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

Name: Qatar Tire Market Research Report Forecast: (2024-2030)
Creator: MarkNtel Advisors
License: https://www.marknteladvisors.com/privacy-policy

Qatar Tire Market Report - By Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Medium & Heavy Commercial Vehicle (MHCV), Off-the-Road Vehicle, Two Wheeler), By Demand T...ype, (OEM, Replacement), By Tire Type (Radial, Bias), By Sales Channel (Online, Direct Sales, Multi Brand Stores, Exclusive Outlets), By Price Category (Budget, Economy, Premium), By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5), and Others Read more

Tire
Sep 2024
Pages 176
Report Format: PDF, Excel, PPT

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

The Qatar Tire Market size is valued at around USD 6.5 billion in 2024 & is estimated to grow at a CAGR of around 10.5% during the forecast period, i.e., 2024-30. The high growth of the Qatar Tire Market is a virtue of increasing demand in the automobile industry across the country. Further, the all-time high disposable income of individuals, the prosperity, and the stable nature of the economy of Qatar are helping to keep the growth rate always higher for the tire industry in the country. Individuals here, owing to their high standard of living and higher GDP per capita believe in owning a personal vehicle. Owning a vehicle doesn’t only fulfill their need for movement & transportation but it also works as a status of living for them. Thus, the increase in sales of four and two-wheelers in the country is always providing the opportunity for growth of the tire manufacturing industries in the country.

Report Coverage	Details
Study Period	Historical Data: 2019-22
	Base Year: 2023
	Forecast Period: 2024-30
CAGR (2024-30)	10.5%
Key Companies Profiled	Bridgestone Corporation, Yokohama Qatar, Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin, Continental AG, Toyo Tire & Rubber Co., Ltd., Goodyear Tires, Apollo Tyres Ltd., Kumho Tyres and others
Market Value (2024)	USD 6.5 Billion

Moreover, to cut the carbon emissions produced by waste rubber, the focus is growing on the use of recycled tires. The government of Qatar has planned to use the discarded tires and manufacture new tires using recycled rubber. The initiative by the government projected to collect waste rubber from individuals and pay them for their rubber. This initiative will help in working on the issue of sustainability and eco-friendliness in tire manufacturing and use.

Further, the development of Airless tires also shapes new ways of transformation. These tires have a lot of benefits that will enlarge their market share in the tire market. Some of these benefits include resistance to puncture, eliminating the pressure check need, being safer and secure, requiring negligible maintenance, and many more.

Moreover, the “Qatar Nation Vision 2030”, aims to diversify its economy and make Qatar an advanced society till 2030. It plans to achieve this by reducing its dependence on the revenues coming from the trade of hydrocarbon and Oil & gas. By doing this it is planning to make it a self-sustaining economy in this period. This plan of the government is planning to initiate many infrastructure development projects and expand its industrial base. It will in the long run require medium and heavy vehicles for transportation activities such as for the movement of raw materials and individuals. This will surely create the demand for tires during the forecast period, and become a factor for the growth of key manufacturing companies in the country.

Qatar Tire Market Driver:

High GDP Per Capita Income Driving Market Growth – Being one of the smallest countries by area in the Asia-Pacific region, Qatar is excessively developed, economically stable, and a rich country in the world with being 5^th largest economy in the world by GDP per capita income. According to the Worldometer data, the GDP per capita of Qatar in 2022 was around USD 114,648 which is the highest in Arab nations and the 2^nd highest in the Asia continent after Singapore, which shows the strength of the above fact. Therefore, the individual here has more disposable income, which they can spend on luxuries and their comfort. This, further allows them to buy personal vehicles, travel by cabs, etc., and help in the expansion of vehicle fleets in the country. So the large fleet of vehicles in the country is driven by a high percentage of ownership of vehicles. Also, a growing number of individuals using public or private transport, continuously adds to the growth of the tire market in the country.

Qatar Tire Market Opportunity:

Qatar National Vision 2030 to Provide Ample Opportunities – The economy of Qatar along with other Middle Eastern countries is mostly dependent on the revenues generated from the trade of oil & gas. Thus the major aim of Qatar National Vision 2030 is to reduce its dependability on the revenue generated from Oil & Gas exports. The country is rich in oil and gas products and has a high level of disposable income, which opens the door for large projects and construction activities. Further, the vision is projected to diversify Qatar’s economy by building high-class infrastructure and providing a good standard of living to the upcoming generations. It aims to achieve the goal of economic diversification by focusing on 4 major pillars including human development, social development, economic development, and environmental development. Medium and heavy vehicles for the transportation of raw materials, chemicals, etc., will be required in large quantities in the construction activities of these projects. Thus, Qatar National Vision 2030 is anticipated to create a lot of growth opportunities for the market players in the coming years.

