Dublin, March 05, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Tire Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Tire Market is projected to reach $711.8 million by 2030, growing from $537.57 million in 2024 at a CAGR of 4.79%. Market growth is fueled by automobile industry expansion, rising disposable income, & increased demand for premium and specialty tires. The shift towards radial tires, OEM investments, and urbanization is driving demand, while economic volatility and oil price fluctuations pose challenges. Key players include Bridgestone, Michelin, Goodyear, Continental, & Yokohama. This report highlights market trends, segmentation, regional analysis, and competitive dynamics shaping Saudi Arabia’s tire industry future.
Tire market in Saudi Arabia has experienced consistent and impressive growth over the past few years. This growth can be attributed to several factors, including the expansion of the automotive sector and the increasing number of vehicle owners in the country. The automotive sector in Saudi Arabia has witnessed substantial development, with major players investing in manufacturing facilities and the establishment of research and development centers. These investments have led to advancements in tire technology and production methods, making Saudi Arabia tires highly sought after in both domestic and international markets.
The rapid urbanization and the rise in disposable income among the population have fueled the demand for vehicles, leading to a significant surge in the tire market. As more people move to cities and have more purchasing power, the need for cars has increased considerably, resulting in a higher demand for tires. Moreover, the government has implemented initiatives to improve public transportation infrastructure, which has further contributed to the demand for tires. The expansion of public transportation networks, such as buses and light rail systems, requires a substantial number of tires to support their operations.
Market Drivers
Economic Prosperity and Automotive Industry Growth
One of the primary market drivers for the tire industry in Saudi Arabia is the country's economic prosperity and the subsequent growth of its automotive sector. The Kingdom's oil-rich economy has led to increased disposable income among its citizens, which, in turn, has resulted in higher car ownership rates. As more people invest in vehicles, the demand for tires rises, driving market growth. Saudi Arabia has also been actively encouraging automotive manufacturing and assembly within the country, leading to an expansion of the local automotive industry.
This growth further bolsters the tire market as it provides a domestic market for manufacturers. For instance, in March 2024, Saudi Arabia prepared to launch The Rig, a groundbreaking floating theme park that aimed to transform adventure tourism. Covering nearly 1.6 million square feet, it was set to be one of the largest structures ever built on water. Located on a decommissioned oil rig, The Rig promised exciting attractions along with top-notch amenities, including hotels and restaurants.
Key Market Challenges
Economic Volatility and Oil Price Fluctuations
One of the most significant challenges facing the Saudi Arabia tire market is the country's vulnerability to economic volatility, particularly in relation to fluctuations in global oil prices. The Kingdom heavily relies on oil exports for its revenue, and as such, its economy is intricately tied to the price of oil. When oil prices experience sharp declines, the Saudi economy can suffer, leading to reduced consumer spending and economic uncertainty. These factors directly impact the demand for tires, as consumers may postpone purchases of non-essential items, including tires, during economic downturns. To mitigate this challenge, the tire industry needs to adapt to the cyclical nature of the Saudi economy and implement strategies to weather economic downturns.
Key Market Trends
Shift Towards Premium and Specialty Tires
One prominent trend in the Saudi Arabia tire market is the increasing demand for premium and specialty tires. As the country's economy has grown, consumers have become more discerning, looking for tires that offer enhanced performance, durability, and safety. Premium tire brands, known for their advanced technology and superior quality, have gained popularity among Saudi consumers. There is a growing interest in specialty tires designed for specific applications, such as off-road driving, high-speed performance, and extreme weather conditions. This trend is driven by the desire for a better driving experience and increased safety, leading to an expanding market for high-end and specialized tire options.
Key Market Players
- Bridgestone
- Continental
- Goodyear Tire & Rubber Company
- Sumitomo Rubber Industries Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company Limited
- Kumho Tire Co. Inc.
- Hankook Tire & Technology Co., Ltd
- JK Tyre & Industries Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $537.57 Million |
| Forecasted Market Value (USD) by 2030 | $711.8 Million |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Saudi Arabia |
Report Scope:
In this report, the Saudi Arabia Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Saudi Arabia Tire Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle (LCV)
- Medium & Heavy Commercial Vehicles (M&HCV)
- Off-the-Road Vehicles (OTR)
- Three Wheelers
- Two-Wheeler
Saudi Arabia Tire Market, By Demand Category:
- OEM
- Replacement
Saudi Arabia Tire Market, By Tire Construction Type:
- Radial
- Bias
Saudi Arabia Tire Market, By Region:
- Western
- Eastern
- Southern
- Northern & Central
For more information about this report visit https://www.researchandmarkets.com/r/woop3
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