BURNABY, Canada, August 11, 2015 /PRNewswire/ --
Robust economic growth, rising automobile sales and favorable government policies to drive tyre industry in Saudi Arabia through 2020
According to recently released TechSci Research report, "Saudi Arabia Tyre Market Forecast & Opportunities, 2020", Saudi Arabia tyre market is forecast to grow at a CAGR of over 13% during 2015-20, on account of rapidly increasing automobile fleet, encouraging government policies and rising foreign investments in the automotive sector. Since 2010, passenger car tyre segment has continued with its dominance in Saudi Arabia tyre market, followed by commercial vehicle tyre segment.
In 2014, the country's central region accounted for the largest share in the tyre market, followed by western, eastern, southern and northern region of Saudi Arabia. Considering the growth opportunities existing in these regions, Government of Saudi Arabia is also promoting various infrastructural projects and developments, resulting in growth in demand for vehicles as well as tyres in the country. Bridgestone, Continental, Goodyear, Michelin and Yokohama are some of the prominent tyre manufacturing companies having strong presence in Saudi Arabia's organized tyre market.
"Increasing infrastructure and development projects, declining tyre replacement cycle and rising commercial vehicle sales are expected to positively influence the tyre market in Saudi Arabia over the next five years. Moreover, favorable government policies and surging foreign investments in automotive sector are anticipated to fuel the demand for vehicles in the country, which would boost tyre sales in Saudi Arabia in the coming years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Tyre Market Forecast & Opportunities, 2020" evaluates the future growth potential of Saudi Arabia tyre market and provides statistics and information on market structure, imports and future growth of Saudi Arabia tyre 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 the emerging trends along with essential drivers, challenges and opportunities available in the Saudi Arabia tyre market.
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