Qatar Tire Market Challenge:

Fluctuating Raw Material Price to Impede Market Expansion – The main raw material for tire manufacturers is rubber, there are mainly two types of rubber used in the production of tires which are synthetic and natural rubbers. However, the regulations imposed by the government on cutting down rubber trees owing to environmental reasons, continuously affect the overall price of rubber. The ongoing tensions between different countries such as China & Taiwan, Israel and Palestine, and Russia & Ukraine, led to continuously fluctuating raw material prices by affecting trade routes and supply and demand chains. Also, the strict rules and regulations initiated by climatic variability and the global initiatives to cut carbon emissions affect the price stability of raw materials in the country and hamper the growth & development of the Qatar Tire Market.

Qatar Tire Market Trend:

Airless Tires Gaining Traction – Airless tires don’t require much maintenance as they reduce the risk of blowouts and add safety for the drivers by providing solid construction & the benefit of puncture resistance. Companies including Michelin Group, Bridgestone Corporation, Continental AG, Toyo Tire & Rubber Co., and Hankook Tire Co. Ltd. have already launched airless tires. The demand for these tires is also rising with increased safety, security, and lower costs to the environment. By using these tires, the need to check the pressure of tires gets eliminated, and they reduce the scrap generated by the scraped tires. Thus the environmental costs driven by rubber waste are reduced which contributes to sustainable development goals. Therefore, the benefits associated with the airless tires are anticipated to augment the demand for these products in the coming years which would ultimately drive the growth & expansion of the tire industry in Qatar.

Qatar Tire Market (2024-30): Segmentation Analysis

The Qatar 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:

By Vehicle Type:

Passenger Car
Light Commercial Vehicle (LCV)
Medium & Heavy Commercial Vehicle (MHCV)
Two Wheeler
Off-the-Road (OTR) Vehicle

Among all the major types of vehicles, the passenger car segment in the Qatar Tire Market holds the largest share and is expected to hold the same in the forecast period as well. This is mostly driven by the high disposable income in the country and the stable & prosperous nature of the economy of Qatar. This country is way ahead of most of the countries in the world in terms of GDP per capita, however contributing to the smallest countries in the world by area. The high level of spendable income for the consumers helps them to use their extra money to fulfill their comforts and luxuries, and purchase personal vehicles. Ultimately, high ownership of passenger cars leads to a higher demand for tires. The share of the consumers owning a car is high in the country which contributes to the highest share of passenger cars in the Qatar Tire Market.

By Demand:

OEM
Replacement

Based on the demand type, the largest market share of the Qatar Tire Market is held by replacement type demand and is expected to remain the same in the forecast period, as due to its harsh weather conditions in the country, the shelf life of tires is not more than four years, which keep on making the demand to replace old tires with the new tires after a specific period. Also being a prosperous economy, individuals in the country use their vehicles for movements and chilling activities as well, which led to the high usage of tires, and the usage led to wear and tear, making the performance of tires low, and generating the need for the replacement of tires.

Qatar Tire Industry Recent Development:

2024: The Vredestein Wintrac Pro+ is a premium winter tire from Apollo Tyres that is intended for extremely high-performance cars and SUVs, including electric vehicles (EVs).
2023: Bridgestone has elevated its commitment to sustainable mobility and digital transformation in the MENA Region, discussed advancements in sustainable EV infrastructure development, adoption of EVs for economic diversification, and increased energy independence during its participation in the Middle East and North Africa Electric Vehicle Show (MENA EV Show).

Gain a Competitive Edge with Our Qatar Tire Market Report

Qatar 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 the market dynamics & make informed decisions.
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.
Qatar Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

A. The Qatar Tire Market is expected to grow at a compound annual growth rate (CAGR) of around 10.5% over the forecast period.

A. The Qatar Tire Market size is valued at around USD 6.5 billion in 2024.

A. High GDP per capita income is a prominent factor expected to drive the Qatar Tire Market during 2024-30.

A. Bridgestone Corporation, Yokohama Qatar, Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin, Continental AG, Toyo Tire & Rubber Co., Ltd., Goodyear Tires, Apollo Tyres Ltd., Kumho Tyres and others are the top companies in the Qatar Tire Market.

