KSA Automotive Tire Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033


KSA Automotive Tire Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research

 Published: Sep-2023
 Author: SPER Analyst

Saudi Arabia Tire Market is projected to be worth USD 0.03 billion by 2033 and is anticipated to surge at a CAGR of 2.35%.

A tyre is a ring-shaped piece that is encircled by a wheel's rim and aids in transmitting the weight of a moving vehicle to the ground while supplying traction on the terrain being traversed. The rubber composition and other components of a tyre allow for effective performance under various circumstances. The body ply, bead, belts, inner liner, sidewall and tread are just a few of the components that make up a tyre. The body ply gives the tyre its structure, and the belt gives the tread region of the tyre stability and strength. Passenger automobiles, commercial vehicles, two-wheelers, and three-wheelers all typically utilise tyres.

Saudi Arabia Tire Market Driving Factors and Challenges

The size of Saudi Arabia's vehicle fleet is growing, the automotive industry is expanding quickly, people have more discretionary income, and foreign tyre brands are becoming more and more well-liked. Chinese brands are selling better since they are more accessible and less expensive than other brands, which is driving up their popularity in the KSA tyre market.  To support the Saudi Vision 2030, the Saudi government is also making significant investments in infrastructure development, such as the creation of "NEOM" smart cities and other initiatives like the National Industrial Development and Logistics Programme (NIDLP). The Saudi Arabia Tyre Market is being driven by the ongoing expansion of building activities, which would significantly raise demand for commercial vehicles including trucks and trailers. Another element driving the demand for tyres in Saudi Arabia is the growing need to replace tyres more frequently due to harsh weather. For routine travel, consumers now prefer using personal vehicles over public transportation. This fundamental change will open up new market prospects, which will draw a lot of end users to the Saudi Arabia Tyre market. Numerous multinational behemoths are concentrating on the development of technology in the production of tyres, such as the use of nanotechnology to slow down tyre wear and tear and meet changing consumer demand.

However, the Saudi Arabian tyre market has a number of difficulties. Pricing pressures are brought on by economic swings and competition, and the market's substantial reliance on imports leaves it open to supply chain disruptions and exchange rate changes. Continuous adaptation is necessary to comply with regulations, especially those pertaining to safety and environmental standards. Increased environmental concerns and changes in raw material prices put additional pressure on costs and sustainability. Operations are made more difficult by seasonal demand changes and problems with counterfeit goods. Continuous adaptation is necessary due to the changing environment brought on by electric vehicles and technology improvements. In addition, despite these numerous obstacles, maintaining road infrastructure and upholding safety and quality standards are still essential for the market's sustainability.

Impact of COVID-19 on Saudi Arabia Tire Market
On the Saudi Arabia Tire market, the COVID-19 epidemic had a considerable effect. Lockdowns in numerous nations brought forth by the COVID-19 pandemic outbreak have created a serious issue for the tyre business. A number of manufacturing facilities briefly halted production, and social isolation and lockout led to a reduction in output, momentarily pausing the overall output. Due to a labour shortage and a disturbance in raw material deliveries, operational capacity also decreased. In addition, the closure of construction projects and warehouses owing to the economic recession and supply-side concerns reduced the demand for tyres from a variety of end-user industries, including construction, industrial, agriculture, and mining. Additionally, the epidemic put logistics and transportation operations in jeopardy, and restrictions on on-road travel had a short-term impact on tyre supply, limiting the market's expansion.

Saudi Arabia Tire Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire and Technology, Kumho Tire, Michelin Group, Pirelli & C. S.p.A, Sumitomo Corporation, Toyo Tire Corporation, Yokohama Rubber Company, Others.

Saudi Arabia Tire Market Segmentation:

By Product Type: Based on the Product Type, Saudi Arabia Tire Market is segmented as; Tube Tire, Tubeless Tire.

By Vehicle Type: Based on the Vehicle Type, Saudi Arabia Tire Market is segmented as; Heavy Commercial Vehicle, Light Commercial Vehicle, Medium &amp, Off-The-Road, Passenger car, Three Wheelers, Two-Wheeler.

By Design: Based on the Design, Saudi Arabia Tire Market is segmented as; Radial Tire, Bias Tire.

By Distribution Channel: Based on the Distribution Channel, Saudi Arabia Tire Market is segmented as; Online, Offline.

By End-Use: Based on the End-Use, Saudi Arabia Tire Market is segmented as; OEM Market, Replacement Market.

By Region: This research also includes data for Eastern, Central, Northern, Northwest, Midwest, and Southwest Saudi Arabia.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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