GCC Tires Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of GCC Tires market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, applications, product type, technologies, competitive benchmarking, etc.
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Market Opportunities
According to MarkNtel Advisors’ research report titled “GCC Tires Market Analysis, 2020”, the GCC Tires market is anticipated to grow at a CAGR of 4.8% during 2020-25. The growth of the market is attributed to the rising number of UAE and Saudi Arabia government initiatives to setup tire manufacturing facilities in Jubail and Abu Dhabi. Moreover, the extensive investment made by the governments toward the infrastructure and construction sector, a host of international events, rapid urbanization, and burgeoning demand for luxury vehicles among people is some of the factors fueling the growth of the market. Moreover, the rising inclination toward electric vehicles in order to curb the emission level is also projected to strongly contribute toward the growth of the market in the forecast period.
Market Segmentation
Passenger and Buses & Truck Segment is Gaining Rapid Pace in the Market
Based on the type of vehicle, passenger and buses & truck segment gained a robust pace in the GCC Tires market in 2019. The growth of the segment is attributed to the rising demand for luxury vehicles due to the growing disposable income of the people, expansion in passenger vehicle fleet size along with rapid infrastructure development which would upsurge the need for trucks in the near future. Besides this, various international events in UAE and Qatar and upcoming tire manufacturing units for passenger, bus, and truck tires in UAE and Saudi Arabia are anticipated to promulgate the growth of the tire market in the forthcoming timeline.
Dealer and Distributor Acquired the Highest Market Share
Based on the sales channel, dealers and distributors acquired the majority market share in 2019. This is due strong presence of exclusive and authorized stores of the leading tire OEMs and Chinese tire brands along with setup of tire manufacturing plants which would increase in the number of dealers/ exclusive outlets in the GCC region. Moreover, the increasing inclination toward the sales of tires via online platforms in urban cities of the countries such as the UAE and Saudi Arabia is expected to place a positive impact toward the growth of Tires market in the coming years as stated in the MarkNtel Advisors’ research report “GCC Tires Market Analysis, 2020”.
Competitive Landscape
According to MarkNtel Advisors, the key players with a considerable market share in the GCC Tires market include Continental, Bridgestone, Yokohama, Goodyear, Michelin, Hankook, Pirelli, Toyo, and Cooper, etc.
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 on GCC Tires Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast 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.
Q. What would be the growth rate or CAGR of GCC Tires Market during 2020-25?
A. The growth rate of GCC Tires Market during 2020-25 is forecast to grow at a CAGR of 4.8%.
Q. Who are the key competitors or players operating in GCC Tires Market?
A. Continental, Bridgestone, Yokohama, Goodyear, Michelin, Hankook, Pirelli, Toyo, and Cooper, etc., are few of the leading players in the GCC Tires Market.
Q. Which type of vehicle segment would emerge as an opportunity area for players in GCC Tires Market?
A. Passenger segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in GCC Tires Market?
A. UAE grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for market players of GCC Tires Market.
