According to MarkNtel Advisors’ research report, “The Middle East & Africa Light Commercial Vehicle Tire Market Analysis, 2021,” the market shall grow at a CAGR of 9.6% in the forecast period of 2021-26. It owes to the rapid development of various industries and the expanding transport sector in the Middle East & Africa, requiring light commercial vehicles. Hence, the surging sales of these vehicles astronomically increase the demand for tires. Moreover, the ongoing advancements in tire technologies concerning fuel efficiency & safety are amongst other critical factors likely to take the market to greater heights in the coming years.
Key questions answered in the study
Pickup Trucks & Vans to Attain the Largest Market Share
Based on the Type of Vehicle, Pickup trucks & Vans are likely to attain the largest market share in the forecast years due to factors like spacious seating. These vehicles have easy availability throughout and are used widely for transporting goods from one place to another. Since the usage of these vehicles is increasing, so is the need to replace their tires constantly. Furthermore, these are economically priced, thereby surging the sales of tires in the Middle East & African market. Hence, these factors are likely to propel the demand for pickup trucks and vans in the forecast period.
“The Middle East & Africa Light Commercial Vehicle Tire Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Seaweed Snack providers across the countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies to formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
UAE Registers the Fastest Market Growth
UAE is likely to register the fastest growth in the Middle East & Africa Light Commercial Vehicle Tire Market over the forecast period of 2021-26. It owes to the rising measures taken by the governments to decrease carbon emissions in the environment. To eliminate the growing environmental concerns, vehicle owners must replace the tires when the quality degrades below the acceptable limits. It has become a prominent factor for market growth and is likely to lead a robust growth in the UAE.
Therefore, based on these factors, UAE is very likely to contribute to the overall market growth in the forecast period, states MarkNtel Advisors in their research report, “The Middle East & Africa Light Commercial Vehicle Tire Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the Middle East & Africa Light Commercial Vehicle Tire Market are Bridgestone Tire Distribution Co. W.L.L, Continental AG, Michelin, Goodyear Middle East FZE, Hangzhou Zhongce Rubber Co. Ltd. (ZC Rubber), Hankook Tire Co. Ltd. - Michelin UAE, Pirelli Tyre (Suisse) SA (Middle East Branch), Sumitomo Rubber Middle East FZE, Toyo Tire & Rubber Co., LTD., Yokohama Rubber Co. Ltd., Others.