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KSA Tire Market
The Kingdom of Saudi Arabia (KSA) tire market is anticipated to witness strong progress. Demand for tires in Kingdom of Saudi Arabia shall be positively influenced by rising gross sales of four-wheeler autos.
Pushed by favorable authorities insurance policies and lack of luxurious or value-added taxations (VATs), the Kingdom of Saudi Arabia tire market is anticipated to achieve US$ 2,123 Mn in revenues by 2016. Rising demand for four-wheeler autos and strong gross sales of luxurious and top-end vehicles will proceed to affect the expansion of the KSA tire market.
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Gross sales will proceed to stay robust by way of the OEM channel, owing to client choice for getting tires straight from producers. Whereas total revenues are anticipated to extend steadily, stringent regulation relating to used tires coupled with Implementation of stringent import requirements by Saudi Arabia Normal Group (SASO) can pose challenges to the expansion of the market.
By vehicle-type, the four-wheeler section will proceed to account for a number one share of the market. Demand shall be substantial for vehicles and different passenger four-wheelers, owing to excessive temperatures recorded in Saudi Arabia all year long. In consequence, the passenger vehicles will proceed to be the most-prominent four-wheeler sub-segment, accounting to greater than US$ 1,435 Mn revenues in 2016.
Key Corporations-
The Bridgestone Group
Michelin Group
Goodyear tire and Rubber Firm
Pirelli & C Spa
Continental AG
Hankook Tire Firm
Cooper tire & rubber firm
Yokohama rubber firm ltd.
Toyo tire & rubber firm ltd.
Apollo tyres ltd.
Different.
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Rising R&D initiatives by producers will gasoline the product-wise progress of the Kingdom of Saudi Arabia tire market, which is anticipated to complement the gross sales of pneumatic and non-pneumatic tires. Growing penetration of web and on-line transactions in Saudi Arabia is will proceed to affect the expansion of the market.
In comparison with the remainder of the provinces, the Western and Central Provinces of the Kingdom are forecasted to symbolize a speedy progress within the demand for 4 wheeler car tires. Sooner or later, the provincial cities of Riyadh and Mecca are anticipated to be the concentrated hubs of Saudi Arabia’s whole tire shops.
Distinguished world tire firms resembling The Bridgestone Group, Continental AG, Pirelli & C Spa, and Michelin Group, will proceed to strengthen their dominance within the Kingdom of Saudi Arabia tire market. Corporations resembling Apollo Tyres Ltd., Yokohama Rubber Firm Ltd., and Goodyear Tire & Rubber Firm are additionally anticipated to create stiff competitors for the prevailing key gamers within the tire market in KSA.
PMR Lengthy-term Outlook: The tire market within the Kingdom of Saudi Arabia is anticipated to develop at a CAGR of 10.8% in the course of the forecast interval 2016-2026. 4-wheeler car segments will proceed to account for a sizeable demand for tires in the course of the forecast interval.
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