Saudi Arabia Tire Market Forecast & Opportunities, 2021: Market is Projected to Grow at a CAGR of Over 11% - Changing Market Trends and Emerging Opportunities - Research and Markets
20 Oct, 2016, 13:10 BST
DUBLIN, October 20, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Saudi Arabia Tire Market Forecast & Opportunities, 2021" report to their offering.
The market of tire in Saudi Arabia is projected to grow at a CAGR of over 11% during 2016-2021
Growing construction activities, expanding vehicle fleet and growing automobile sales are the prominent factors expected to drive the tire market in Saudi Arabia during forecast period. Moreover, growing urbanization coupled with increasing immigration and per capita GDP have resulted in an increasing number of consumers in Saudi Arabia readily adopting new tire technologies being offered by premium tire brands. Central region grabbed the largest share in the country's tire market in 2015. Over the last decade, the region has evolved as the country's economic powerhouse due to largescale infrastructure development activities coupled with rising population and business activities.
Saudi Arabia happens to be one of the largest automotive market for both new as well as used vehicles amongst GCC countries in turn making it one of the largest market for tire's as well. As per OICA, Saudi Arabia's vehicle motorization rate (for passenger cars and commercial vehicles) stood at 212 vehicles per 1,000 people in 2014. As a result of harsh climatic conditions in the country, the replacement period of tires is generally about one and a half years.
Due to absence of tire production in the country, the tire market in Saudi Arabia is import driven, with significant penetration of Chinese tire brands due to easy availability and low cost pricing as compared to flagship tire brands. However, the share of Chinese tire brands in Saudi Arabia tire market is anticipated to decline during the forecast period due to increasing availability of high quality tires by flagship tire brands, which are expected to gain popularity among vehicle owners due to their higher life cycle.
Saudi Arabia Tire Market Forecast & Opportunities, 2021 discusses:
- Saudi Arabia Tire Market Size, Share & Forecast
- Segmental Analysis - Passenger Car, Medium & Heavy Commercial Vehicle, Two-Wheelers, Off-the-Road & Light Commercial Vehicle
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Market Trends & Developments
- Establishment of Local Tire Manufacturing Facilities
- Used Car Market
- Tire Recycling Projects
- Rising Automobile Sales
- Tire Pressure Monitoring System
Competitive Landscape
- Bridgestone Middle East & Africa FZE
- Goodyear Middle East FZE
- Continental AG
- Yokohama Rubber Co. Ltd.
- Pirelli & C. SpA
- Hankook Tire Co. Ltd.
- Cooper Tire & Rubber Company
- Nexen Tire
- TOYO TIRE & RUBBER CO., LTD.
- Compagnie Generale des Etablissements Michelin
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Analyst View
4. Saudi Arabia Tire Market Outlook
5. Saudi Arabia Passenger Car (PC) Tire Market Outlook
6. Saudi Arabia Light Commercial Vehicle (LCV) Tire Market Outlook
7. Saudi Arabia Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Outlook
8. Saudi Arabia OTR Tire Market Outlook
9. Saudi Arabia Two-Wheeler Tire Market Outlook
10. Import-Export Analysis
11. Market Dynamics
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. Saudi Arabia Economic Profile
15. Competitive Landscape
16. Strategic Recommendations
For more information about this report visit http://www.researchandmarkets.com/research/3d8sj6/saudi_arabia_tire
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