According to the latest report by IMARC Group, titled “GCC Tire (Tyre) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the GCC tire (tyre) market reached a value of US$ 2.5 Billion in 2020. Looking forward, the GCC tire market is expected to exhibit moderate growth during the next five years.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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A tire is a ring-shaped, pneumatically inflated structure made from natural or synthetic rubber, carbon black, fabric, and wire. It encloses the rim of a wheel to form soft contact and helps in transferring the vehicle’s load onto the road. A tire also serves as a cushion for the wheels of a moving vehicle while providing a gripping surface for traction. It reduces the impact of vibrations, absorbs shocks, and effectively withstands the tractive force between the surface of the road and the vehicle, thereby improving the vehicle’s overall performance.
The inflating income levels and elevating living standards of consumers are augmenting the sales of luxury vehicles, thereby driving the market for high-quality tires in the GCC region. Additionally, the hot climatic conditions and rugged terrain in the region cause constant wear and tear of automobile tires, which are further escalating the need for replacement of tires. Moreover, the rising adoption of second-hand vehicles, coupled with the shifting consumer preferences towards green and eco-tires, are also creating a positive outlook for the market. Besides this, the launch of new product variants that offer greater mileage and improved performance, such as non-pneumatic tires (NPT) or airless tires, are expected to further proliferate the market growth in the coming years.
GCC Tire Market Trends:
The market in the GCC region is primarily driven by a significant increase in the per capita income levels of the majority of the population. This, along with rapid urbanization and improving standards of living, has contributed to a boost in the sales of luxury vehicles, thereby providing a thrust to the market growth. Moreover, the rugged terrain and hot climatic conditions in the GCC region lead to constant wearing and tearing of automobile tires, which are creating an escalating demand for replacement tires. The growing trend of using second-hand vehicles, along with continual research and development (R&D) to improve the rubber quality and tire design, is acting as another major growth-inducing factor. Manufacturers are launching new product variants that offer greater mileage and improved performance, especially in extreme weather conditions. They have also introduced non-pneumatic tires (NPT) or airless tires, which do not deflate under any circumstances and offer lower rolling resistance for higher fuel economy. Apart from this, the shifting preference among users toward green and eco-tires is anticipated to create a positive outlook for the market. The flourishing tourism sector, along with the increasing establishment of local tire manufacturing facilities, are some of the other factors facilitating the market growth.
GCC Tire (Tyre) Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the GCC tire (tyre) market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Market Segmentation:
The report has segmented the GCC tire (tyre) market on the basis of design, end-use, vehicle type, distribution channel and key region.
Breakup by Design:
- Radial Market
- Bias Market
Breakup by End-Use:
- OEM Market
- Replacement Market
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Two Wheelers
- Three Wheelers
- Off-The-Road (OTR)
On the basis of type, the market has been segmented into OEM and replacement tires.
Breakup by Distribution Channel:
Breakup by Key Regions:
- Saudi Arabia
- Other Major Markets in GCC Region
]On the geographical front, Saudi Arabia holds the leading position in the market. Saudi Arabia is followed by the UAE and other countries.
Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/gcc-tire-market
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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