According to the latest report by IMARC Group, titled “Saudi Arabia Tire Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the saudi arabia tire market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 6% during 2021-2026.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Tires refer to ring-shaped, pneumatic structures that are placed around the rim of a wheel. They are generally manufactured using natural and synthetic rubber, wire, polyester, silica, rayon, carbon black, steel, and a vulcanization accelerator. Tires provide a sturdy gripping surface for traction while serving as a cushion for the wheels of a moving vehicle. They transfer the vehicle’s load to the surface, reduce the impact of vibrations while driving, and absorb shocks, which improve the overall performance of the vehicle.
A significant growth in the automobile sector is currently driving the demand for tires in Saudi Arabia. Furthermore, the rising living standards and growing per capita expenditures of the consumers have catalyzed the demand for premium and high-quality vehicle components. Additionally, the growing number of female drivers in Saudi Arabia is also augmenting the market growth. Apart from this, numerous international tire brands are launching innovative product variants with extended operational life and high-quality assurance. Furthermore, various regional tire manufacturing companies are entering into alliances and strategic partnerships with international players, which are expected to cater to the market growth in the coming years.
Saudi Arabia Tire Market 2021-2026 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the saudi arabia tire market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the saudi arabia tire market on the basis of type, end-use, vehicle type, size, distribution channel and region.
Breakup by Type:
Breakup by End-Use:
Breakup by Vehicle Type:
Breakup by Size:
Breakup by Distribution Channel:
Breakup by Region:
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Key highlights of the report:
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