A tyre is a ring-shaped element encompassed by a wheel’s rim that helps to convey the weight of a moving vehicle to the ground while also providing grip on the terrain being travelled. The rubber composition and other components of a tyre enable successful performance in a variety of conditions. A tyre consists of several components, including the body ply, bead, belts, inner liner, sidewall, and tread. The body ply gives the tyre structure, while the belt provides stability and strength to the tyre’s tread zone. Passenger cars, commercial vehicles, two-wheelers, and three-wheelers all need tyres.
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’ state that the Saudi Arabia Tire Market is predicted to reach USD 0.03 billion by 2033 with a CAGR of 2.35%.
Saudi Arabia’s vehicle fleet is rising, the automotive sector is expanding rapidly, consumers have more disposable spending, and international tyre brands are becoming increasingly popular. Chinese brands are selling better since they are more accessible and less expensive than other brands, resulting in increased popularity in the Saudi tyre market. To support the Saudi Vision 2030, the Saudi government is investing heavily in infrastructure development, including the establishment of “NEOM” smart cities and other programmes such as the National Industrial Development and Logistics Programme (NIDLP).
The Saudi Arabia Tyre Market is being propelled by the continued development of construction activities, which would greatly increase demand for commercial vehicles such as trucks and trailers. Another factor increasing tyre demand in Saudi Arabia is the increased requirement to change tyres more frequently due to severe weather. Consumers now choose to go in their own automobiles rather than taking public transit. This fundamental transformation will open up new market opportunities, attracting a large number of end users to the Saudi Arabia Tyre market. Numerous multinational behemoths are focusing on the advancement of tyre manufacturing technologies, such as the use of nanotechnology to decrease tyre wear and tear while meeting changing customer demand.
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Impact of COVID-19 on Saudi Tire Market
The COVID-19 pandemic has a significant impact on Saudi Arabia’s tyre business. Lockdowns in several countries caused by the COVID-19 pandemic epidemic have posed a severe problem for the tyre industry. A number of manufacturing facilities temporarily suspended production, and social isolation and lockouts resulted in a decrease in productivity, temporarily suspending total output. Operational capacity was reduced as a result of a manpower shortage and a disruption in raw material supplies.
Furthermore, the closure of building projects and warehouses due to the economic downturn and supply-side concerns lowered tyre demand from a wide range of end-user industries, including construction, industrial, agriculture, and mining. Furthermore, the outbreak jeopardised logistics and transportation operations, and limits on on-road driving had a short-term impact on tyre supply, restricting market growth.
Saudi Arabia Tire Market Key Players:
The market report covers market data by competitive landscape, revenue analysis, market segmentation, and thorough analysis of major market participants such as; Kumho Tire, Michelin Group, Pirelli & C. S.p.A, Sumitomo Corporation, Toyo Tire Corporation, Yokohama Rubber Company, Bridgestone Corporation, Continental AG, Goodyear Tire and Rubber Company, Hankook Tire and Technology, Others.
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