KSA Automotive Tire Market Trends, Growth, Share, Revenue, Key Manufacturers, Challenges, Business Opportunities, and Forecast till 2023–2033: SPER Market Research
A tire is a ring-shaped part that is encircled by the rim of a wheel and serves to both provide grip on the terrain it is traveling over and aid transfer the weight of the vehicle to the ground. The rubber compound and other materials used in tire enable efficient performance in a variety of circumstances. The inner liner, sidewall, tread, body ply, bead, and belts are some of the components that make up a tire. The tire’s structure is formed by the body ply, while the tread region of the tire is strengthened and stabilized by the belt.
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’ state that the Saudi Arabia Tire Market is predicted to reach USD 0.03 billion by 2033 with a CAGR of 2.35%.
The market for tires is directly and favourably impacted by the country’s transportation infrastructure. The government has adopted severe vehicle safety standards and regulations, including tire-related criteria. Customers are compelled to update or improve their tires to better accommodate the shifting weather patterns due to climate variability and harsh weather. In the Saudi tire market, innovations like run-flat tires, low rolling resistance tires, and smart tires have become more popular as customers look for tires that provide increased safety, longer lifespans, and higher fuel efficiency. Manufacturers are developing new tire options to meet their changing demands, generating growth through product innovation.
The Saudi Arabian tire market has several major issues, chief among them being the nation’s susceptibility to economic fluctuations. This results in higher tire prices, which would be more expensive for customers. Increased pricing may deter consumers from replacing their tires as frequently as necessary, which could impede the expansion of the tire market. Extreme heat, harsh road surfaces, and rapid weather changes can all lead to frequent tire repairs, increasing consumer car ownership costs. Saudi Arabia has imposed strict laws concerning to tire quality and vehicle safety. For manufacturers, maintaining regulatory compliance while producing high-quality products can be difficult because it necessitates large investments in testing and quality assurance procedures.
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The Covid-19 outbreak had a significant impact on the car and tire industries, posing several hitherto uncommon challenges for Saudi Arabia’s top tire producers. Tire importers and manufacturers suffered enormous financial losses because of the crisis’s lockdown and severe mobility restrictions, interruptions to the supply chain, delays in delivery and production, and price swings. The government removed the ban and permitted the restart of industrial activities when the number of Covid-19 cases began to steadily decline. It made it possible for the major players to continue producing as usual to meet the various end-user needs. Most tire producers used internet platforms to sell their goods on e-commerce websites and provide doorstep delivery and installation services to their clients, which helped the tire business recover after the financial crisis.
Saudi Arabia Tire Market Key Players:
In terms of growth, the Saudi Arabian provinces in the west and centre are predicted to dominate the market during the projected time. These changes follow from a high concentration of tire stores in areas like Mecca, Medina, and Riyadh. Some of the major participants are Bridgestone Corporation, Continental AG, Hankook Tire and Technology, Kumho Tire, Michelin Group, and others.
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Saudi Arabia Tire Market Future Outlook
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