NEW YORK, Oct. 12, 2016 /PRNewswire/ -- Saudi Arabia happens to be one of the largest automotive market for both new as well as used vehicles amongst GCC countries in turn making it one of the largest market for tire's as well. As per OICA, Saudi Arabia's vehicle motorization rate (for passenger cars and commercial vehicles) stood at 212 vehicles per 1,000 people in 2014. As a result of harsh climatic conditions in the country, the replacement period of tires is generally about one and a half years. Due to absence of tire production in the country, the tire market in Saudi Arabia is import driven, with significant penetration of Chinese tire brands due to easy availability and low cost pricing as compared to flagship tire brands. However, the share of Chinese tire brands in Saudi Arabia tire market is anticipated to decline during the forecast period due to increasing availability of high quality tires by flagship tire brands, which are expected to gain popularity among vehicle owners due to their higher life cycle.
According to "Saudi Arabia Tire Market Forecast & Opportunities, 2021", the market of tire in Saudi Arabia is projected to grow at a CAGR of over 11% during 2016 – 2021. Growing construction activities, expanding vehicle fleet and growing automobile sales are the prominent factors expected to drive the tire market in Saudi Arabia during forecast period. Moreover, growing urbanization coupled with increasing immigration and per capita GDP have resulted in an increasing number of consumers in Saudi Arabia readily adopting new tire technologies being offered by premium tire brands. Central region grabbed the largest share in the country's tire market in 2015. Over the last decade, the region has evolved as the country's economic powerhouse due to largescale infrastructure development activities coupled with rising population and business activities. "Saudi Arabia Tire Market Forecast & Opportunities, 2021" discusses the following aspects of Saudi Arabia tire market:
- Saudi Arabia Tire Market Size, Share & Forecast
- Segmental Analysis – Passenger Car, Medium & Heavy Commercial Vehicle, Two-Wheelers, Off-the-Road & Light Commercial Vehicle
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of Saudi Arabia tire market
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tire companies, distributors and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Read the full report: http://www.reportlinker.com/p04214612-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/saudi-arabia-tire-market-forecast--opportunities-2021-300343856.html