NEW YORK, July 20, 2016 /PRNewswire/ --
Rising urbanization, expanding vehicle fleet size and rising infrastructure developments to drive Kuwait tire market through 2021
According to TechSci Research report, "Kuwait Tire Market Forecast and Opportunities, 2021'’, Kuwait tire market is forecast to grow at a CAGR of over 11% during 2016 - 2021. In June 2015, the government announced its Five-Year Plan worth USD116 billion, for filling infrastructure gaps and boosting construction, real estate and transportation sectors in the country. This is projected to fuel demand for tires, especially from commercial and OTR segments, in the country during 2016 - 2021. Additionally, rising per capita income of consumers and growing demand for luxury cars in the country is fueling demand for passenger car tires in Kuwait.
Browse 23 market data Tables and 25 Figures spread through 112 Pages and an in-depth TOC on "Kuwait Tire Market "
Vehicle sales in Kuwait grew at a CAGR of around 5.8% during 2011 - 2015, with unit sales increasing from 0.11 million units in 2011 to 0.14 million units in 2015. This resulted in expansion of automotive fleet size from 1.48 million units in 2011 to 1.95 million units in 2015. Growing fleet size boosted demand for tires from the replacement segment during the same period and the trend is anticipated to continue in the coming years as well. Moreover, passenger car tire segment dominated Kuwait tire market in 2015, followed by light commercial vehicle tire segment. Moreover, due to the largest fleet size, passenger cars segment would continue its dominance in Kuwait tire market during the forecast period. Nevertheless, on the back of growing construction and logistics industries, medium and heavy commercial vehicle tire segment is expected to demonstrate robust growth over the next five years.
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"Various major infrastructure developments, implementation of government's initiatives such as the Kuwait 2035 Mission Plan, and rising investments in healthcare, education facilities and housing is projected to fuel demand for vehicles, and consequently, tires in the country over the next five years. Additionally, increasing consumer inclination towards enhancing vehicle safety and adopting new tire technologies, such as Seal Inside technology and Black/White Walled tires, is expected to positively influence the country's tire market in the coming years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Kuwait Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of Kuwait tire market and provides statistics and information on market structure, 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 the emerging trends along with essential drivers, challenges and opportunities in Kuwait tire industry.
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