NEW YORK, October 28, 2016 /PRNewswire/ --
Increasing Sales of Vehicles Coupled With Constantly Expanding Automotive Fleet to Drive UAE Tire Market Through 2021
According to TechSci Research report, "UAE Tire Market Forecast & Opportunities, 2021", the country's tire market is projected to grow at a CAGR of over 5%, during 2016-2021, on account of expanding sales of automobiles, growing purchasing power of people and expanding vehicle fleet size. Further, constant increase in the number of nuclear families coupled with increasing number of infrastructure projects is projected to boost demand for passenger cars and commercial vehicles and related tires in the country. Passenger car fleet size in the country stood at 1.96 million units in 2014 and this is projected to increase in the coming years.
Browse 17 market data Tables and 19 Figures spread through 102 Pages and an in-depth TOC on
"UAE Tire Market"
As of 2015, a major share in the demand for tires in the UAE is emanating from Dubai, Abu Dhabi and Sharjah. These states are the economic and commercial centers of the country and house a large population base in the region. These regions are anticipated to continue dominating UAE tire market through 2021 as well. Further, although offline channels dominated sales of tires in the UAE, rising internet penetration rates as well as growing popularity of e-commerce portals in the country is projected to drive sales of tires in the UAE through online channels. According to World Bank, internet penetration in the UAE crossed 91.2% in 2015.
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"With the increasing infrastructure and commercial projects in the UAE such as World Expo 2020, the country would be able to attract huge foreign investments in construction and infrastructure projects in the coming years. The country is anticipated to undergo major infrastructure transformations in energy, communication, transport, water, health and housing sectors across the country. This is projected to boost demand for automobiles and tires in the country in medium to long term", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"UAE Tire Market Forecast & Opportunities, 2021" has analyzed the potential of UAE tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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