NEW YORK, October 7, 2016 /PRNewswire/ --
Growing automobile sales coupled with expanding vehicle fleet to drive Saudi Arabia tire market through 2021
According to recently released TechSci Research report, "Saudi Arabia Tire Market Forecast & Opportunities, 2021", Saudi Arabia tire demand is projected to grow at a CAGR of over 11% during 2016 - 2021. Improving macroeconomic scenario, growing vehicle fleet, increasing automobile sales and favourable government policies are some of the major factors anticipated to boost the demand for tires in the country over the next five years. The cumulative sales of passenger cars and commercial vehicles in the country grew at a CAGR of 8.91% during 2011-2015.
Browse 23 market data Tables and 30 Figures spread through 90 Pages and an in-depth TOC on "Saudi Arabia Tire Market"
On the basis of vehicle type, the tire market in Saudi Arabia has been segmented into five categories, namely, passenger car, medium & heavy commercial vehicle, two-wheelers, off-the-road and light commercial vehicle. In 2015, passenger car segment dominated the country's tire market. According to the World Bank, the Gross National Income per capita of Saudi Arabia was USD23,550 in 2015. Moreover, the Government of Saudi Arabia banned the import of used vehicles over the age of 5 years in 2009. Backed by increasing purchasing power and favourable government policies, the passenger car segment is anticipated to maintain its dominance in the country's tire market over the next five years as well.
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"Eyeing robust demand for various vehicle types, some of the prominent tire suppliers such as Chinese, Bridgestone, Michelin, Continental, Goodyear, Yokohama, Hankook, etc. are operating in Saudi Arabia. Moreover, due to its strategic location in the Middle East region, many companies use Saudi Arabia as a re-exporting hub. Tire imports from Asian countries such as Thailand, China, Taiwan, South Korea, Japan, etc., dominates the Saudi Arabia tire market. Tire imports from the aforementioned countries accounts for more than 85% of the total tire imports in Saudi Arabia. Lower overheads and local raw material sources are the major reasons for tires being imported from these countries.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Tire Market Forecast & Opportunities, 2021" has evaluated the future growth potential of Saudi Arabia tire market and provides statistics and information on market structure, market size, share, imports and trends of Saudi Arabia tire market. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia tire market.
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