BURNABY, British Columbia, March 25, 2014 /PRNewswire/ --
Continuous increase in tyre retreading and high replacement demand will contribute to the growth of the tyre market in Kuwait
High purchasing power along with continuous increase in automobile sales are contributing to the growth of the tyre market in Kuwait. Around 95% of the country's population resides in urban areas. This high rate of urbanization is also supporting the growth of the tyre market in Kuwait. The demand for tyres in Kuwait is only met through imports as there are no domestic production facilities.
Over the last few years, the country witnessed an increase in the sales of low cost tyres. In addition, the sales of retreaded tyres are also growing, and consequently, the companies are increasing their focus on the retreading segment. A proposed joint venture between Marangoni Group and Al-Zahem Industries is expected to further contribute to the growth of retreaded tyres in the country.
According to a recently published report by TechSci Research, "Kuwait Tyre Market Forecast & Opportunities, 2019", the Kuwait tyre industry is expected to be driven by the continuous increase in the passenger car sales along with the increasing usage of commercial vehicles. The tyre market in Kuwait is projected to grow at a CAGR of around 11%, in revenue terms, during 2014-19. Implementation of new technologies such as "Seal Inside" technology and Black / White Walled tyres would contribute to the market growth over the next five years. These tyres are expected to register healthy growth as a result of the increasing consumer preference towards enhancing vehicle safety. Several tyre manufacturers are also expected to introduce eco friendly tyres with more advanced features during the next five years in Kuwait.
The report highlights that key players operating in the tyre market of Kuwait include Bridgestone, Michelin, Yokohama and Goodyear, which are addressing the increasing demand in Kuwait through authorized importers and distributors.
"The high purchasing power of Kuwait, coupled with the rising demand for passenger cars, would contribute significantly to the demand for tyres in the country. While the increasing per capita income is driving the growth of the passenger car market, the mining and oil drilling activities in the country are contributing to the growth of the commercial vehicles market. Increasing investments coupled with the growing demand for automobiles in Kuwait would significantly augment the tyre demand over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Kuwait Tyre Market Forecast & Opportunities, 2019" has analyzed the potential of the tyre market in Kuwait and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the tyre industry.
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SOURCE TechSci Research