Press Release

A USD 6.5 Billion Qatar Tire Market to Accelerate at a CAGR of Around 10.5% During 2024-30

The Qatar Tire Market size is valued at around 6.5 billion in 2024 and is anticipated to grow at a CAGR of about 10.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The country’s good location with closeness to both Asian and European countries and being a major economy of the GCC and MENA nations, along with it, its richness in GDP per capita income, which provides extra disposable income to spend with its individuals. This high level of disposable income and increased spending power allows a great share of its population to purchase their cars, which is a driving factor for the growth & expansion of the Qatar Tire Market. It is also emerging as a country with a surge in industrial bases, urban settlements, and infrastructural developments, which further accelerates the need for medium and heavy vehicles and ultimately increases the demand for tires.

The country’s presence near the conflicted zones of the world, like Iran, Israel, Pakistan, Iraq, etc., tends to affect the prices of raw materials in the country impacting the decision-making power of tire manufacturers. The unstable prices of raw materials like synthetic and natural rubber, which are augmented by either supply chain disruptions or the rules and regulations imposed by the country's government to reduce the emissions emitted by carbon use, impact the market growth for the key players in the tire manufacturing industry. Further, to reduce carbon emissions the shift these days is towards the innovation and use of sustainable and eco-friendly tires, which make all the processes from the manufacturing of tires, then its use in the vehicles, and lastly its disposal after wear and tear or ending of shelf life, can be good for the environment and doesn’t impact it in negative ways.

Moreover, Qatar's tire industry is also projected to experience growth in the upcoming years, as an increase in the demand for vehicles, gives rise to the expansion of the tire manufacturing industry. The demand for vehicles will be augmented by the Qatar National Vision 2030, which aims to lower the dependability on the revenues from hydrocarbon trade and by diversifying its economy. It is projected to provide a rich standard of living to its new generation, by providing ample opportunities to grow and for self-sustaining, further states the research report, “The Qatar Tire Market Analysis, 2024.”

Segmentation Analysis

Passenger Car Segment Holds the Largest Market Share

Based on the vehicle type, the market is further bifurcated into, passenger car, light commercial vehicle (LCV), medium & heavy commercial vehicle (MHCV), two-wheeler, and off-the-road (OTR) vehicle. Among all of these, the largest market share is held by the passenger car segment in the Qatar Tire Market. The high per capita income of the country opens the ways to own a car for most individuals, driving the demand for passenger cars and making the share largest in the market. The high spending power allows the citizens to spend on their needs, luxuries, and comforts, and using personal cars for movements and travel fulfills these needs, ultimately augmenting the demand for tires & driving market growth & expansion.

Replacement Demand Driving Market Growth

The demand for tires comes from only two major ways, OEM and replacement, OEM stands for the demand by original equipment manufacturing companies, like the demand by the car manufacturing companies for tires, but the replacements which play a crucial role, are augmented out by the daily wear and tear of the tires, due to the exposure of different temperatures weather conditions, and more usage also. After wear tear or damage, we don’t replace the overall vehicle, we only tend to replace the tires or the damaged part, which is why the demand for replacement for the tires is more than the OEM demands. The weather conditions in this Arab nation are not so friendly, therefore the harsh weather conditions have reduced the average shelf life for tires in the country creating higher replacement demand for tires and ultimately driving the segmental revenue growth in the Qatar Tire Market.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Bridgestone Corporation, Yokohama Qatar, Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin, Continental AG, Toyo Tire & Rubber Co., Ltd., Goodyear Tires, Apollo Tyres Ltd., Kumho Tyres 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 up 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?