Saudi Arabia Tire Market Revenue, Size, Growth, Share, Upcoming Trends, Key Manufactures, Business Analysis and Opportunities 2033: SPER Market Research
Automotive tires are the cylinder-shaped, rubber-coated, externally visible portion of a car that covers the wheel rim. The main purpose of the tyre is to protect the wheel rim and create tractive force between the car and the road. It also provides a flexible cushion due to its rubber composition, which reduces vibrations and absorbs stress from automobiles. Rubber tires are made up of tread, beading, a jointless cap pile, and other materials including fabric, carbon black, and synthetic rubber.
According to SPER Market Research, ‘Saudi Arabia Tire Market Size- By Product Type, By Vehicle Type, By Design, By Distribution Channel, By End-Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Saudi Arabia Tire Market is estimated to reach USD 0.03 billion by 2033 with a CAGR of 2.35%.
Drivers: Saudi Arabia’s tyre market has grown consistently and impressively in recent years. This growth can be ascribed to a variety of factors, including the expansion of the automotive sector and the country’s growing population of vehicle owners. The automotive business in Saudi Arabia has grown significantly, with key firms investing in production facilities and establishing R&D centres. These expenditures have resulted in advances in tire technology and manufacturing methods, making Saudi Arabia tires extremely desirable in both domestic and international markets. Rapid urbanisation and rising disposable incomes have fuelled demand for vehicles, resulting in a huge increase in the tyre industry.
Restraints: The reliance of the Saudi Arabian tyre market on imports is a challenge. Even though the nation has been aggressively promoting the growth of indigenous sectors, such as the tyre industry, a sizable amount of the nation’s tyre supply still comes from imports. Changes in currency values and exchange rates can result in higher tyre prices, which would be more costly for customers. Because rising costs can deter people from replacing their tires as frequently as necessary, this might potentially impede the expansion of the tire market.
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The Covid-19 pandemic had a significant effect on the automotive and tyre industries in 2020, posing various previously unheard-of obstacles for Saudi Arabia’s top tyre producers. Tyre importers and manufacturers suffered enormous financial losses as a result of the crisis’s lockdown and severe movement restrictions, interruptions to the supply chain, delays in delivery and manufacturing, and price swings.
Saudi Arabia’s government has not imposed any limitations on construction projects because they are a major source of economic stability throughout the nation. It consequently increased the need for tires and commercial vehicles and made it possible for the market’s top companies to continue operating.
The Northern & Central area dominates the Saudi Arabian tyre market. This dominance can be linked to a number of factors that together increase the demand for tires in this region, such as urbanisation, infrastructure developments, economic development, and a higher population density. Major players in the market are Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire and Technology, Kumho Tire, Michelin Group, and Others.
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