The GCC Tire Market is expecting around 4.8% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The growth of the market is likely to be driven primarily by the increasing construction & mining activities across the Gulf region, owing to the growing government focus on infrastructural developments, i.e., augmenting the demand for heavy commercial vehicles and construction & mining equipment, and, consequently, for tires.
Besides, GCC is a region where vehicles are a prominent status symbol. Hence, the accelerating sales of luxury cars are contributing significantly to the mounting demand for tires. Moreover, the rising awareness among people about the importance of timely inspection, maintenance, and replacement of tires is also augmenting the market growth.
Furthermore, the growing influx of migrants and the accelerating need for vehicles for transportation is another prominent aspect projected to infuse vehicle sales across the region and drive the market through 2027, further states the research report, “GCC Tire Market Analysis, 2022.”
Increasing Demand for Medium & Heavy Commercial Vehicles to Boost the Tire Market
The immense focus of governments of different countries in the GCC region on infrastructural developments is displaying an increasing number of construction activities and propelling the demand for medium & heavy commercial vehicles. It, in turn, is positively impacting the demand for tires and projecting immense growth opportunities for the GCC Tire Market through 2027.
Besides, the swiftly expanding tourism sector, coupled with the influx of migrants, is also boosting commercial construction like shopping malls, hotels, resorts, metro & railway stations, airports, etc. As a result, the substantially surging demand for medium & heavy vehicles across the region indicates profitable opportunities for the GCC Tire Market in the years to come.
Favorable Government Policies in the UAE to Boost the Market through 2027
The rapidly increasing establishment of prominent automakers & tire manufacturers across Abu Dhabi & Dubai, owing to favorable government policies, burgeoning sales of vehicles, and mounting construction activities, is the prime aspect driving the tire market in the UAE.
It, in turn, is displaying the active participation of the leading tire manufacturers in expanding their production capacities to suffice the increasing requirements for various construction activities across the UAE, reveals MarkNtel Advisors in their research report, "GCC Tire Market Analysis, 2022."
The leading players in the GCC Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Apollo, and Dunlop.
Key Questions Answered in the Research Report: