Middle East & Africa Tire (Tyre) Market Outlook, 2027

Middle East & Africa Tire (Tyre) Market Outlook, 2027

Tire refers to a rubber covering, placed around the rim of metallic wheel to provide flexible cushion with road for traction and smooth acceleration. The modern pneumatic tires are generally made up of synthetic rubber, natural rubber, fabric, wire, carbon black and other chemical compounds. Best quality of tire helps in increasing vehicle’s performance, reduces wear and tear, minimizing rolling resistance, improves mileage and traction, and enhances grip for safety. Owing to this, tire has wide applications in two-wheelers, passenger vehicles, light and commercial trucks, buses, and military vehicles. The Middle East and African tyre market is a rapidly developing market. As the economies in the region are rapidly growing and infrastructure development is taking place throughout the region; the Middle East and Africa tyre market find itself on a suitable pedestal to grow upon.

According to the report title, “Middle East and Africa Tire Market Outlook, 2027”, published by Bonafide Research the market is evaluated to be more than 110 Million units as of 2022 and is expected to be growing at a CAGR of more than 10% in terms of value from 2022 to 2027. In order to assess and study the regional trends and patterns in the Middle East and Africa tyre market, the research has been approached by looking at the market through appropriate segments and classification. The segments that were made during the comprehensive evaluation of the markets were based on vehicle types, end-use demand, and the demand for tyres based on their construction design. The vehicle types include vehicles such as passenger cars, light commercial vehicles, medium and heavy vehicles, 2-wheeler vehicles, 3 wheelers, and other vehicles including bicycles. The categorization based on end-use demand includes demand for replacement tyres and OEM demand for tyres. Based on design types, the tyre market is segmented as radial tyres and bias-ply tyres. To have a broader understanding of the landscape of the tyre market in the Middle East and Africa, further segmentation has been made based on countries, and the sales channels through which the products are made available to the distributors and customers.
The market is expected to grow throughout the forecast period due to large scale mining activity prevalent in the different countries of the region. Along with this the growth of the market is on the back of developing public infrastructure in the region, during the forecast period. By type, radial tyres lead the overall Middle East and Africa tire market Revenue due to their superior performance and durability as compared to biased tyres. Furthermore, in terms of applications, the construction segment dominates the tyres market in the Middle East and Africa region as the countries are focusing on developing public infrastructure as a part of their vision guidelines.

The Middle East and Africa tyre market is majorly driven by Saudi Arabia contributing about 1/4th of the overall regional tyre market. UAE and Qatar contribute the least to the Middle East and Africa tyre market revenue as of 2021 by having a share in single digits. As some of the major countries in the Middle East and Africa region are characterized by having high spending capability among their residents, the growth of the tyre market is well-positioned to exploit high growth opportunities. From 2022 to 2027, the rest of the Middle East and Africa regional markets combined excluding the major economies are projected to be registering a growth rate of more than 12%. As of 2021, it was derived that about 89.56 Million units of passenger car tyres were sold in the region, making it one of the major drivers of the tyre market in the region. 3 wheeler and other tyres are expected to be the fastest-growing category during the 2022 to 2027 period, expected to grow at a CAGR of more than 10% in volume terms.

COVID-19 Impact
The market in the region was affected by the pandemic like every other vertical across the globe. The impact on the tire market was crucially negative with both the OEM and replacement segment observing decline. The halt in the production of Automobiles in the market which was observed due to the onset of lockdowns hindered the growth of the market. Along with this the travel restrictions caused a declining demand in the replacement sector.

Key Players: Apollo Tires, Bridgestone, CEAT Tires, Continental, Giti, Goodyears Tires, Hankook, JK tires, Kenda Kumho, Maxxis International, Michelin, MRF, Nexen Tire Corp, Pirelli, Sumitomo Rubber Industries, Titan International , Toyo Tire Corporation, Triangle Tire Co, Yokohama, Doublestar Tire, Linglong, Nankang

Considered in the report
• Geography: Middle East and Africa
• Base Year: 2021
• Historical year: 2016
• Forecasted Year: 2027

Countries covered
• UAE
• Saudi
• Qatar
• South Africa
• Rest of the Middle East and Africa

Aspects covered in the report
• Market Size by Value (2016-2027F)
• Market Size by Volume (2016-2027F)
• Market Share by Vehicle Type
• Market Share by End Use
• Market Share by Design
• Market Share by Sales Channel
• Market Share by Country

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Automotive and Transport industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.