BROOKLYN, NY, USA, February 22, 2024 /EINPresswire.com/ — According to IMARC Group, the GCC tire market size reached US$ 2.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
The report has segmented the market by design (radial, bias), end-use (OEM market, replacement market), vehicle type (passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, off-the-road (OTR)), distribution channel (offline, online), and country.
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Factors Affecting the Growth of the GCC Tire Industry:
• Economic Growth and Infrastructure Development:
Economic growth and infrastructure development play a significant role in driving the demand for tires in the GCC region. The rapid urbanization and industrialization witnessed across GCC countries have spurred construction activities, leading to increased demand for commercial vehicles and consequently, tires. As governments invest in infrastructure projects such as highways, airports, and ports, the need for vehicles and tires for transportation and logistics purposes rises. Additionally, the growth of tourism and hospitality sectors in the region contributes to increased vehicle ownership and higher demand for tires.
• Vehicle Sales and Automotive Industry Dynamics:
The automotive industry’s performance, including vehicle sales and production trends, heavily influences the GCC tire market. Despite fluctuations in oil prices, the GCC countries continue to witness robust vehicle sales, driven by factors such as population growth, rising disposable incomes, and government initiatives promoting automotive manufacturing and assembly. With a growing preference for SUVs, sedans, and luxury vehicles in the region, the demand for tires, including specialty and high-performance variants, is on the rise. Furthermore, advancements in automotive technologies, such as electric and hybrid vehicles, are shaping tire requirements, leading to opportunities for manufacturers to offer eco-friendly and energy-efficient tire solutions.
• Regulatory Framework and Environmental Concerns:
The regulatory framework and environmental concerns are increasingly shaping the dynamics of the GCC tire market. Governments in the region are implementing stringent regulations related to vehicle safety, emission standards, and tire labeling to enhance road safety, mitigate environmental impact, and promote sustainable practices. Compliance with these regulations necessitates tire manufacturers to innovate and develop products meeting specified standards, including durability, fuel efficiency, and tread wear. Moreover, consumer awareness regarding the environmental footprint of tires is rising, driving demand for eco-friendly and recyclable tire options, thereby influencing market dynamics.
GCC Tire Market Report Segmentation:
Breakup by Design:
• Radial
• Bias
Radial represents the largest design segment in the market due to its superior performance characteristics, including better traction, fuel efficiency, and longer lifespan compared to bias tires, making it the preferred choice for vehicles in the GCC region.
Breakup by End-Use:
• OEM Market
• Replacement Market
Replacement is the largest end-use segment in the market as it encompasses the replacement of worn-out tires in existing vehicles, driven by factors such as wear and tear, punctures, and maintenance requirements, which are more frequent than OEM tire replacements.
Breakup by Vehicle Type:
• Passenger Cars
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
• Light Commercial Vehicles
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
• Medium and Heavy Commercial Vehicles
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
• Two Wheelers
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
• Three Wheelers
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
• Off-The-Road (OTR)
o Market Breakup by Rim Size
o Market Breakup by Tire Size
o Price Ranges by Rim Size
Passenger cars represent the largest vehicle type segment in the market because of the high volume of passenger vehicles on the roads in the GCC region, including sedans, hatchbacks, and SUVs, which collectively contribute to a larger demand for tires compared to commercial or industrial vehicles.
Breakup by Distribution Channel:
• Offline
• Online
Offline is the largest distribution channel segment in the market due to the prevalent consumer preference for purchasing tires through physical stores, where they can receive expert advice, compare products, and have the convenience of immediate installation services.
Breakup by Country Insights:
• Saudi Arabia
• UAE
• Others
o Kuwait
o Qatar
o Bahrain
o Oman
Saudi Arabia is the largest country in the market owing to its large population, high vehicle ownership rates, extensive road network, and robust economic activities, which collectively drive significant demand for tires across various vehicle segments in the country.
GCC Tire Market Trends:
The increasing demand for premium and specialty tires represents one of the key factors influencing the growth of the market across the GCC region. This is primarily due to the growing preference for luxury vehicles and SUVs in the region which is boosting the market growth. Additionally, there is a rising focus on sustainability and eco-friendly practices, which is leading to a surge in the adoption of energy-efficient and recyclable tire options.
Furthermore, technological advancements, such as the development of smart tires embedded with sensors for real-time monitoring of tire pressure and performance, are gaining traction in the GCC market. Moreover, e-commerce platforms are emerging as a popular channel for tire sales, offering consumers convenience and a wide range of options.
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Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Elena Anderson
IMARC Services Private Limited
+ +1 631-791-1145
email us here
Originally published at https://www.einpresswire.com/article/690723079/gcc-tire-market-size-is-expected-to-hit-a-valuation-of-us-4-5-billion-during-2024-2032
