Saudi tyre market to grow 12pc
Dublin, April 6, 2014
Saudi Arabia’s tyre market is set to grow at an average rate of around 12 per cent during the six-year period to 2018 in terms of market revenue, according to a research report.
The ‘Saudi Arabia Tyre Market Forecast & Opportunities, 2018’ report pointed out that despite negligible domestic production of automobiles in the country, the vehicle sales are increasing at a strong pace, mainly driven by imports, which has resulted in huge demand for aftermarket products such as tyres.
Global tyre companies such as Yokohama, Bridgestone, Hankook, and Michelin are the leading players in Saudi Arabia's tyre market and are operating in the country through their authorised distributors/ importers, it said.
The continuous increase in the demand for automobiles along with the shorter tyre replacement cycle will drive the tyre industry in the kingdom during the forecast period, said the report.
The passenger car tyre segment dominates the tyre market in Saudi Arabia, followed by the commercial vehicle tyre segment.
The growing industrialisation and increasing investments in the kingdom are further likely to push the demand for automobiles and tyres in Saudi Arabia over the next five years.
In addition, the demand for tyres is also increasing due to foray of technologically improved tyres, which provide more fuel efficiency and vehicle safety.
The information contained in the report is based upon both primary and secondary sources. Primary research included interviews with tyre manufacturers, distributors and industry experts, while secondary research included an exhaustive search of relevant publications like company annual reports, financial reports, and proprietary databases.
The key topics covered in the report include the tyre market outlook, replacement tyre market, passenger car tyre market outlook, raw material analysis, trade dynamics, sales distribution analysis, swot analysis of Saudi Arabia automotive market, market dynamics, policy and regulatory landscape, market trends and developments, economic outlook, competitive landscape and strategic recommendations. - TradeArabia News Service