Bahrain generates the majority of its revenues from the oil and gas sector. With the ongoing economic diversification by the government, the automobile sector is also undergoing a shift. The motorization rate of the country currently is around 44% i.e.; around 420 vehicles per 1,000 inhabitants, presenting immense opportunities for the auto manufacturers to tap the market potential.
Bahrain is an import-dependent economy. Bahrain imports its passenger cars from Japan (used and new), Brazil, South Korea, India, Thailand, etc. Total imports in 2019 were accounted to be around USD 700 million. Thus, the OEM demand for tires in the country is negligible.
According to the MarkNtel Advisors’ research report titled “Bahrain Tire Market Analysis, 2020”, the Tire market is expected to be around 6% during 2020-25.
Replacement Demand for LCV and MHCV Owing to the Rising Construction Activities
Bahrain has pioneered a Vision 2030, under which the country is planning to strengthen the non-oil industry. The country has planned to encourage investment in selected sectors beyond the financial sector to diversify non-oil economic growth such as tourism, business services, manufacturing, and logistics. The diversification of the economy supported by the tourism industry is expected to induce the demand for replacement passenger car, LCV, and M&HCV tires.
All-Season Tires Segment Remains at Forefront
Bahrain average temperature ranges between 400 to 480C during April – October. This ominously affects the overall life of tires in the country, further stimulating the need for replacement. The country is emerging as a key geography for summer tires. However, all-season tires currently prevail extensively in the country and are estimated to remain dominant during 2020-25.
Based on the sales channel, dealers and distributors are the main suppliers of tires in the country. Moreover, with the presence of leading companies, the dealers have exclusive stores for distribution. The online sales channel is gaining traction but dominance of dealers and distributors is anticipated to prevail for some years.
According to the MarkNtel Advisors, the leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Cooper among others.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Bahrain Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Bahrain Tire Market during 2020-25?
A. The market size of Bahrain Tire Market during 2020-25 is forecast to be around 6%.
Q. Who are the key competitors or players operating in Bahrain Tire Market?
A. Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Cooper and few others are the leading players in the Bahrain Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Bahrain Tire Market?
A. Passenger car, light commercial vehicle and medium and heavy commercial vehicle segment captured a considerable market share in the Bahrain Tire Market.
Q. Which Season type segment would emerge as an opportunity area for players in Bahrain Tire Market?
A. Bahrain witnessed an average temperature ranging between 400 to 480C during April – October. This ominously affects the overall life of tires in the country, further stimulating the need for replacement. The country is emerging as a key geography for summer tires. However, all-season tires prevail in the country and are estimated to remain dominant during 2020-25.
Q. Which sales Channel segment would emerge as an opportunity area for players in Bahrain Tire Market?
A. Based on the sales channel, dealers and distributors are the main suppliers of tires in the country. Moreover, with the presence of leading companies, the dealers have exclusive stores for distribution. The online sales channel is gaining traction but dominance of dealers and distributors is anticipated to prevail for some years.
