Saudi Tire Market Trends, Share, Growth Drivers, Key Manufacturers, Demand, Competitive Analysis, Challenges and Future Investment Strategies by 2033: SPER Market Research
The wheel rim surrounds the ring-shaped part called a tire, which helps transfer the vehicle’s weight to the ground and provides traction on the surface being driven over. Effective performance is made possible by the rubber compound and other materials used in tires under a variety of conditions. A tire is made up of various parts, including the tread, sidewall, inner liner, belts, and body ply.
According to SPER market research, ‘Saudi Arabia Tire Market Size- By Product Type, By Vehicle Type, By Design, By Distribution Channel, By End-Use – Regional Outlook, Competitive Strategies and Segment Forecasts to 2033- state that the Saudi Arabia Tire Market predicted to reach USD 0.03 billion by 2033 with a CAGR of 2.35%.
The Saudi Arabian tire industry is primarily driven by the country’s economic prosperity and the expansion of its automotive sector. Because of the Kingdom’s oil-rich economy, more people have more disposable income, which has raised the percentage of people who own cars. The need for tires increases as more people purchase cars, propelling the market’s expansion. Additionally, Saudi Arabia has been actively promoting domestic auto assembly and manufacturing, which has helped the nation’s auto industry grow. Because it gives producers a domestic market, this growth supports the tire industry even more. With new developments in technology and tire innovation, the global tire market is always changing. There is a growing trend in Saudi Arabia among consumers to seek tire options that are environmentally friendly and technologically advanced.
The Saudi Tire Market faces several major challenges, chief among them being the nation’s susceptibility to economic fluctuations, especially with regard to variations in the price of crude oil globally. The Kingdom’s economy is closely linked to the price of oil because it primarily depends on oil exports for its income. The Saudi economy may be negatively impacted by sudden drops in oil prices, which could result in lower consumer spending and increased economic uncertainty. These elements have a direct effect on tire demand since during recessions people may put off buying tires or other non-essential goods
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The COVID-19 pandemic outbreak has created a significant problem for the tire industry because it has led to lockdowns in many countries. A number of factories came to a temporary halt, and lockouts and social isolation caused production to be scaled back, which in turn caused the overall output to temporarily stop. Additionally, operational capacity was decreased as a result of a labor shortage and a disruption in the raw material supply. In addition, the recession and supply-side issues caused warehouse closures and construction projects, which in turn decreased demand for tires from a number of end-user industries, including mining, construction, industrial, and agriculture. The pandemic also put logistics and transportation operations in jeopardy, and restrictions on on-road travel directly affected the supply of tires, which slowed the market’s growth.
Over the past few years, Saudi Arabia’s tire market has grown steadily and impressively. Numerous factors, such as the country’s growing automobile population and the growth of the automotive industry, are responsible for this growth. With major players investing in manufacturing facilities and the establishment of research and development centres, the automotive sector in Saudi Arabia has seen significant development. Because of these investments, tire technology and production techniques have advanced, increasing the demand for Saudi Arabian tires on both the domestic and international markets.
KSA Automotive Tire Market Key Players:
Furthermore, a few of the major companies in the market are Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company
Our in-depth analysis of the KSA Tire Market includes the following segments:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type:
- Tube Tire
- Tubeless Tire
By Vehicle Type:
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Medium &
- Off-The-Road
- Passenger car
- Three Wheelers
- Two-Wheeler
By Design:
- Radial Tire
- Bias Tire
By Distribution Channel:
- Online
- Offline
By End-Use:
- OEM Market
- Replacement Market
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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