The KSA Tire Market is estimated to be valued at US$ 3,431 million in 2021 and is expected to exhibit a CAGR of 11.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The KSA Tire Market is driven by two key factors. Firstly, the increasing vehicle sales in Saudi Arabia are fueling the demand for tires. The growing population, increasing disposable income, and improving standard of living are leading to a higher adoption of cars and commercial vehicles in the country. This, in turn, is boosting the demand for tires. Secondly, the rising demand for replacement tires is another major driver for market growth. As the existing vehicles in the country age, there is a need for tire replacements. Moreover, with the Saudi Arabian government's focus on road safety and regulations regarding tire maintenance, the demand for replacement tires is expected to remain strong. These drivers are expected to contribute to the market's high growth over the forecast period.
Key Takeaways:
The KSA tire market is expected to witness high growth, exhibiting a CAGR of 11.8% over the forecast period of 2023-2030. The market's growth is driven by factors such as increasing vehicle sales, expanding transportation infrastructure, and government initiatives to promote domestic manufacturing. In terms of regional analysis, the Middle East region is expected to witness the fastest growth and dominate the KSA tire market due to the presence of key automotive manufacturers, growing investments in infrastructure, and rising disposable incomes. Key players operating in the KSA tire market include The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli C SpA Company, Cooper Tire Rubber Company, and Continental AG.
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