Tire market in Saudi Arabia is growing rapidly, owing to Increase in a number of per capita vehicle in the Kingdom. As per Persistence Market Research analysis revenue from Saudi Arabia, tire market is expected to grow 3.2X by 2026 compared to that in 2016. Growth is primarily driven by the increasing demand coming from the four wheeler vehicle tire segment. The company forecasts the four wheeler vehicle tire segment market to grow at a strong CAGR during the 10 year forecast period of 2016 through 2026.
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Based on vehicle type, the four wheeler vehicle tire segment is estimated to account for more than 60% volume share of the overall KSA market by 2016 end, which is expected to increase further by the end of 2026. The KSA tire market volume, by the four wheeler vehicle tire type segment, is forecasted to grow at a double digit CAGR for the period of 2016 through 2026.
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Amongst the four-wheeler tire segment, the Passenger car tire segment is projected to be the most prominent sub-segment over the forecast period as a result of growing light truck & passenger car demands in the Kingdom. As per Persistence Market Research analysis, the passenger car vehicle tire segment which accounts for more than half of KSA vehicle tire segment is anticipated to grow at a CAGR which is estimated to be over 2% higher than the CAGR of commercial car segment, during the forecast period. According to the study, a growth in the replacement demand for four-wheeler tire segment is observed, indicated by the growth in the import of light truck & passenger cars in the Kingdom at a CAGR of about 8% from 2011 through 2015.
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Owing to the increasing size of the overall automobile industry across the KSA market, and a significant number of light motor vehicles on the road, as compared with the heavy vehicles, the passenger car segment is forecast to remain the dominating four wheeler vehicle segment in terms of volume through 2026. KSA Government’s favorable taxation policies also support the growth of tire demand through cheaper pricing of the vehicles. In comparison to the other countries in the world, KSA is the cheapest country to buy automobiles and its part with no Luxury Tax or VAT. The country also offers the opportunity to buy automobiles with affordable financing plans. As a result, availability of four wheeler vehicle segment is higher which represents a higher market for four-wheeler tire.
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