Dublin, March 15, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Four Wheeler Tire Market, By Vehicle Type (Passenger Cars, Light Commercial Vehicle (LCV)), By Tire Construction Type (Radial, Bias), By Price Segment (Budget, Ultra Budget, Premium), By Region, By Company, Forecast & Opportunities, 2017- 2027F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian Four Wheeler Tire Market was valued at USD2,147.25 million in 2021, and it is anticipated to grow at a CAGR of 10.08% to reach USD3,639.62 million by 2027.
Favorable government policies, growing expenditure capacity of consumers, and increased average life of four wheeler vehicles are the primary factors driving the growth of the Saudi Arabian Four Wheeler Tire Market in the forecast period.
The surge in the country's employment rate enables more consumers to spend significant amounts on the maintenance of vehicles to live a quality life. Rapid urbanization and industrialization coupled with road infrastructure development are bolstering the sales of four wheeler vehicles. The introduction of advanced features in four wheeler automobiles and the launch of vehicles having high fuel mileage, seating capacity, and more excellent performance are expected to create lucrative opportunities for the Saudi Arabian Four Wheeler Tire Market.
Changing extreme weather conditions in the country affects the tire condition adversely. Growing temperature boosts the tire pressure, resulting in frequent wear and tear of tires, thereby requiring the replacement of four wheeler vehicle tires.
Saudis prefer to invest in buying used cars due to the imposition of high import duties and taxes on the purchase of vehicles due to the absence of automobile manufacturing plants in the country. Also, the online sales channels selling used cars at affordable rates contribute to market growth. Used vehicle tires require to be frequently replaced than the new vehicle tires. The high sales of used four wheeler vehicles are expected to accelerate the growth of the Saudi Arabian Four Wheeler Tire Market in the forecast period.
The Saudi Arabian Four Wheeler Tire Market is segmented on vehicle type, tire construction type, price segment, and region. Based on vehicle type, the market is divided into passenger cars and light commercial vehicles. The passenger car vehicle is leading the market by holding a total share of about 85.27% in the year 2021. The increase in sales of imported vehicles in recent times and growing vehicle ownership among consumers are the major factors influencing the demand for passenger cars in the next five years.
Major market players leading the growth of the Saudi Arabian Four Wheeler Tire Market include
- Bridgestone Corporation
- Hankook Tire Co. Ltd.
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Continental AG
- Michelin AIM FZE
- Pirelli Pneus SA
- Sailun Group Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
Report Scope:
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Saudi Arabia Four Wheeler Tire Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle (LCV)
Saudi Arabia Four Wheeler Tire Market, By Tire Construction Type:
- Radial
- Bias
Saudi Arabia Four Wheeler Tire Market, By Price Segment:
- Budget
- Premium
- Ultra-Budget
Saudi Arabia Four Wheeler Tire Market, By Region:
- Central Region
- Western Region
- Eastern Region
- Southern Region
- Northern Region
For more information about this report visit https://www.researchandmarkets.com/r/pkkhgc
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