IMARC Group’s latest report, titled “GCC Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the GCC tire market reached a volume of nearly 40 Million Units in 2016, growing at a CAGR of nearly 6% during 2009-2016. In the GCC countries, the majority of the consumers contribute to the sales of used vehicles while a small section prefers new vehicles. This has resulted in an increased demand for tires, particularly replacement tires, for the used cars. Apart from this, there has also been a trend of vehicle customisation among the consumers according to their personal tastes and preferences.
Highlights of the GCC Tire Market:
- Growing investments in the construction sector and increasing per capita GDP in the region act as the primary growth-inducing drivers.
- On the basis of product type, the market is segmented into OEM and replacement tires.
- Saudi Arabia holds the majority of the total share, representing the largest market.
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Growing investments in the construction sector and the rising use of vehicles for mining and industrial purposes have resulted in an increased demand for vehicles in the GCC region, which in turn, is stimulating the growth of the tire market. In addition, in rich countries like Saudi Arabia and Qatar, the expansion of vehicle fleet size has been witnessed along with the adoption of new tire technologies that are being offered by premium tire brands. Moreover, on account of hot climatic conditions in the region, the lifespan of replacement tires is shorter which leads to an increased consumption of tires by the consumers. Further, due to the lack of tire manufacturing facilities, the demand for tires is addressed mainly through imports which is beneficial for the entry of new manufacturers in the market. Increasing vehicle motorization rate, booming tourism sector and increasing per capita GDP are some of the other factors driving the growth of the tire market in the GCC region. According to the report, the market is further expected to reach a volume of around 55 Million Units by 2022.
Based on type, the market is segmented into OEM and replacement tires. The market has also been segmented on the basis of application, which include passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Region-wise, Saudi Arabia represents the largest market for tires, accounting for the majority of the total share in the GCC region. The other major markets include UAE, Kuwait, Qatar, Bahrain and Oman. Some of the key players operating in the market are Bridgestone, Michelin, Continental, Goodyear and Yokohama.
To view the report summary and Table of Contents, click on: http://www.imarcgroup.com/gcc-tire-market
The report has examined the GCC tire market on the basis of:
- Passenger vehicles
- Light commercial vehicles
- Heavy commercial vehicles
- Saudi Arabia
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