KSA Tire Market Is Estimated To Witness High Growth Owing To Increasing Sales of Commercial Vehicles10/12/2023 The global KSA tire market is estimated to be valued at US$ 3,431 million in 2021 and is expected to exhibit a CAGR of 11.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: The KSA tire market refers to the demand and supply of tires in the Kingdom of Saudi Arabia. Tires are an essential component of vehicles and play a crucial role in ensuring safe and smooth transportation. The market primarily includes the sale of tires for passenger vehicles, commercial vehicles, and off-road vehicles. The advantages of high-quality tires include improved traction, fuel efficiency, and enhanced control over the vehicle. With the growing population and economic development in Saudi Arabia, the demand for vehicles has been increasing, thereby driving the growth of the tire market in the country. Market Key Trends: One key trend driving the KSA tire market is the increasing sales of commercial vehicles. With the expanding logistics and transportation sector in Saudi Arabia, there is significant demand for commercial vehicles such as trucks and buses. These vehicles require regular replacement of tires due to wear and tear caused by long-distance travels. Additionally, the construction industry also contributes to the demand for tires as heavy-duty vehicles are used in construction sites. The increasing sales of commercial vehicles and construction activities are expected to drive the demand for tires in the KSA market. Furthermore, advancements in tire technology, such as the development of eco-friendly and fuel-efficient tires, are also expected to positively impact market growth. Key Players: The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire & Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tire & Rubber Company, and Continental AG. PEST Analysis: Political: The political environment in the KSA tire market is stable, with supportive government policies and regulations. The government is focused on promoting economic growth and attracting foreign investments, which is beneficial for the tire market. However, there may be potential challenges related to trade restrictions and tariffs. Economic: The KSA tire market is expected to witness high growth, with a projected CAGR of 11.8% over the forecast period. This can be attributed to the recovering economy, increasing consumer spending power, and growing automotive industry. Moreover, the government's initiatives to diversify the economy and reduce dependence on oil are further boosting the market growth. Social: The social factors influencing the KSA tire market include a growing population, urbanization, and changing lifestyle patterns. The increasing number of vehicle owners and rising awareness about safety and performance are driving the demand for tires in the market. Additionally, the preference for premium and high-quality tires is also on the rise. Technological: Technological advancements are significantly impacting the tire market in KSA. Innovations in tire materials, tread patterns, and tire manufacturing processes are enhancing the durability, fuel efficiency, and performance of tires. Furthermore, advancements in connected car technologies and the adoption of electric vehicles are creating opportunities for tire manufacturers to develop specialized products. Key Takeaways: The KSA tire market is expected to witness substantial growth, exhibiting a CAGR of 11.8% over the forecast period. The market size for 2021 is estimated to be US$ 3,431 million. This growth can be attributed to increasing consumer purchasing power, the growing automotive industry, and government initiatives to diversify the economy. Furthermore, the shift towards premium and high-quality tires, along with technological advancements, is driving market growth. In terms of regional analysis, KSA is the fastest-growing and dominating region in the tire market. The country's favorable business environment, strategic location, and government support for the automotive sector make it an attractive market. The growth of the automobile industry and the increasing vehicle fleet in KSA are driving the demand for tires. Key players operating in the KSA tire market include The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire & Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tire & Rubber Company, and Continental AG. These key players have a strong presence in the market and focus on product innovation, expansion of distribution networks, and strategic partnerships to gain a competitive edge. Read More: https://www.rapidwebwire.com/ksa-tire-market-is-estimated-to-witness-high-growth-owing-to-increasing-automotive-sales-and-expanding-transportation-industry/
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