Aarkstore - Saudi Arabia Tyre Market Forecast and Opportunities, 2019

Aarkstore Enterprise

7th January 2015

Aarkstore - Saudi Arabia Tyre Market Forecast and Opportunities, 2019

Browse Full Report @ http://www.aarkstore.com/automotive/81732/saudi-arabia-tyre-marketforecast-and-opportunities Published: Dec 2014 | No. Of Pages: 98 Pages PDF: $ 3000 | CD: $ 2600 | Hard Copy: $ 2000 | Site Licence: $ 4500

Saudi Arabia has one of the highest number of per capita vehicles, globally. In 2013, about 0.74 million units of commercial vehicles and passenger cars were sold in the Kingdom. Saudi Arabia hugely lacks in terms of vehicle production as only a handful automobile assembly units are located across the country. As a result, the entire domestic demand for automobiles as well as tyres is met solely through imports. However, expanding growth potential in the automobile sector is attracting several vehicle manufacturers to Saudi Arabia. Japanese car maker Isuzu has constructed a production facility in Dammam Industrial City 2 and plans to manufacture about 25,000 light trucks and heavy duty trucks by 2017, primarily to address swelling domestic as well as exports demand from the MENA region. This is expected to considerably boost OEM tyre sales in the country over the next five years.

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According to “Saudi Arabia Tyre Market Forecast & Opportunities, 2019”, the tyre market in Saudi Arabia is forecast to grow at a CAGR of around 17% till 2019. Increasing passenger car sales, expanding automobile fleet size, favorable government policies and significant foreign investments in the automotive sector are some of the key factors propelling tyre demand in Saudi Arabia. Due to extreme weather conditions, replacement period for tyres is relatively shorter, which is also a major reason for increasing replacement tyre sales in the Kingdom. Passenger car tyre is the most dominating segment in the Saudi Arabia tyre market, followed by commercial vehicle tyre and other vehicle tyre segments. The Kingdom’s Western and...