Saudi Arabia Tire Market Report 2024-2032: Rapid Growth in Automobile Sector Fuels Expansion

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Mar 27, 2024, 06:45 ET

DUBLIN, March 27, 2024 /PRNewswire/ -- The "Saudi Arabia Tire Market Report by Type, End-Use, Vehicle Type, Size, Distribution Channel, and Region 2024-2032" report has been added to ResearchAndMarkets.com's offering.

The Saudi Arabia tire market size reached 22.6 Million Units in 2023. The market is projected to reach 25.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 1.32% during 2023-2032.

The Saudi Arabia tire market is predominantly import driven, with a considerable penetration of Chinese tire brands owing to their affordability and easy availability. However, over the past several years, the flagships brands have been gaining momentum as a result of high-quality assurance and extended life cycle of the products they offer.

Rapid development in the automobile sector of Saudi Arabia is contributing to the growth of the tire market. The expanding consumer base supported by the elevating living standards and increasing per capita expenditure on premium vehicle components further augments the market growth. The rising penetration of international tire brands offering high-quality assurance and extended product life has led to their growing presence in Saudi Arabia. Additionally, several regional tire manufacturing companies are entering into strategic partnerships and alliances with international players for expanding their product portfolios, thus leading to product premiumization.

Other factors that will catalyse the demand of tires in Saudi Arabia include increasing number of infrastructure projects, growing construction industry, rising demand for replacement tires, etc.

Key Questions Answered in This Report

What was the size of the Saudi Arabia tire market in 2023?
What is the expected growth rate of the Saudi Arabia tire market in 2024-2032?
What are the key factors driving the Saudi Arabia tire market?
What has been the impact of COVID-19 on the Saudi Arabia tire market?
What is the breakup of the Saudi Arabia tire market based on the type?
What is the breakup of the Saudi Arabia tire market based on the end-use?
What is the breakup of the Saudi Arabia tire market based on the vehicle type?
What is the breakup of the Saudi Arabia tire market based on the distribution channel?
What are the key regions in the Saudi Arabia tire market?
Who are the key players/companies in the Saudi Arabia tire market?

Competitive Landscape

Michelin Group
Bridgestone Corporation
Continental AG
Goodyear Tire and Rubber Company
Sumitomo Corporation
Pirelli & C. S.p.A
Yokohama Rubber Company
Hankook Tire and Technology
Toyo Tire Corporation
Kumho Tire

Key Market Segmentation:

Breakup by Type:

Radial
Bias

Breakup by End-Use:

OEM
Replacement

Breakup by Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Off-The-Road (OTR)

Breakup by Size:

Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Two Wheelers
Off-The-Road (OTR)

Breakup by Distribution Channel:

Offline
Online

Breakup by Region:

Northern and Central Region
Western Region
Eastern Region
Southern Region

For more information about this report visit https://www.researchandmarkets.com/r/b0be3c

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