The Kuwait Tire Market is projected to grow at a CAGR of 6% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The growth of the market is driven primarily by various ongoing & upcoming construction projects across the country due to the rising government focus on infrastructural developments across commercial, residential, & industrial sectors. As a result, the mounting requirements for construction equipment & heavy vehicles are promoting the growth of the tire industry in Kuwait.
Moreover, with the growing vehicle fleet & rising awareness among people about the benefits of timely inspection, repairs, & replacement of tires, the demand for aftermarket tires is surging rapidly across Kuwait to ensure utmost safety. It, in turn, is instigating the leading players to boost their import & distribution capacities to cater to the burgeoning consumer requirements for tires.
Besides, since the country lacks tire production facilities, the government is laying out favorable policies for attracting foreign investments and international tire brands to establish their manufacturing units and, in turn, contribute to the overall market expansion.
Moreover, since the country is highly import-driven, prominent players are making digital transformations and opting for online sales channels to provide their customers with an extensive range of tires of different brands & budgets and advanced features. It, in turn, projects significant expansion of the market through 2027, further states the research report, “Kuwait Tire Market Analysis, 2022.”
Increasing Passenger Car Fleet to Augment the Demand for Radial Tires through 2027
Radial tires are likely to substantially contribute to the growth of the Tire Market in Kuwait during 2022-27, and it would be driven primarily by the mounting inclination of people toward adopting radial tires due to their benefits like stable contact with the road surface, flexible sidewalls, reduced fuel consumption, better traction, lower rolling resistance, & greater fuel efficiency, among others. Besides, with the growing fleet of passenger cars and increasing sales of Light Commercial Vehicles (LCVs), the surging demand for radial tires in Kuwait would be fueling the overall tire market over the forecast years.
The leading companies operating in the Kuwait Tire Market include Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Sumitomo, Kumho, Pirelli, and Toyo.
Key Questions Answered in the Research Report