NEW YORK, July 21, 2016 /PRNewswire/ --
Anticipated stabilization of crude oil price and growing vehicle fleet size to drive Bahrain tire market through 2021
According to recently released TechSci Research report, "Bahrain Tire Market Forecast & Opportunities, 2021", tire sales in Bahrain are forecast to cross 760,000 units by 2021. Among Gulf Cooperation Council (GCC) countries, Bahrain has the highest motorization rate, with the same standing at around 761 vehicles per 1000 people in the country in 2015. Moreover, the automobile sales in Bahrain grew at a CAGR of around 17% during 2011-2015, which had a positive impact on the sales of related automobile products, such as tires, in the country.
Crude oil prices declined from USD104/barrel in 2011 to USD50/barrel in 2015, exhibiting a sharp decline of over 16% during 2011-2015. As a result, the country witnessed a decline in the revenue generated from the oil sector. Lower oil revenues created pressure on Bahrain's government, and expenditure on construction and infrastructure sectors shrunk, which impacted the sales of OTR, LCV and M&HCV tires in the country. However, with anticipated revival in crude oil prices, tire demand is also expected to grow across all vehicle segments in the coming years. Passenger car tire segment dominated the country's tire market in 2015, and the segment is anticipated to continue over the next five years as well, owing to the continuing dominance of passenger car sales and fleet in Bahrain.
Browse 17 market data Tables and 27 Figures spread through 103 Pages and an in-depth TOC on "Bahrain Tire Market"
Construction sector in Bahrain is forecast to grow at a CAGR of over 5% during 2016-2020. Growth in the construction sector is being backed by Bahrain's US$ 140 billion project pipeline, which is slated for the completion in the coming 5-10 years. The growth of construction industry is also supported by an additional US$ 10 billion aid by GCC Aid Fund, which was announced in 2011, when the country's political system collapsed and severe protests followed, leading to economic downfall in Bahrain. With anticipated boom in the construction sector, the demand for tires is anticipated to increase over the next five years.
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"As of 2015, Bahrain had no tire manufacturing facility in the country. With growing economy, the country's automobile industry has been rapidly expanding over the years, and the demand for tires is completely dependent on imports. When an imported tire reaches the consumer, loads of additional cost, in the form of customs duties, tariffs and freight charges, are included, thereby increasing the overall price of a tire, consequently restricting the market growth." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Bahrain Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of tire market in Bahrain, and provides statistics and information on market size, consumer behaviour and trends. The report is intended 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 Bahrain tire market.
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