Yemen Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Two-Wheelers, Three-Wheelers, Off-The-Road (OTR) Vehicles); By Tire Type (Radial, Bias); By Demand Category (OEM, Replacemen

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Yemen Tire Market Size Set to Touch USD 420.96 Million by 2029

Yemen tire market is flourishing because of the growing tire replacement market and increasing number of private vehicle owners.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Yemen tire market size at USD 300.84 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Yemen tire market size to grow at a significant CAGR of 5.76% reaching a value of USD 420.96 million by 2029. Major growth drivers for the Yemen tire market include increasing construction activity, growing economic conditions that foster public infrastructure and residential sector development, and rising expectations of expansions in the tourism and manufacturing sectors. The country's diverse climate, ranging from extreme desert heat to coastal humidity, fuels demand for specialized tires that can withstand these conditions. Off-road and all-terrain tires are particularly popular, catering to the preference for SUVs, 4x4 vehicles, and luxury cars. High temperatures in Yemen also emphasize the need for durable and heat-resistant tire options. Economic factors play a pivotal role; regions with strong consumer spending power and a taste for luxury vehicles boost the demand for premium and high-performance tires. Meanwhile, economically challenged areas prioritize affordability, driving the demand for budget-friendly tires. Rapid urbanization and infrastructure development in Yemen expand the commercial vehicle segment, driven by industries like construction, logistics, and transportation. As Yemen emerges as a business hub and tourist destination, consumers prioritize reliable and safe tires, reflecting a preference for quality and comfort in their vehicles. However, poor infrastructure and supply chain disruption are anticipated to restrain the overall market growth during the period in analysis.

Yemen Tire Market – Overview

Yemen tire market refers to the specific sector within Yemen's economy that deals with the production, distribution, sale, and maintenance of tires for various types of vehicles, including passenger cars, SUVs, trucks, and commercial vehicles. This market encompasses the entire tire industry in Yemen, covering aspects such as tire manufacturing, import and distribution, consumer preferences, and the factors influencing the demand and supply of tires within the country. It plays a crucial role in meeting the transportation needs of the Yemeni population, including those related to diverse climatic conditions and vehicle preferences. The market is shaped by economic factors, climatic variations, and the evolving infrastructure, making it a dynamic and essential component of Yemen's automotive industry.

Impact of COVID-19 on Yemen Tire Market

COVID-19 pandemic adversely affected the Yemen tire market. Lockdowns, supply chain interruptions, and economic challenges stemming from the pandemic have impacted both tire production and consumer demand. Reduced economic activity led to a decline in new tire purchases, while the closure of businesses and restrictions on mobility affected the maintenance and replacement tire market. Supply chain disruptions further exacerbated tire shortages, increasing prices for available stock. Moreover, the overall economic strain on consumers in Yemen has led to a shift towards more budget-oriented tire choices. The Yemen tire market has faced formidable challenges due to the pandemic, requiring adaptability and resilience for recovery.

Impact of Prolonging Israel-Hamas War on Yemen Tire Market

The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.

Also, the war in Middle East will affect industries across verticals and regions. Oil & gas is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, the World Bank anticipates that the crude oil prices would spike to a range of USD 140-157 a barrel in the long term, if the war continues to escalate and spreads to other regions. The drastic spike in oil and energy costs will have a domino effect on multiple industries. As fossil fuel is one of the main raw materials for the production of tires, companies and end users in the Yemen tire market face the brunt of rising fuel prices. Increased fuel costs can lead to higher tire production expenses, potentially reducing demand and hindering market growth. Concurrently, the Yemen oil market's ongoing conflict, infrastructure attacks, and overall instability result in supply chain disruptions and increased operational expenses, thereby affecting consumer purchasing power and vehicle sales. These dynamics impact both domestic tire production and imports, potentially giving rise to concerns regarding quality and availability. Also, regional geopolitical tensions exacerbate complexities in trade, pricing, and the broader tire industry landscape in Yemen.

Yemen Tire Market – By Vehicle Type

By vehicle type, the Yemen tire market is divided into Passenger Cars, Light Commercial Vehicle (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Two-Wheelers, Three-Wheelers, and Off-The-Road (OTR) Vehicle segments. The passenger cars segment holds the highest share in the Yemen tire market by vehicle type. Passenger cars are the most common mode of personal transportation in the country, making them a prevalent choice among consumers. Notably, the challenging road conditions and varying terrains in Yemen necessitate durable and versatile tires, which are readily available for passenger cars. Also, economic factors play a role, with consumers often opting for affordable and cost-effective tire options. The combination of practicality, accessibility, and the prevalent use of passenger cars solidifies their dominance in the Yemen tire market.

Competitive Landscape

Major players operating in the Yemen tire market include Bridgestone, MAXXIS TIRES, PRESA TIRES, MRF, WOSEN TIRES, TORQUE TIRES, Continental AG, Pirelli, Michelin, and Hankook Tire Company Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Yemen Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Yemen Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.