Saudi Arabia Commercial Vehicle Tire (Budget, Ultra Budget, Premium) Markets, Analysis & Forecasts, 2017-2021 & 2022-2027

DUBLIN, Oct. 19, 2022 /PRNewswire/ -- The "Saudi Arabia Commercial Vehicle Tire Market By Vehicle Type, By Tire Construction Type, By Price Segment, By Region, Competition, Forecast & Opportunities, 2027" report has been added to  ResearchAndMarkets.com's offering.

Saudi Arabia commercial vehicle tire market is anticipated to register formidable growth during the forecast period, 2023-2027

The demand for commercial cars is growing due to the increase in construction activities and infrastructure development projects taken by the leading authorities to transform Saudi Arabia. Expanding e-commerce industry and the use of advanced technologies in commercial tire manufacturing are influencing the market demand.

The enhanced efforts being made by top authorities to lessen dependency on the oil and gas sector and develop alternative revenue streams are encouraging positive growth. The government has started construction and infrastructure development projects to boost its economy and provide livable conditions.

Leading authorities are undertaking a number of current programs, including the Saudi Vision 2030 and the National Transformation Program for promoting construction activities.

The use of commercial vehicles such as pick-up trucks, dump trucks, concrete mixer trucks, front loaders, and many other commercial vehicles is increasing to complete upcoming and ongoing mega-construction projects like The Sakani Housing Program, Amaala, the Red Sea Project, Neom Business City, Qiddiya City Riyadh, and many more.

The tires wear out faster when commercial trucks are used frequently in harsh conditions at building sites. Therefore, the rise in sales of commercial vehicles is expected to propel Saudi Arabia commercial vehicle tire market growth in the next five years.

Light commercial vehicle or LCVs is expected to hold the largest market share during the forecast period, 2023-2027 owing to high demand from the logistics industry as they offer better mileage, low operational cost, and easy navigation features.

Objective of the Study:

• To analyze the historical growth in the market size of the Saudi Arabia commercial vehicle tire market from 2017 to 2021.
• To estimate and forecast the market size of Saudi Arabia commercial vehicle tire market from 2022 to 2027 and growth rate until 2027.
• To classify and forecast the Saudi Arabia commercial vehicle tire market based on vehicle type, tire construction type, price segment, region, and company.
• To identify the dominant region or segment in the Saudi Arabia commercial vehicle tire market.
• To identify drivers and challenges for the Saudi Arabia commercial vehicle tire market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Saudi Arabia commercial vehicle tire market.
• To identify and analyze the profiles of leading players operating in the Saudi Arabia commercial vehicle tire market.
• To identify key sustainable strategies adopted by market players in Saudi Arabia commercial vehicle tire market.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Saudi Arabia commercial vehicle tire market.

• Bridgestone Middle East & Africa FZE
• Hankook Tire
• Continental ME
• Michelin AIM FZE.
• Yokohama Rubber Company

Report Scope:

Saudi Arabia Commercial Vehicle Tire Market, By Vehicle Type:

• LCV
• M&HCV

Saudi Arabia Commercial Vehicle Tire Market, By Tire Construction Type:

• Radial
• Bias

Saudi Arabia Commercial Vehicle Tire Market, By Price Segment:

• Budget
• Ultra Budget
• Premium

Saudi Arabia Commercial Vehicle Tire Market, By Region:

• Northern & Central
• Southern
• Eastern
• Western

Years considered for this report:

• Historical Years: 2017-2020
• Base Year: 2021
• Estimated Year: 2022
• Forecast Period: 2023-2027

For more information about this report visit https://www.researchandmarkets.com/r/mjeycc

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SOURCE Research and Markets