KSA Tire Market Overview, Size, Trends And Future Forecast During 2023-2030

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KSA Tire Market
KSA Tire Market

The rim of a wheel surrounds the ring-shaped tire, which helps the vehicle's weight be transferred to the ground and provides grip on the surface being travelled over. The Saudi Arabian automotive industry's quick development helps fuel the expansion of the KSA Tire Market. Tires’ rubber compound and other ingredients allow for efficient performance in a variety of situations. A tire is made up of many different parts, including the tread, sidewall, inner liner, belts, and body ply.

The body ply provides the tyre its shape, and the belt strengthens and stabilises the tread region. Tiers are typically used in passenger automobiles, commercial vehicles, two-wheelers, and three-wheelers. The Saudi Arabian government is investing heavily in infrastructure development to support the Saudi Vision 2030, including other programmes like the National Industrial Development and Logistics Programme (NIDLP) and the establishment of "NEOM" smart cities.

The KSA Tire Market Is Projected To Reach US$ 3,431 Million In 2021 And Is Anticipated To Grow At A CAGR Of 11.8% From 2021 To 2028.

Due to the continued expansion of building activities and the therefore elevated demand for commercial vehicles like trucks and trailers, the KSA Tire Market will grow. The increasing requirement for replacing tyres quickly due to adverse weather conditions is another factor that will promote market expansion in this region.

The majority of tyres sold in Saudi Arabia are imported, and Chinese tyre manufacturers have a substantial KSA Tire Market share since they are inexpensive and widely accessible. The high-quality assurance and prolonged life cycle of the items they offer, however, have resulted in the major brands gaining pace over the past few years.

Competitive Landscape

Companies that operate in the KSA Tire Market are The Bridgestone Group, Hankook Tyre Company, Apollo Tyres Ltd., Michelin Group, Toyo Tyre & Rubber Company Ltd., Goodyear Tyre and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tyre & Rubber Company, and Continental AG.

KSA Tire Market Trends

Growing Automotive Industry: The tire market in KSA is closely linked to the automotive industry. Saudi Arabia has been witnessing significant growth in its automotive sector, with increased vehicle sales and production. This growth is driven by factors such as a growing population, improved road infrastructure, and rising disposable income.

Vehicle Protection Service involves the provision of insurance coverage specifically tailored for vehicles, safeguarding owners against financial losses due to accidents, theft, vandalism, or natural disasters.

Replacement Tire Demand: The replacement tire segment is a major driver of the KSA Tire Market. As the vehicle population grows and more vehicles reach the replacement cycle, there is a continuous demand for new tires. This trend is expected to continue as more vehicles hit the roads in the country.

Shifting Consumer Preferences: There has been a shift in consumer preferences towards high-quality tires that offer better performance, durability, and safety. Consumers are becoming more conscious of the importance of tire quality and are willing to invest in premium and branded tires.

 

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