Press Release Description

Surging Requirements for Construction Equipment in line with Saudi Vision 2030 to Drive the Tire Industry

The Saudi Arabia Tire Market is expecting around 8% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by increasing construction projects throughout the country due to the growing government focus on infrastructural developments in line with Saudi Vision 2030 for economic diversification away from the oil & gas sector. It, in turn, is augmenting the need for medium & heavy commercial vehicles and fueling the demand for tires. 

Besides, with the growing influx of tourists, pilgrims, & migrants, the commercial sector is undergoing rigorous developments associated with airports, hotels, restaurants, shopping malls, etc. It, in turn, is instigating the demand for construction equipment & tires and encouraging the market leaders to expand their tire imports & distribution capacities to suffice the burgeoning end-user requirements across Saudi Arabia. 

Moreover, favorable policies laid out by the Saudi government for foreign investments toward establishing manufacturing facilities in the country is another crucial aspect projected to boost the sales of tires and fuel the overall market expansion in the coming years, further states the research report, Saudi Arabia Tire Market Analysis, 2022.”

Growing Application of Passenger Cars for Cab Services to Drive the Saudi Arabia Tire Market

The improving economic conditions of people & their growing interest in private ownership of vehicles are driving the sales of passenger cars for local commute & symbolize high status. It, in turn, is positively impacting the demand for passenger car tires across Saudi Arabia.

Besides, with the growing influx of tourists, pilgrims, and migrants in the country, the need for passenger cars for commercial services like cabs/taxis are rising rapidly. Since such applications demonstrate longer driving hours & early signs of tire wear & tear, their timely repairs & replacements are essential, which, in turn, is augmenting the demand for aftermarket tires and fueling the overall market growth through 2027.

Competitive Landscape

The leading players in the Saudi Arabia Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Nexen, Toyo, Kumho, Apollo. 

Key Questions Answered in the Research Report

  1. What are the current & future trends in the Saudi Arabia Tire Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across Saudi Arabia, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Saudi Arabia Tire Market?
  5. What are the customer orientation, purchase behavior, & expectations from tire manufacturers across Saudi Arabia?

Market Segmentation:

  1. By Vehicle Type (Passenger Cars, Two Wheelers, Light Commercial Vehicles (LCV), Medium & High Commercial Vehicles (MHCV), Off-the-Road Vehicle (OTR))
  2. By Demand (OEM, Aftermarket)
  3. By Type of Tire (Radial, Bias)
  4. By Season (All-Season, Summer)
  5. By Sales Channel (Online, Dealers/ Exclusive Outlets)
  6. By Rim Size (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
  7. By Price Category (Low, Medium, High)
  8. By Region (East, West, South, Central)