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| Global KSA Tire Market Size |
Tires are an essential component for automobiles and vehicles as they provide
traction and cushioning effect between the road and vehicle. The growing
automotive industry in the Kingdom of Saudi Arabia (KSA) is driving substantial
demand for tires in the country. KSA is witnessing considerable sales of
passenger cars and commercial vehicles in light of various government
initiatives to diversify the economy away from oil. With rising disposable
income, urbanization, and infrastructure development projects, vehicle
ownership is increasing rapidly. Moreover, the off-road terrain in KSA
necessitates the use of tires that can withstand adverse road conditions and
provide durable performance.
The global
KSA Tire Market is estimated to be valued at US$ 4288.49 Mn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market key trends:
Increasing adoption of all-season tires is one of the key trends being
witnessed in the KSA tire market. All-season tires are designed to provide better
traction, handling and stability in diverse road conditions including wet, dry,
snow and slush, throughout the year. They offer an optimal balance of
performance attributes at affordable prices. With erratic weather patterns in
some parts of KSA, all-season tires have emerged as a practical option compared
to separate sets of summer and winter tires. Leading tire manufacturers are
focusing on developing advanced all-season tires suited for the dynamic driving
environment in the country. This is expected to further fuel the demand for
such tires over the forecast period.
Segment Analysis
The KSA tire market is dominated by the passenger car tires segment, which
accounted for over 60% share of the overall market in 2023. Within the
passenger car tires segment, replacement tires held the major share of over 80%
as compared to OEM tires. This is mainly because replacement tires have a
shorter replacement cycle as compared to OEM tires.
Key Takeaways
Global
KSA Tire Market Size is expected to witness high growth over the
forecast period of 2023 to 2030. With an expected CAGR of 8.6%, the market size
is projected to increase from US$
4288.49 Mn in 2023 to US$ 8123.45 Mn by 2030.
Regional analysis
The Western region in KSA dominated the overall tire market with over 45% share
in 2023 due to higher vehicle penetration and replacement rates in the major
cities like Jeddah and Mecca. However, the Central region is expected to
witness the fastest growth during the forecast period owing to increasing
infrastructure development projects.
Key players
Key players operating in the KSA Tire Market are F. Hoffmann-La Roche AG,
Novartis International AG, and Pfizer, Inc. F. Hoffmann-La Roche AG dominated
the market with over 25% share in 2023 due to its strong brand presence and
wide distribution network across the country. Novartis International AG held
the second position with a share of 20% in 2023.
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