Ksa Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two-Wheelers), By Tire Type (Radial Tires and Bias Tires), By Sales Channel (OEM and Aftermarket)

Ksa Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two-Wheelers), By Tire Type (Radial Tires and Bias Tires), By Sales Channel (OEM and Aftermarket)

The Kingdom of Saudi Arabia (KSA) tire market has been witnessing steady growth over the past few years. KSA is situated in the Middle East region and has a hot and arid desert climate. Due to the harsh climatic conditions, tires in KSA have to endure immense heat and wear & tear. As a result, there is high demand for durable and heat-resistant tires for passenger cars and commercial vehicles in the country. Growing automobile sector and rising disposable incomes have boosted new vehicle sales and replacement tire demand. Furthermore, favorable government policies promoting localization have attracted several international tire manufacturers to set up production facilities in KSA. However, rising raw material costs remain a challenge for market players.

Market Dynamics:

The KSA tire market is driven by factors such as rapid motorization rate, increasing road infrastructure development, and mandatory tire service & replacement norms. As per government estimates, around 600,000 new vehicles are added to KSA roads annually. This is positively impacting original equipment and replacement tire demand. Adherence to regular tire checkup and replacement as per vehicle manufacturer guidelines is enhancing the replacement market. However, volatility in raw material prices due to supply chain disruptions is a major challenge for manufacturers. Rising adoption of renewable materials to overcome this issue can present new opportunities in the coming years.

Key features of the study:

• This report provides in-depth analysis of the KSA tire market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the KSA tire market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Apollo Tires Ltd., Bridgestone Group, Continental AG, Cooper Tire & Rubber Company, Goodyear Tire and Rubber Company, Hankook Tire Company, Michelin Group, Pirelli & C. S.p.A., Toyo Tire & Rubber Company Ltd., and Yokohama Rubber Company Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The KSA tire market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the KSA tire market

Detailed Segmentation-

• By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Two-Wheelers
• By Tire Type
• Radial Tires
• Bias Tires
• By Sales Channel
• OEM (Original Equipment Manufacturers)
• Aftermarket
• Key Players Insights
• Apollo Tires Ltd.
• Bridgestone Group
• Continental AG
• Cooper Tire & Rubber Company
• Goodyear Tire and Rubber Company
• Hankook Tire Company
• Michelin Group
• Pirelli & C. S.p.A.
• Toyo Tire & Rubber Company Ltd.
• Yokohama Rubber Company Ltd.