The UAE Tire Market is expecting around 3.8% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The high per capita income & changing living standards of the UAE population are driving the sales of passenger cars in the country, where vehicles are a symbol of status, and directly influencing the demand for tires. Additionally, growing trends of off-roading & sports & adventure activities entwined with expanding tourism in the UAE are other crucial aspects infusing the fleet of passenger vehicles and driving the tire market.
Besides, the increasing government focus on economic diversification away from oil is leading to massive expenditure on infrastructure developments & boosting the construction sector. It is propelling the demand for medium & heavy commercial vehicles and, consequently, for robust tires.
Moreover, the rapidly rising competition among leading automakers & tire manufacturers, resulting in the introduction of new vehicles & tires across the UAE, is another prominent aspect projected to contribute to the overall market expansion through 2027, further states the research report, “UAE Tire Market Analysis, 2022.”
With High Living Standards & Growing Female Drivers across the UAE, Increasing Sales of Passenger Vehicles to Boost Tire Market
Based on the Type of Vehicle, Passenger Cars dominated the UAE Tire Market with the largest share in recent years, and the same trend is likely over the forecast years, owing principally to the rapidly increasing ownership of private vehicles entwined with a growing number of female drivers, projecting massive sales of passenger cars and boosting the demand for tires across the UAE.
Besides, escalating establishment of prominent tire manufacturers & automakers in the country, who are introducing new vehicles & tires in the market, are also contributing to the burgeoning sales of passenger cars and, in turn, augmenting the market growth. Moreover, the easy availability & low prices of Chinese tires is witnessing an upswing across the UAE, i.e., projected to promote the overall market growth through 2027.
Extensive Advantages of Radial Tires to Drive the Market through 2027
Radial tires acquired the largest share in the UAE Tire Market, owing primarily to their vast customer base, on account of the better grip and enhanced safety & durability through the changing seasons & terrains provided by radial tires.
In addition, the low rolling resistance & better traction of radial tires offer a comfortable ride & more stable contact with the road, which is why their demand is rapidly accelerating, especially for passenger vehicles. Besides, reduced fuel consumption & robust construction of these tires are other aspects contributing significantly to their increasing demand, along with burgeoning sales of tires in the country, reveals MarkNtel Advisors in their research report, "UAE Tire Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the UAE Tire Market are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Sumitomo, & Toyo.
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