UAE Tire Market Size and Share, Upcoming Trends, Growth Drivers, Price, Challenges, Key Manufactures, Future Opportunities and Forecast 2023-2033: SPER Market Research
A tire is an air cushion that is compressed and fitted around the wheel. Tires are made of rubber. Its primary purpose is to provide tractive force between the vehicle and the road surface while protecting the wheel rim. Additionally, tires offer a flexible cushion that reduces vibration and absorbs shock from the vehicle. The term “tire market” refers to the worldwide industry that includes the production, sale, and distribution of tires for a range of vehicles, such as automobiles, trucks, buses, motorcycles, and off-road vehicles. Tires are mostly made of natural rubber, while synthetic rubber is also utilized in their production. But the rubber needs to be treated with a number of chemicals and heated in order to create the right qualities of strength, resilience, and wear resistance.
According to SPER market research, ‘UAE Tire Market Size- By Type of Tire, By Rim Diameter, By Sales Channel, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the UAE Tire Market is predicted to reach USD 0.98 billion by 2033 with a CAGR of 11.24%.
The constantly increasing percentage of vehicle ownership in the UAE is one of the major factors driving the tire market in that nation. The UAE has one of the highest rates of per capita car ownership in the world, thanks to a number of variables including strong economic growth, a high standard of living, and a culture that values cars. Moreover, the tire market is significantly influenced by the UAE’s quick urbanization and infrastructural development. The nation has made significant investments in road modernization, expansion, and new construction projects. The demand for personal, public, and commercial automobiles rises as a result of these activities, which also enhance transportation networks and boost economic activity. The patterns of consumer mobility are influenced by the growth of metropolitan centres and improved road infrastructure.
Alarming Environmental Concerns over the Use of Rubber Tires are a major Restraint Factor that Can Resist the Tire Market’s Growth. The primary component of tires, rubber, significantly contributes to environmental deterioration. The UAE government has implemented strong measures to mitigate the negative consequences as a result. Burning tires releases toxic acid fumes and leaves an oily residue in their wake. Furthermore, these fires may burn for several weeks and cannot be put out. Therefore, the large-scale manufacture of tires and the wasteful disposal of rubber tires could potentially limit the growth of the UAE tire market in the years to come.
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The majority of UAE businesses saw a slowdown in 2020 as a result of the Covid-19 epidemic, and the tire sector was no exception. The tire market faced a number of difficulties as a result of the UAE government’s strict movement restrictions, travel bans, and nationwide lockdown, including disruptions in the raw material supply chain, labour shortages, wider gaps between supply and demand, delivery delays and cancellations, closing of manufacturing facilities, etc. It consequently resulted in significant financial losses for the top companies in the UAE tire market.
UAE Automotive Tire Market Key Players:
Geographically speaking, the Asia Pacific area holds the biggest market share because of its enormous population, quick economic development, and rising car penetration across several nations. In addition, the area is known for the quick rise in the production of automobiles and the growing popularity of electric cars (EVs). The region’s abundant supply of raw materials and the existence of significant tire producers also contribute to the market’s expansion. In addition, the region’s expanding use of motorbikes and scooters is driving up demand for two-wheeler tires, which is driving up market growth. Furthermore, Michelin, Dunlop Tires, Continental AG, Goodyear Tire and Rubber Company, and other major firms are some of the market leaders.
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UAE Automotive Tire Market Size
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