IMARC Group, a leading market research company, has recently releases report titled “Saudi Arabia Tire Market Report by Type (Radial, Bias), End-Use (OEM, Replacement), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Off-The-Road (OTR)), Size (Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Off-The-Road (OTR)), Distribution Channel (Offline, Online), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the Saudi Arabia tire market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.How Big is the Saudi Arabia Tire Market?
The Saudi Arabia tire market size reached 22.6 Million Units in 2023. Looking forward, IMARC Group expects the market to reach 25.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 1.26% during 2024-2032.
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Saudi Arabia Tire Market Growth:
The Saudi Arabia tire market is propelled by the robust automotive sector, growing population, and economic diversification efforts across the country. Additionally, the demand for tires in Saudi Arabia is primarily driven by the expansion of the automotive industry, including both passenger cars and commercial vehicles, which is fueling the market. In line with this, with the rise in the automotive industry, there is a subsequent need for advanced infrastructure projects, like roads, bridges, etc., creating a demand for quality tires, thereby bolstering the market.
Moreover, the initiatives by the government authorities aimed at economic diversification and the promotion of non-oil sectors, such as manufacturing and tourism, are expected to boost vehicle sales, further contributing to the demand for the tire industry.
Saudi Arabia Tire Market Trends:
Emerging trends in the Saudi Arabia tire market include a growing inclination towards environmentally friendly and fuel-efficient tires, reflecting global concerns about sustainability and energy conservation. In addition to this, to withstand the high climatic conditions, there is a high demand for high-performance and durable tires, which is creating a positive outlook for the market.
Furthermore, with the advancement in technology, the manufacturers are introducing advanced tires, such as airless tires and smart tires equipped with sensors for monitoring pressure and temperature, which are gaining traction, and are acting as other growth-inducing factors. Apart from this, the rise of e-commerce platforms is revolutionizing the tire retail landscape, offering consumers convenience and a wide array of choices, which is anticipated to drive the Saudi Arabia tire market over the forecasted period.
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