The latest report by IMARC Group, titled “GCC Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the GCC tire market size reached US$ 2.8 Billion in 2022. Tires are circular, ring-shaped, and pneumatically inflated automotive components manufactured using natural or synthetic rubber, wire, rayon, polyester, fabric, and carbon black. They surround the wheel’s rim and serve as a cushion for the wheels of a moving vehicle. They provide traction between the automobile and the road and transfer the vehicle load to the surface. They assist in absorbing road shocks, reducing the impact of vibrations, transmitting accelerating and braking forces to the ground, and maintaining or changing the direction. They also help enhance vehicle performance, improve mileage and passenger safety, and minimize wear and tear. Nowadays, tires are widely available across the GCC region in different sizes and variants depending on the type of automobile.
GCC Tire Market Trends:
In the GCC region, the surging sales of high-end and luxury vehicles due to inflating consumer expenditure capacities, elevating living standards, and rapid urbanization represents the primary factor driving the market growth. Additionally, with the constant wearing and tearing of automobile tires, there has been an escalating demand for replacement tires owing to the rugged terrain and hot climatic conditions across the GCC region. In line with this, the growing preference for second-hand vehicles among the masses has further strengthened the need for replacement tires. Furthermore, the leading manufacturers are developing premium quality tires that offer enhanced stability and reliability, high puncture resistance, and longer operational life. Along with this, the introduction of non-pneumatic tires (NPT) or airless tires that do not deflate under any circumstances and provide lower rolling resistance for higher fuel economy has accelerated the product adoption rate. Besides this, recent product innovations, such as the launch of eco-friendly, lightweight, and biodegradable three-dimensional (3D) printed variants, have catalyzed market growth. Other factors, including the expanding tourism industry, establishment of local tire manufacturing facilities, increasing construction activities, and ongoing research and development (R&D), are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 4 Billion by 2028, expanding at a CAGR of 5.39% during 2023-2028.
- Based on the design, the market has been classified as radial and bias tires.
- On the basis of the end-use, the market has been bifurcated into OEM and replacement markets.
- The market has been categorized based on the vehicle type into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two-wheelers, three-wheelers, and off-the-road (OTR).
- Based on the distribution channel, the market has been divided into offline and online channels.
- Country-wise, the market has been segmented into Saudi Arabia, UAE, and others (Kuwait, Qatar, Bahrain, and Oman).
- The competitive landscape of the market has also been analyzed, along with detailed profiles of the key players operating in the industry.
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