Market Research Report - 264515
Qatar Tyre Market Forecast and Opportunities, 2020
|Published by||TechSci Research|
|Published||Content info||89 Pages|
|Qatar Tyre Market Forecast and Opportunities, 2020|
|Published: December 11, 2015||Content info: 89 Pages||
With a population of over 2.28 million in 2015, Qatar is one of the smallest countries within the Gulf Cooperation Council (GCC) in terms of population and geographical area. However, the country ranks first among the richest countries in the world, in terms of GDP per capita. As per OICA, Qatar's vehicle motorization rate (for passenger cars and commercial vehicles) stood at 424 vehicles per 1,000 people in 2013. As a result of harsh climatic conditions in Qatar, the replacement period of tyres is generally about one and a half years. Moreover, due to absence of tyre production in the country, the tyre market in Qatar is import driven, with significant penetration of Chinese tyre brands due to easy availability and low cost pricing as compared to flagship tyre brands. However, it is anticipated that the share of Chinese tyre brands in Qatar tyre market will decline during the forecast period due to increasing availability of high quality tyres by flagship tyre brands, which are expected to gain popularity among consumers due to their higher life cycle.
According to “Qatar Tyre Market Forecast & Opportunities, 2020”, high vehicle ownership, expanding vehicle fleet and growing automobile sales are expected to drive Qatar tyre market at a CAGR of around 11% during 2015 - 2020. Further, rising employment and urbanization, coupled with increasing immigration and per capita GDP have resulted in an increasing number of consumers in Qatar readily adopting new tyre technologies being offered by premium tyre brands. With Qatar hosting FIFA World Cup 2022, the country's construction industry is expected to witness growth in the coming years, owing to which sales of OTR and commercial vehicles are also anticipated to increase through 2020.
“Qatar Tyre Market Forecast & Opportunities, 2020” elaborates on the following aspects of tyre market in Qatar:
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tyre companies, distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.