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Saudi Arabia Tire Market to Reach 24.7 Million Units by 2027, Propelled by the Expanding Automobile Sector

Published on Sep 26, 2022

The latest report by IMARC, titled “Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that Saudi Arabia tire market size reached 21.8 Million Units in 2021. Tire is a circular vehicle component manufactured from rubber, used to cover the wheel’s rim externally. A rubber tire possesses beads, carbon black, tread, jointless cap piles, synthetic rubber, fabric, and carbon black. It is typically designed to protect the wheel rim and provide tractive force between the road, surface, and vehicle. It also provides a flexible cushion, thereby reducing the impact of vibrations and absorbing the shock of the vehicle. In recent years, the demand for tires has gained momentum due to the surging demand for vehicles globally.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of the associated industries. These observations will be integrated into the report.

Saudi Arabia Tire Market Trends:

One of the primary factors driving the market is the rapid growth in the automobile sector of Saudi Arabia. Additionally, the rising environmental consciousness among the masses has led to the growing production and sales of electric vehicles (EVs), which is creating a positive market outlook. Other than this, the sales of luxury and passenger vehicles are accelerating the product adoption rate due to rapid urbanization and expanding income levels of consumers across the country. Besides this, the rising demand for premium-quality tires possessing enhanced stability and reliability, and high puncture resistance to ensure driver and passenger safety and reduce the number of fatal accidents are positively influencing the market growth. Furthermore, key players are recovering and recycling used tires to conserve the energy required to produce new ones. Along with this, the increasing number of logistics and transportation activities to deliver packages and the increasing number of farming activities in the agricultural sector are catalyzingmarket growth. Moreover, the strategic partnerships and alliances among regional tire manufacturing companies and international brands are other major growth-inducing factors. Looking forward, IMARC Group expects the market size to reach 24.7 Million Units by 2027, expanding at a CAGR of 2.3% during the forecast period (2022-2027).

Market Summary:

  • Based on the type, the market has been bifurcated into radial and bias.
  • On the basis of the end use, the market has been segmented into OEM and replacement.
  • Based on the vehicle type, the market has been segregated into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, and off-the-road (OTR).
  • Based on the size, the market has been divided into passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, and off-the-road (OTR).
  • On the basis of the distribution channel, the market has been divided into offline and online.
  • Region-wise, the market has been classified into Eastern, Central, Northern, Northwest, Midwest, and Southwest.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Michelin Group, Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Sumitomo Corporation, Pirelli & C. S.p.A, Yokohama Rubber Company, Hankook Tire and Technology, Toyo Tire Corporation and Kumho Tire.
     

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