Saudi Arabia Tire Market to Reach 25.5 Million Units by 2032, Propelled by the Expanding Automobile Sector

September 26, 2022 | Automotive Industry

The latest report by IMARC, titled “Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032”, finds that Saudi Arabia tire market size reached 22.6 Million Units in 2023. 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.

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 25.5 Million Units by 2032, expanding at a CAGR of 1.26% during 2024-2032.

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 Northern and Central Region, Western Region, Eastern Region, and Southern Region.
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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	Million Units
Segment Coverage	Type, End-Use, Vehicle Type, Size, Distribution Channel, Region
Region Covered	Northern and Central Region, Western Region, Eastern Region, Southern Region
Companies Covered	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
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Saudi Arabia Tire Market to Reach 25.5 Million Units by 2032, Propelled by the Expanding Automobile Sector

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