A tire, also called a tyre, is a ring-shaped, circular part that fits around the rim of a wheel and is composed of rubber and other materials. Its flexible cushion absorbs road shocks, resulting in a smoother ride, enhanced handling, and increased safety. In order to enable effective acceleration, braking, and steering, tires are made to retain traction between the vehicle and the ground. Usually comprised of steel, fabric, and rubber layers, they can be made solid for some uses or filled with compressed air (pneumatic tires). Numerous automobiles, trucks, buses, bicycles, motorbikes, airplanes, and industrial machinery all use tires.
According to SPER market research ‘Saudi Arabia Tire Market Size- By Product Type, By Vehicle Type, By Design, By Distribution Channel, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Saudi Arabia Tire Market is estimated to reach USD 0.03 billion by 2033 with a CAGR of 2.35%.
Drivers:
There are a number of powerful variables driving the tire market in Saudi Arabia. The demand for new and replacement tires has increased dramatically due to rising car ownership, rising disposable incomes, and the easing of limitations like the women’s driving ban. Rough terrain and extreme heat in the desert accelerate tire wear, resulting in a constant replacement cycle. The need for commercial and off-the-road (OTR) tires is also being fueled by the quick expansion of the construction, logistics, and e-commerce industries. Additionally, consumers are shifting toward high-end, fuel-efficient, and performance-focused tires, while government safety and efficiency laws are promoting the use of better products.
Download Free Sample Detailed Report – https://www.sperresearch.com/report-store/saudi-arabia-tire-market.aspx?sample=1
Restraints:
The Saudi tire market has room to grow, but it faces several obstacles. The price volatility of raw materials is one of the main problems since changes in the price of steel, natural rubber, and synthetic rubber can have a big impact on manufacturing costs and profit margins. The sector is also highly reliant on imports, which leaves it open to disruptions in international trade, changes in exchange rates, and delays in shipping. Extreme heat, harsh desert conditions, and uneven road infrastructure hasten tire wear, increasing the need for replacements while also driving up consumer costs. Manufacturers and recyclers face greater operational constraints as a result of tighter government rules on safety, quality, and environmental compliance, including appropriate tire recycling and waste management.
Regional:
Riyadh has the most market dominance in Saudi Arabia’s tire industry. Because it is the capital and the most populated city, Riyadh has the highest concentration of vehicles, including government fleets, taxis, and passenger automobiles, making it the market leader. Some of the Key market players such are Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire and Technology, Kumho Tire, and others.
For More Information, refer to below link: –
Saudi Arabia Tire Market Analysis
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant — USA
SPER Market Research
enquiries@sperresearch.com
+1–347–460–2899