Extensive government support on lifting the ban on women driving has contributed to the increased demand for passenger cars in the country. In 2017, the government issued a royal decree allowing women to drive. The eradication of the ban is expected to encourage more women in the country to drive vehicles and is projected to positively impact the growth of Saudi Arabia Tire market. According to PwC, around 20% of the women are estimated to drive cars in the country by 2020. Hence, it is anticipated to positively impact the number of car sales in the country, thereby boosting the demand for tires in the years to come.
According to the MarkNtel Advisors’ research report titled “Saudi Arabia Tire Market Analysis, 2020”, the tire market is projected to grow at a CAGR of around 8% during 2020-25. The increasing vehicle sales coupled with the growing support by the government to establish the local production facilities in the country have strongly contributed to the increased demand for tires in Saudi Arabia. Moreover, the increased investments of the government on infrastructure development are projected to boost the growth of Saudi Arabia Tire market in the years to come.
The process of replacement of tires has been dominating the Saudi Arabia Tire market due to the extreme weather conditions which leads to frequent wear and tear of tires. In addition, the Ministry of Commerce has issued an advisory to the citizens to limit the usage of car tires for a maximum period of 2 years. Therefore, the replacement industry is anticipated to grow in the years to come.
The key players with a considerable market share in the Saudi Arabia Tire market include Hankook Tire, Nexen Tire Corporation, Michelin, Continental, Toyo Tyres, etc. These companies are collaborating to develop a new tire range with advanced features. In 2019, Michelin collaborated with Proterra to develop the MICHELIN X InCity Energy Z tire which would reduce the rolling resistance and increase the load-carry capacity.
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 Saudi Arabia 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).
Q. What would be the growth rate or CAGR of Saudi Arabia Tire Market during 2020-25?
A. The market size of Saudi Arabia Tire Market during 2020-25 is forecast to be around 8%.
Q. Who are the key competitors or players operating in Saudi Arabia Tire Market?
A. Hankook Tire, Nexen Tire Corporation, Michelin, Continental, Toyo Tyres and few others are the leading players in the Saudi Arabia 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 Saudi Arabia Tire Market?
A. Passenger car and light commercial vehicle segment captured a considerable market share in the Saudi Arabia Tire Market in 2019.
