Rising Automobile Production of Ksa Tire Market
The Ksa tire market is estimated to be valued at US$ 4288.49 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
Strength: KSA tire market has large local demand. It has strategic location between Asia, Africa and Europe. Growing automobile industry in the country will drive the demand for tires. Government initiatives to develop local manufacturing will strengthen the market.
Weakness: Market is heavily dependent on imports as local production is limited. Price fluctuations in raw material costs can impact profitability. Supply chain disruptions can affect timely deliveries.
Opportunity: Increasing investments in infrastructure projects will boost demand for commercial vehicles and construction equipment. Rapid urbanization is leading to higher vehicles ownership which opens new growth avenues. Developing local R&D and manufacturing can reduce import dependence over time.
Threats: Stiff competition from multinational brands may challenge local manufacturers. Economic downturn and fall in oil prices can negatively impact vehicle sales and demand for replacement tires. Fluctuations in currency exchange rates pose currency risks.
Key Takeaways:
The Global Ksa Tire Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing vehicle parc and sales in the country. Growing construction activity is further driving the demand for commercial tires from equipment and trucks.
Regional analysis:
The Western region dominates the KSA tire market currently accounting for more than 35% of the total market share due to the presence of key cities like Jeddah and Makkah which attracts significant transportation and logistics activities. Eastern region is projected to grow at a fastest pace during the forecast period led by government focus on developing infrastructure in the region.
Key players:
Key players operating in the Ksa tire market are The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire & Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tire & Rubber Company, and Continental AG. Local players are focused on expanding production to achieve self-sufficiency and reduce import dependence.
Explorer more information on this topic, Please visit –
https://www.articlebowl.com/rising-automobile-production-of-ksa-tire-market/
English
Arabic
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian