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KSA - Tire Market Segmented By Pneumatic, Non-Pneumatic Product with Two Wheeler, Four Wheeler Aircraft Vehicle Type By On Road, Off Road
The tire market in Kingdom of Saudi Arabia (KSA) is expected to expand at double-digit CAGR by the end of the year 2026, primarily driven by the augmenting demand for four wheeler tires. With a high demand for lightweight and passenger vehicles in the region, the passenger tire segment is expected to contribute substantial revenue in the global market in the years ahead.
The commercial car segment is projected to generate lucrative growth opportunities for the manufacturers in the coming years. The favorable government taxation policies also act as a catalyst in the market progress.
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The dull business and progress in the automobile sector during the COVID-19 pandemic is expected to deflate the growth of tire market in Saudi Arabia. However, this decline is expected to end as the economy resumes. The central and western provinces of Saudi Arabia are estimated to lead the market during the forecast period in terms of growth.
Such developments are on the back of a large concentration of tire outlets in regions including Riyadh, Medina, and Mecca. Market players are strengthening their presence on e-commerce sites to increase their sales. Established players profiled in the market include Goodyear tire and Rubber Company, Hankook Tire Company, Toyo tire & rubber company ltd., Continental AG, The Bridgestone Group, and Pirelli & C Spa.
Tire market in Saudi Arabia is growing rapidly, owing to Increase in a number of per capita vehicle in the Kingdom. As per Persistence Market Research analysis revenue from Saudi Arabia, tire market is expected to grow 3.2X by 2026 compared to that in 2016. Growth is primarily driven by the increasing demand coming from the four wheeler vehicle tire segment. The company forecasts the four wheeler vehicle tire segment market to grow at a strong CAGR during the 10 year forecast period of 2016 through 2026.
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Get a Customized VersionIn comparison with the other countries in the world, Kingdom of Saudi Arabia is the cheapest country to buy automobiles and its part with no Luxury Tax or VAT. The country also offers the opportunity to buy automobiles with affordable financing plans. As a result, availability of four wheeler vehicle segment is higher which represents a higher market for four-wheeler tire.
The Kingdom’s Western and Central Province is demonstrating a rapid growth in the demand for four wheeler vehicle tire as compared with rest of the provinces in the region. The Western & central province comprises of cities such as Riyadh, Mecca and Medina, which accounts for more than 80% of total tire retail outlets in the kingdom, and has been the largest concentration of four wheeler vehicle tire retail outlets in future.
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