directly related to the demand for tires. The economic development also affected the per capita income of the people of Bahrain, giving them access to more disposable income which raised the trend of owning a car. This became a factor for the expansion of the automobile market in Bahrain, with different variants of cars including luxury and electric vehicles launched, demand for suitable tires increased, helping the Bahrain Tire Market grow and expand.

Additionally, Vision 2030 boosted infrastructure Development as various mega projects such as the $3.5 billion King Hamad Causeway transportation infrastructure project, the $2 billion Bahrain Metro Project, major housing and resort projects estimated at $2.2 billion, and the development of five offshore cities off Bahrain’s coastline were launched. This drastically raised the demand for commercial vehicles such as trucks to facilitate construction activities, which ultimately raised the demand for robust and reliable tires to bear the load of these vehicles. There could be challenges such as regulatory compliance or supply chain challenges as Bahrain relies primarily on imports for its tire supply but the Bahrain Tire Market growth & development is expected to be steady during the forecast period, further states the research report, “Bahrain Tire Market Analysis, 2024.”

Bahrain Tire Market Segmentation Analysis

Passenger Cars Segment Holds the Largest Market Share

Based on the type of vehicles, the market is further bifurcated into, Passenger cars, Light Commercial vehicles, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, and Three Wheelers. Among these, the largest share of the Bahrain Tire Market is held by the passenger Cars segment. Due to the rising rate of private car ownership, the fleet of cars on Bahrain roads has expanded drastically. Some major factors behind this trend are the increase in disposable income, expansion of the automobile market, growing population, and urbanization. This trend has been the primary factor behind the Bahrain Tire Market Growth.

Although the Light Commercial Vehicles and Medium and Heavy Commercial Vehicles segments are showing signs of significant growth during the forecast period due to a significant rise in construction activities as the infrastructure development in the country is on boom with various mega projects undergoing as part of Bahrain’s Vision 2030 Strategy, the passenger cars segment is expected to hold its position as the largest holder of Bahrain Tire Market Share during the forecast period.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Sumitomo, Toyo, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?