Market Research Report
Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||952907|
|Published||Content info||108 Pages
Delivery time: 2-3 business days
|Saudi Arabia Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: July 18, 2020||Content info: 108 Pages||
The Saudi Arabia tire market grew at a CAGR of around 7% during 2014-2019. The Saudi Arabia tire market is predominantly import driven, with a considerable penetration of Chinese tire brands owing to their affordability and easy availability. However, over the past several years, the flagships brands have been gaining momentum as a result of high-quality assurance and extended life cycle of the products they offer.
Rapid development in the automobile sector of Saudi Arabia is contributing to the strong growth of the tire market. The expanding consumer base supported by the elevating living standards and increasing per capita expenditure on premium vehicle components further augments the market growth. The rising penetration of international tire brands offering high-quality assurance and extended product life has led to their growing presence in Saudi Arabia. Additionally, several regional tire manufacturing companies are entering into strategic partnerships and alliances with international players for expanding their product portfolios, thus leading to product premiumization. furthermore, in 2018, Saudi Arabia allowed women to drive a car on their own, ending a ban where women were legally required to be driven by chauffeurs or travel with male family members. This is expected to further drive the demand of tires in Saudi Arabia. Other factors that will catalyse the demand of tires in Saudi Arabia include increasing number of infrastructure projects, growing construction industry, rising demand for replacement tires, etc. Looking forward, IMARC Group expects the market to continue its moderate growth during the next five years.
Breakup by Type