The increasing number of imported vehicles across the region along with excessive use of SUV cars in off roading activities is driving the Saudi Arabia four wheeler tire market in the forecast period.
According to TechSci Research report, “Saudi Arabia Four Wheeler Tire Market By Region, Competition Forecast & Opportunities, 2027”, the Saudi Arabia four wheeler tire market is expected to grow at a CAGR of 10.08% in the forecast period to reach a value of USD3,639.62 million by 2027.
The rising penetration of ridesharing and taxi services, high sales of four-wheeled vehicles, and development of online sales channels are the key factors driving the demand for Saudi Arabia's four wheeler tire market. The ban on women driving automobiles is expected to influence the market demand positively. Women opting for self-driving cars are expected to spur the sales of four wheeler vehicles in the country, which is expected to boost the demand for replacement tires in the next five years.
Market players are investing in attractive business strategies and investing in the development of online sales channels and efficient supply chains to fulfill customers' needs. Lezof, TireEx, Ubuy are selling four wheeler tires through online platforms. The ongoing trend of purchasing tires through online sales channels is expected to accelerate the growth of Saudi Arabia's four wheeler market in the forecast period.
The flourishing tourism industry is boosting the demand for off-road activities such as desert safaris. Generally, SUVs are used for off-road activities, and they witness frequent wear and tear of tires due to the presence of extreme weather conditions. Replacement of tires in SUVs is costly, and the high demand for SUV tires is accelerating the growth of Saudi Arabia four wheeler tire market.
Conventional vehicles pollute the environment by releasing harmful greenhouse emissions into the atmosphere. The growing environmental concerns and stringent emission norms fuel the sales of electric vehicles in the country. Advancements in electric and hybrid technology enable manufacturers to make electric vehicles with higher battery capacity. Consumers prefer electric vehicles over traditional vehicles due to low maintenance costs and better functioning. Electric vehicles require noiseless tires, and the growing sales of electric vehicles are bolstering the demand for noiseless tires, which is expected to fuel Saudi Arabia four wheeler tire market growth in the forecast period.
However, ongoing infrastructure development and lack of domestic production may restrain the Saudi Arabia four wheeler tire market growth in the forecast period.
Browse over 28 market data Figures spread through 83 Pages and an in-depth TOC on " Saudi Arabia Four Wheeler Tire Market"
The Saudi Arabia four wheeler tire market is segmented based on vehicle type, tire construction type, price segment, region, and company.
Based on tire construction type, the market is bifurcated into radial and bias. Radial tires are expected to hold the major market share in the forecast period owing to their performance benefits over bias tires. They offer several benefits such as extended tire life due to less heat generated by the tire, less vibration, lower fuel consumption due to lower rolling resistance, and flexible sidewalls.
Based on the price segment, the market is divided into budget, ultra-budget, and premium. Budget tires are expected to dominate the market in the forecast period. Budget tires are manufactured according to tire standards and are built of superior quality to ultra-budget tires. They are economical and perform more efficient than their other counterparts.
Major market players operating in Saudi Arabia four wheeler tire market are:
- Bridgestone Corporation
- Hankook Tire Co. Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Continental AG
- Michelin AIM FZE
- Pirelli Pneus SA
- Sailun Group Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
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“The rise in investments to upgrade the existing infrastructure and find innovative solutions in tire technology is expected to create massive growth opportunities for the Saudi Arabia four wheeler tire market. The launch of noiseless tires to enhance the driving experience for consumers and the use of sustainable materials in the tire manufacturing process is expected to contribute to market growth. Also, the high sales and growing awareness about the benefits of radial tires in the country, including high durability, good mileage, and higher performance, is expected to propel the Saudi Arabia four wheeler tire market growth till 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Four Wheeler Tire Market By Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV)), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region (Central Region, Western Region, Eastern Region, Southern Region, Northern Region), By Company, Forecast & Opportunities, 2017- 2027F”, has evaluated the future growth potential of Saudi Arabia four wheeler tire market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia four wheeler tire market.
Press Release : https://www.techsciresearch.com/news/6928-saudi-arabia-four-wheeler-tire-market-to-grow-at-a-cagr-of-10-08-through-2027.html
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