Tire market in Saudi Arabia is growing rapidly, owing to Increase in a number of per capita vehicle in the Kingdom
New York, NY -- (SBWIRE) -- 10/10/2017 -- Summary: The KSA tire market is expected to witness robust growth. Demand for tires in KSA will be positively influenced by growing sales of four-wheeler vehicles.
Driven by favorable government policies and lack of luxury or value-added taxations (VATs), the KSA tire market is anticipated to reach US$ 2,123 Mn in revenues by 2016. Growing demand for four-wheeler vehicles and robust sales of luxury and top-end cars will continue to influence the growth of the KSA tire market.
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Sales will continue to remain strong through the OEM channel, owing to consumer preference for buying tires directly from manufacturers. While overall revenues are expected to increase steadily, stringent regulation regarding used tires coupled with Implementation of stringent import standards by Saudi Arabia Standard Organization (SASO) can pose challenges to the growth of the market.
By vehicle-type, the four-wheeler segment will continue to account for a leading share of the market. Demand will be substantial for cars and other passenger four-wheelers, owing to high temperatures recorded in Saudi Arabia throughout the year. As a result, the passenger cars will continue to be the most-prominent four-wheeler sub-segment, accounting to more than US$ 1,435 Mn revenues in 2016.
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Rising R&D initiatives by manufacturers will fuel the product-wise growth of the KSA tire market, which is expected to supplement the sales of pneumatic and non-pneumatic tires. Increasing penetration of internet and online transactions in Saudi Arabia is will continue to influence the growth of the market.
Compared to the rest of the provinces, the Western and Central Provinces of the Kingdom are forecasted to represent a speedy growth in the demand for four wheeler vehicle tires. In the future, the provincial cities of Riyadh and Mecca are expected to be the concentrated hubs of Saudi Arabia's total tire retail outlets.
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Prominent global tire companies such as The Bridgestone Group, Continental AG, Pirelli & C Spa, and Michelin Group, will continue to strengthen their dominance in the KSA tire market. Companies such as Apollo Tyres Ltd., Yokohama Rubber Company Ltd., and Goodyear Tire & Rubber Company are also expected to create stiff competition for the existing key players in the tire market in KSA.
PMR Long-term Outlook: The tire market in the KSA is expected to expand at a CAGR of 10.8% during the forecast period 2016-2026. Four-wheeler vehicle segments will continue to account for a sizeable demand for tires during the forecast period.
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