The market for tires in the GCC region was predominantly import driven, with a considerable penetration of Chinese tire brands, owing to their affordability and easy availability. However, over the past several years, the flagships brands have been gaining momentum as a result of high-quality assurance and extended life-cycle of the products they offer. Moreover, the flagships brands are employing various marketing techniques to create opportunities in the areas related to the automobile industry, such as introducing car accessories and providing F&I (finance and insurance) services. This has contributed significantly in enhancing their profit margins. According to the latest report by IMARC Group titled, “GCC Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC tire market reached a volume of 43 Million Units in 2018, growing at a CAGR of 6.1% during 2011-2018.
In the GCC countries, only a small section of consumers contributes to the sales of new vehicles, whereas, the majority of them prefer used vehicles. As a result, there is a high demand for tires, particularly replacement tire, for the used cars. This emerges as a major force behind the growth of the tire market in the region. Apart from this, many consumers also like upgrading and customising their vehicles, and change tires as per their requirements. Some of the other growth inducing factors include rising immigration rates and the establishment of local tire manufacturing facilities. Further, the market is expected to reach a volume of 61 Million Units by 2024.
The market is segmented on the basis of type, including OEM and replacement tires. An evaluation of the market on the basis of key applications is also given, which include passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The market is also segmented on a regional basis, covering the major GCC countries. These include Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman. Amongst these, Saudi Arabia represents the largest market for tires, followed by UAE and Kuwait. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are Bridgestone, Michelin, Continental, Goodyear and Yokohama.
This report provides a deep insight into the GCC tire market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a tire manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC tire industry in any manner.
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