A. The passenger car segment held the largest share of the Qatar Tire Market.

A. The increasing popularity of airless tires is one of the key trends shaping the growth of the Qatar Tire Market.

A. Qatar National Vision 2030 is one of the growth opportunities driving the Qatar Tire Market.

A. The fluctuating raw material price is one of the possible restraints affecting the growth of the Qatar Tire Market.

Market Segmentation
Introduction
1. Market Definition
2. Research Process
3. Assumptions
Executive Summary
Qatar Tire Market Trends & Development
Qatar Tire Market Dynamics
1. Drivers
2. Challenges
Qatar Tire Market Supply Chain Analysis
Qatar Tire Market Import-Export Statistics
Qatar Tire Market Regulations, Policies & Product Standards
Qatar Tire Market Hotspot & Opportunities
Qatar Tire Market Analysis, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type
    1. Passenger Car-Market Size & Forecast 2019-2030F, Thousand Units
    2. Light Commercial Vehicle (LCV) -Market Size & Forecast 2019-2030F, Thousand Units
    3. Medium & Heavy Commercial Vehicle (MHCV) -Market Size & Forecast 2019-2030F, Thousand Units
    4. Off-the-Road Vehicle -Market Size & Forecast 2019-2030F, Thousand Units
    5. Two Wheeler-Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type
    1. OEM-Market Size & Forecast 2019-2030F, Thousand Units
    2. Replacement-Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type
    1. Radial-Market Size & Forecast 2019-2030F, Thousand Units
    2. Bias-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel
    1. Online-Market Size & Forecast 2019-2030F, Thousand Units
    2. Direct Sales-Market Size & Forecast 2019-2030F, Thousand Units
    3. Multi Brand Stores-Market Size & Forecast 2019-2030F, Thousand Units
    4. Exclusive Outlets-Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category
    1. Budget-Market Size & Forecast 2019-2030F, Thousand Units
    2. Economy-Market Size & Forecast 2019-2030F, Thousand Units
    3. Premium-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size
    1. Tire Size 1 -Market Size & Forecast 2019-2030F, Thousand Units
    2. Tire Size 2 -Market Size & Forecast 2019-2030F, Thousand Units
    3. Tire Size 3 -Market Size & Forecast 2019-2030F, Thousand Units
    4. Tire Size 4 -Market Size & Forecast 2019-2030F, Thousand Units
    5. Tire Size 5- Market Size & Forecast 2019-2030F, Thousand Units
  7. By Region
    1. Al Rayyan
    2. Al Khor
    3. Ad Dawhah
    4. Al Wakrah
    5. Rest of Qatar
  8. By Company
    1. Competition Characteristics
    2. Market Share & Analysis
Qatar Passenger Car Tire Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type- Market Size & Forecast 2019-2030F, Thousand Units
    1. SUV + Crossover- Market Size & Forecast 2019-2030F, Thousand Units
    2. Sedan- Market Size & Forecast 2019-2030F, Thousand Units
    3. Hatchback- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel, Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size-Market Size & Forecast 2019-2030F, Thousand Units
Qatar Light Commercial Vehicle Tire Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type- Market Size & Forecast 2019-2030F, Thousand Units
    1. Light Trucks- Market Size & Forecast 2019-2030F, Thousand Units
    2. Light Buses- Market Size & Forecast 2019-2030F, Thousand Units
    3. Pickup trucks & Vans- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel, Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size-Market Size & Forecast 2019-2030F, Thousand Units
Qatar Medium & Heavy Commercial Vehicle Tire Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type- Market Size & Forecast 2019-2030F, Thousand Units
    1. Trucks- Market Size & Forecast 2019-2030F, Thousand Units
    2. Buses- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel, Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size-Market Size & Forecast 2019-2030F, Thousand Units
Qatar OTR Vehicle Tire Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type- Market Size & Forecast 2019-2030F, Thousand Units
    1. Earth Moving Equipment- Market Size & Forecast 2019-2030F, Thousand Units
    2. Material Handling Equipment- Market Size & Forecast 2019-2030F, Thousand Units
    3. Agricultural Equipment- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel, Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size-Market Size & Forecast 2019-2030F, Thousand Units
Qatar Two-Wheeler Tire Market Outlook, 2019-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
  2. By Units Sold (Thousands)
2. Market Share & Analysis
  1. By Vehicle Type- Market Size & Forecast 2019-2030F, Thousand Units
    1. Mopeds & Scooters- Market Size & Forecast 2019-2030F, Thousand Units
    2. Motorcycle- Market Size & Forecast 2019-2030F, Thousand Units
  2. By Demand Type- Market Size & Forecast 2019-2030F, Thousand Units
  3. By Tire Type-Market Size & Forecast 2019-2030F, Thousand Units
  4. By Sales Channel, Market Size & Forecast 2019-2030F, Thousand Units
  5. By Price Category-Market Size & Forecast 2019-2030F, Thousand Units
  6. By Tire Size-Market Size & Forecast 2019-2030F, Thousand Units
Qatar Tire Market Key Strategic Imperatives for Success & Growth
Competition Outlook
1. Company Profiles
  1. Bridgestone Corporation
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Yokohama Qatar
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. Hankook Tire Co. Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. Pirelli Tyre (Suisse) SA Middle East Branch
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. Michelin
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. Continental AG
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. Toyo Tire & Rubber Co., Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. Goodyear Tires
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Apollo Tyres Ltd.
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Kumho Tyres
    1. Business Description
    2. Product Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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