Proliferating demand for tires from four wheeler vehicles segment will continue to provide an impetus to tire market in the Kingdom of Saudi Arabia. The market is expected to gain revenues around US$ 2. 12 Bn by 2016. Driven by robust sales of tires throughout the forecast period, KSA tire market will witness an impressive CAGR of 10.8% through to 2026.
Scorching heat all over the KSA resulting in burgeoning demand of four wheeler vehicles, is estimated to remain a key driver propelling the tire market across the KSA. Moreover, increasing number of light motor vehicles is escalating tire demand. Favorable taxation policies set by the KSA Government, resulting in cheaper vehicle prices, will also remain a key factor influencing the market growth.
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Rising inclination of population to purchasing top-end, luxury cars is expected to have a positive impact on the market in the long run. Increasing consumer preference toward OEMs will continue to fuel tire sales. Overall market revenues are foreseen to witness steady increase. Implementation of strict import standards by SASO and regulatory legislation associated with used tire sales may however restrain the market growth during the forecast period.
By vehicle type, four wheeler vehicles will remain the most prominent segment, led by cars and passenger vehicles, accounting for more than US$ 1.43 Bn to total market revenues in 2016. Within four wheeler vehicles segment, passenger cars are anticipated to attract the maximum growth opportunities, owing to growing demand for passenger cars and light trucks. Commercial cars are expected to retain the second largest market position. KSA Tire Market Projected to Reach a Value of US$ 2,123 Mn in 2016, Registering a Healthy CAGR of 10.8% by 2026 End
Based on product type, pneumatic and non-pneumatic tire segments will witness strong sales, owing to increasing R&D initiatives by manufacturers. Online tire sale is anticipated to capture a significant revenue share in the KSA tire market.
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By region, the Western and Central Provinces of Saudi Arabia are predicted to record the maximum consumption of four wheeler tires, compared to other provinces. These two regions will witness significant growth over the forecast period. Retail tire sales is estimated to be highly concentrated in the provincial cities of Riyadh and Mecca, over 80% of total sales.
Key Players
Key players identified in the KSA tire market include The Bridgestone Group, Continental AG, Pirelli & C Spa, and Michelin Group, will continue to strengthen their dominance in the KSA tire market. Major brands will face strong competition from other companies, including Apollo Tyres Ltd., Yokohama Rubber Company Ltd., and Goodyear Tire & Rubber Company.
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Proliferating demand for tires from four wheeler vehicles segment will continue to provide an impetus to tire market in the Kingdom of Saudi Arabia.
Driven by robust sales of tires throughout the forecast period, KSA tire market will witness an impressive CAGR of 10.8% through to 2026.
Favorable taxation policies set by the KSA Government, resulting in cheaper vehicle prices, will also remain a key factor influencing the market growth.Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114709/Tire-MarketRising inclination of population to purchasing top-end, luxury cars is expected to have a positive impact on the market in the long run.
Implementation of strict import standards by SASO and regulatory legislation associated with used tire sales may however restrain the market growth during the forecast period.By vehicle type, four wheeler vehicles will remain the most prominent segment, led by cars and passenger vehicles, accounting for more than US$ 1.43 Bn to total market revenues in 2016.
Within four wheeler vehicles segment, passenger cars are anticipated to attract the maximum growth opportunities, owing to growing demand for passenger cars and light trucks.
KSA Tire Market Projected to Reach a Value of US$ 2,123 Mn in 2016, Registering a Healthy CAGR of 10.8% by 2026 EndBased on product type, pneumatic and non-pneumatic tire segments will witness strong sales, owing to increasing R initiatives by manufacturers.
Summer and winter tyres are distinguished primarily by three factors: rubber composition, construction, and tread pattern.
In contrast, winter tyres are designed to perform better in colder climates (below 7°C).These units offer a more potent rubber formula with better adhesion and grip on irrigated and rained surfaces.
The summer tyres have a thinner tread pattern than winter tyre tread, which helps in road precision, resulting in a loss of performance.On the other hand, Yokohama Tyres Milnathort winter tyres are made with a particular rubber formula.
They also include thicker groove patterns for better handling on icy roads and little ridges in the pattern, called sipes that help distribute water and avoid aquaplaning.What Are The Advantages Of Using Summer Tyres?
Some major advantages of summer tyres are mentioned below which makes them one of the most popular choices among tyre buyers Summer tyres contain a short composition that softens in milder conditions, allowing them to adapt to dry and wet conditions.Summer tyres contain fewer sipes than winter tyres, but they have tread bars specially intended to prevent aquaplaning in warm temperatures; these provide increased grip, ensuring excellent traction on wet and dry roads.The tread depth of summer tyres is essential, and they feature larger tread blocks for maximum contact patch, which increases the traction on the road, and they don't require the same level of traction on the road as winter tyres.One of the significant advantages of summer tyres is that they have lower rolling resistance and make less noise, which is good for the environment.Can Winter Tyres Be Utilized In Summer?One of the most significant drawbacks of using winter tyres in the summer is that it reduces performance.
Winter tyres' rubber causes them to deteriorate quicker on sunny, dry roads, necessitating their replacement sooner.
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