Delta, BC -- (SBWIRE) -- 09/09/2020 -- GCC Tire Market Analysis, 2020 research report depicts a deep dive market analysis of statistics of tire market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.The report also provides information on market trends and development, drivers, capacities, technologies, and on the changing investment structure of the COVID-19 Outbreak.

According to MarkNtel Advisors' research report "GCC Tire Market Analysis, 2020", the GCCTire market is expected to grow at a CAGR of 5%during 2020-25. The market for tires in the GCC region is predominantly import driven on account of absence of manufacturing facility. Moreover, the increasing penetration of Chinese tire brands along with increasing disposable income of the people and launch of favorable government initiative to boost the sales of vehicle is placing a positive impact on the growth of tire market in the region.

Apart from this, the outbreak of COVID-19 has an adverse impact on the tire market as the region is highly dependent on import. The closed-down of border, shutdown of manufacturing facility and disruption in the supply chain as plummeted the market growth which has a worse impact on the automotive industry. The market is estimated to revive at a steady rate in the coming years.

Based on Demand Category, Replacement segment dominated the market and is expected of maintain its dominance in the forthcoming years as well. The GCC countries are mostly import due to no manufacturing unit of its own. Moreover, due to the extreme weather conditions the wear & tear rate is high in the region which is creating an escalating demand for replacement tires.

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Based on the sales channel, dealers and distributors acquired the majority market share in 2019 and is anticipated to maintain its dominance in the forecasted period.The presence of exclusive and authorized stores of the companies and presence of leading tire OEMs is placing a positive impact towards the growth of the marker. Moreover, sales through online platform is also gaining traction in the urban cities of the countries such as UAE, Saudi Arabia.

Saudi Arabia captured the majority market share in the GCC Tire market in 2019 followed by UAE and Qatar and Kuwait. Theuplift of ban on women driving has augmented demand for passenger cars in the country. Along with this, rapid urbanization, increase in discretionary income of the people augmenting the sales of luxury cars and launch of innovative technology in the tire is strongly contributing towards the growth of the tire market.

According to MarkNtel Advisors', the key players with a considerable market share in the GCC Tire include Bridgestone, Michelin, Continental, Goodyear, Yokohama, Kumho, Pirelli, and Cooper, Hankook, Toyo etc.

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