GCC Tire Market to Reach 55 Mln Units by 2022

LONDON, BIOT - Nov. 26, 2017 - PRLog -- The tire market in the GCC region was traditionally import driven, with a high penetration of China's tire brands, due to their affordability and also easy availability. But, during the recent past, the flagships brands have been gaining traction as a result of extended life-cycle and high-quality assurance of their products. Besides, the flagship brands use different marketing techniques to open new opportunities in the spheres related to the automotive industry, for instance, providing finance and insurance services, and introducing car accessories.

The volume of the GCC tire market was estimated at around 40 million units as of 2016, witnessing steady growth at a CAGR of slightly over 6% between 2009 and 2016.

In the GCC region, the demand for new vehicles is rather low, whilst the local consumers give preference to used vehicles. Therefore, there is a strong demand for tires, especially replacement tires, for the used cars. This is one of the key factors fueling growth in the regional tire market. Moreover, many consumers in the GCC countries like to upgrade and customize their vehicles, and change tires as per their requirements. Other GCC tire market growth drivers include increasing immigration rates and establishment of local tire manufacturing facilities.

Saudi Arabia is the top country market for tires in the GCC region. It is followed by the UAE and Kuwait.

By the year 2022, the GCC tire market volume is poised to reach appr. 55 million units.

Top players active in the GCC tire market include Bridgestone, Goodyear, Continental, Yokohama and Michelin.

Cutting-edge research study "GCC Tire Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022 (https://marketpublishers.com/report/technologies_electron...)" elaborated by IMARC Group presents an extensive analysis of the tire market landscape and trends in the GCC region as well as provides a detailed market assessment on the basis of types, applications and countries.

This new publication comprises reliable info on the regional tire market dynamics, major growth restraints and drivers, emerging opportunities, key challenges and prevailing trends. It gives profound insights into the competitive environment and uncovers important details on the top players active in the GCC tire market. Moreover, the report sheds light on the most recent tire industry developments in the GCC countries, includes SWOT analysis and Porter's five forces analysis, highlights the key manufacturing and processing requirements in the GCC countries. Additionally, a comprehensive future outlook for the GCC tire market up to 2022 is at hand in this publication.

Many other in-demand research reports by this publisher are available at the IMARC Group page (https://marketpublishers.com/members/imarc/info.html) at MarketPublishers.com.

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