The Qatar Tire Market expects around 12% CAGR during 2021-26, cites MarkNtel Advisors in their recent research report. For the majority of people across Qatar, vehicles are a status symbol, owing to their relatively higher income. As a result, their mounting inclination toward private ownership of vehicles, i.e., leading to a rapidly rising vehicle fleet, is driving the tire market in the country.
Besides, the increasing government focus on infrastructural development to diversify the economy away from oil & gas is portraying a swift escalation in the number of construction activities throughout the country. It, in turn, is surging the need for several medium & heavy commercial vehicles and OTR (Off-the-Road) tires for them.
Hence, the leading tire manufacturers across Qatar are importing more and more tires and expanding their distribution capacities to meet the rising consumer requirements, and this projects a notable market expansion over the forecast years, cites the research report, “Qatar Tire Market Analysis, 2021.”
Growing Consumer Awareness about the Importance of Timely Tire Replacements to Boost the Market
Replacement tires are expecting the largest share in the Qatar Tire Market during 2021-26. The absence of proper tire manufacturing units in the country is leading to burgeoning tire imports, which is why the extensive availability of tires in the replacement category is driving the market. Besides, growing consumer awareness about the significance & benefits of timely repairs & replacement of tires to ensure vehicle safety is another aspect promoting the demand for replacement tires and driving the market.
Moreover, since tires in all types of vehicles need to be changed after attaining a certain condition or age, replacement tires are constantly in demand to meet the growing requirements of people for different features, grip, etc., in tires with varied budgets. Hence, the rising sales of replacement tires would significantly propel the overall market growth in the coming years, cites MarkNtel Advisors in their research report, "Qatar Tire Market Analysis, 2021."
The leading players in the Qatar Tire Market include Bridgestone Corporation, Dunlop-Middle East, Yokohama Ali Bin Khalifa Al Hitmi & Co., Hankook Tire Co. Ltd., Pirelli Tyre (Suisse), SA Middle East Branch, Michelin AIM FZE, Continental AG, TOYO Tire & Rubber Co., Ltd., Goodyear Tires, and Apollo Tyres Ltd.
Key Questions Answered in the Research Report: