Kuwait tire market is considered as an import driven market. The demand for replacement tires is high owing to the increasing import and less production of tires in the country. Moreover, the country’s climate is characterized as hot and long summer and short & mild winters. The temperature in the country hovers between 260C to 48 0C thereby reducing the average life span of tires. These factors have been pushing the sales of tires in the country.
Kuwait imports automobiles and tires from Brazil, Japan, China, South Korea, Germany, Thailand, the US, and India. The total number of automobile imports in the country has been consistently increasing from 92,133 in 2016 to 100,000 in 2017. The export of the US was valued around USD 715 million in 2017 to Kuwait.
According to the MarkNtel Advisors’ research report “Kuwait Tire Market Analysis, 2020”, the tire market is expected to grow at a CAGR of around 6% during 2020-25. Radial tires captured a significant market share in the Kuwait tire market in 2019 as almost all the passenger cars and light commercial vehicles use radial tires due to its certain characteristics. However, bias tires are still used in the medium-heavy commercial vehicles such as heavy trucks and buses.
Passenger Cars to be at Forefront in the Kuwait Tire Market
In 2019, around 70% of the total residents of Kuwait were expatriates. This has increased from around 67% in 2015. This migration is led by immigrants from South Asia and other Arabian neighbors. These migration trends are fueling for the greater demand for passenger cars in the country. In turn, boosting the demand for replacement tires. Moreover, with the increasing imports of passenger cars in the country, the demand for tire replacement is witnessing a sturdy growth. The country is not a price-conscious market, thus, it has a presence of high-end luxury cars. However, the development of sectors such as construction, healthcare, education, and all other sectors are projected to fuel the demand for OTR tires and commercial tires segment during 2020-25.
As the country experience, hot and humid climate and has extreme weather conditions, all-season tires dominated the Kuwait tire market in the last few years and the dominance is anticipated to prevail during the forecast period. Moreover, the all-season tires captured around 90% of the market in 2019 as revealed by MarkNtel Advisors’ in their research report, “Kuwait Tire Market Analysis, 2020”.
According to the MarkNtel Advisors the leading players in the Kuwait tire market are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Sumitomo, Kumho, Pirelli, Toyo, etc. Several companies are expanding their business in the country through the initiation of tire supply. In 2017, Belshina a European tire company started supplying tires to Kuwait.
“Kuwait Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for tire firms across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Radial and Bias)
4. By Sales Channel (Dealer/Distributor, Online and Others)
5. By Season (all season, winter and Summer)
6. By Price Category (Low (Up to USD90), Medium (USD91-USD140), High (Above USD140))
7. By Rim Diameter (Upto 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”)
8. By Region (Jahra, Asima, Farwaniya, Hawalli, Ahmadi)
9. By Company (Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Sumitomo, Kumho, Pirelli, Toyo)
Key questions answered in the study:
1. What are the current and future trends of the Kuwait tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Kuwait tire market?
6. What are the customer orientation, purchase behavior, and expectations from Kuwait tire suppliers across various regions?