Bahrain Tire Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Bahrain Tire Market (2024-30):

The Bahrain Tire Market size was valued at around USD 1.1 billion in 2023 & is estimated to grow at a CAGR of around 5.43% during the forecast period, i.e., 2024-30. Bahrain Tire Market growth can be accredited to increased economic activities in the country and increasing disposable income of the people. Bahrain is a growing economy and there has been growth in every sector in the country in recent years. The Vision 2030 plan has fueled the economy of the country, increased commercial activities, and various mega projects have been launched such as:

• The $7 billion Bahrain Petroleum Company (BAPCO) modernization & expansion project
• The $3.5 billion King Hamad Causeway transportation infrastructure project
• The $2 billion Bahrain Metro Project
• A new $355 million gas processing plant
• Major housing and resort projects estimated at $2.2 billion
• Electricity and water delivery projects estimated at $1.1 billion
• Road and sewerage infrastructure projects estimated at $900 million
• The development of five offshore cities off Bahrain’s coastline

This has given a boost to the demand for commercial vehicles. Increased demand for commercial vehicles will directly impact the demand for robust tires that can bear the heavy load of these mega projects that are to transform the economy of Bahrain and the country itself. As commercial activities increase in the country and the economy of Bahrain gets stronger, per capita income also increases and gives access to more disposable income to the people of Bahrain. This fueled the demand for cars and other vehicles. With the rising trend of owning a personal vehicle, sales of automobiles have been flourishing in the country and are expected to grow steadily. This will directly affect the sales and manufacturing of tires in Bahrain and ultimately augment the Bahrain Tire Market Share at the global scale.

Bahrain Tire Market Driver:

Economic Growth & Infrastructural Development to Drive Market Growth – The Economy of Bahrain is rising and growing stronger. With increased commercial activities, industrial growth, and infrastructure development along with various mega projects launched as part of the Vision 2030 strategy the growth has been rapid. This rising economy of the country resulted in increased income and gave access to more disposable income to Bahraini citizens. This increased the sales of automobiles in the country and increased the rate of private ownership of vehicles, instigating automobile market growth as companies introduced various new vehicles including luxury and electric vehicles to fulfill the mobility needs of the country. This translates to Bahrain Tire Market growth as more vehicles on the road means more demand for tires with the initial purchase of the vehicles and subsequent replacements.

The increasing commercial activities and infrastructure development have resulted in a surge in demand for commercial vehicles, driving the market growth & expansion further. With increased trade and commercial activities, the need for a reliable transportation network arises, as infrastructure development has given the country a vast network of roads, highways, bridges, and tunnels, demand for commercial vehicles increases to facilitate commercial activities as well as the construction activities for the development of infrastructure. This raised the demand for robust tires to bear the heavy load of these commercial vehicles and navigate the country of Bahrain. Therefore, the economic growth & infrastructural development in the country is augmenting Bahrain Tire Market Size & Volume.

Bahrain Tire Market Challenge:

Regulatory Compliance Obstructing the Tire Industry Growth & Expansion – Regulations are always evolving and it is crucial to comply as non-compliance can lead to fines, product recalls, and reputational damage. Regulations dictate which types of tires can be sold in a country, according to their compliance with the regulations such as labeling, safety, and emissions. Constant monitoring is required to stay updated with the amendments to ensure compliance with regulations which can take significant resources. Additionally, with environmental concerns rising, additional regulations are to be followed. Regulations regarding the type of raw material, emissions in the process of manufacturing, and others are to be followed, which makes the tire business challenging for Bahrain tire manufacturers and dealers. Moreover, Bahrain relies on imports for its tire supply, and variations in the origin country and Bahrain's regulations can be challenging to keep up with. Also, this reliance on imports translates to compliance with international law which can be another challenge, as import and export laws also change frequently.

Bahrain Tire Market Trend:

Eco-friendly & Sustainable Tires Gaining Traction – As environmental awareness rises, people are more inclined towards eco-friendly and sustainable options, and demand for tires that reduce emissions from the vehicle by improving fuel efficiency is increasing. These innovative green tires use advanced materials and tread designs that minimize resistance, improving fuel efficiency and reducing emissions. Additionally, the growing popularity of electric cars that are considered environment friendly is rising, giving a rise in demand for electric vehicle-specific tires that are made to reduce wear and tear due to electric vehicles’ heavyweight from large battery packs and more torque which decreases the frequency of replacements, which reduces waste. Moreover, tire manufacturers are adopting sustainable practices, trying to reduce emissions during the tire manufacturing process and using recycled material to reduce their impact on the environment. Thus, the increasing popularity of eco-friendly & sustainable solutions among vehicle owners is presenting a positive future business outlook for the Bahrain tire manufacturers and is anticipated to augment the growth of the industry during the forecast period.

Bahrain Tire Market (2024-30): Segmentation Analysis

The Bahrain Tire Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the national level. Based on the analysis, the market has been further classified as:

Based on Type of Vehicles:

• Passenger Cars
• Light Commercial Vehicles
• Buses and Trucks
• Medium and Heavy Commercial Vehicles
• Off the Road (OTR)
• Two Wheelers
• Three Wheelers

Based on the type of vehicles, the passenger cars segment holds the largest share of the Bahrain Tire Market. This is primarily due to the rising rate of private ownership of cars. Bahrain’s economy is growing and getting stronger giving rise to the per capita income of the people of Bahrain and with per capita income, disposable income increases. The rise in per capita income also affects the standard of living. This access to more disposable income and rising standard of living brought the trend for private ownership of cars. Additionally, the increasing population and urbanization increased the mobility needs of the people of Bahrain. This also instigated the expansion of the automobile market with the introduction of luxury cars and electric cars, ultimately promoting the growth of the tire industry.

Based on Type of Tire:

• Radial
• Bias

Based on the type of tire, the radial tire segment holds the major share of the Bahrain Tire Market. Radial tires offer a smoother and more comfortable driving experience, run cooler on highways and under load, and are more puncture-resistant. This makes radial tires a better choice. They make high-speed driving safer and offer higher fuel efficiency. Radial tires have a longer life span which means less frequent replacement is required. However, bias ply tires are better suited for commercial usage. Radial tires have soft side walls that absorb any shock of uneven surfaces, while the rigid side wall of a bias tire makes it suitable for commercial use. Since the Bahrain Tire Market Demand is driven by passenger cars, demand for radial tires is higher. However, both segments are showing growth prospects as the passenger car and commercial vehicle industries both are booming upward.

Bahrain Tire Industry Recent Development:

• February 2024: As a major milestone in the manufacturer's sustainability journey, all of the tires used in the Formula One World Championship this year will bear the FSC logo, making Pirelli the first company to produce a full line of FSC (Forest Stewardship Council)-certified tires for motorsport.

Gain a Competitive Edge with Our Bahrain Tire Market Report

1. Bahrain Tire Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
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