According to the research report titled ‘GCC Tire Market Analysis, 2020’, available with Market Study Report, GCC tire market is expected to register significant growth and amass lucrative revenues between 2020 and 2025.
 

Introduction of government initiatives to develop and expand tire manufacturing facilities in Saudi Arabia and UAE coupled with surging investments towards infrastructural development are some of the key factors driving the growth of GCC tire market.
 

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Additional factors such as increasing number of international events, growing demand for luxury vehicles and rapid urbanization are also contributing towards the overall market expansion. Collective inclination towards adopting electric vehicles in an effort to reduce pollution levels have also augmented the demand for tires, thereby favoring the business outlook in Gulf Corporation Council.
 

As per vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCV), medium & high commercial vehicles, off the road (OTR), and two wheelers. The passenger cars segment is further split into hatchbacks & bakkies, sedan and SUV. The light commercial vehicle consists of pickup trucks and vans, light buses, and light trucks.
 

Further elaborating on the vehicle type, the medium & high commercial vehicle segment is classified into trucks and buses. The off the road segment is also categorized into industrial & mining equipment, material handling equipment, and earthmoving equipment. The two wheeler segment comprise of motorcycles, scooters, and mopeds.
 

The report states that passenger cars segment and medium & high commercial vehicles segment are likely to emerge as key revenue generators for GCC tire market in the upcoming years. Factors including rising adoption of luxury and premium vehicles, accelerating construction activities, and rising number of international events in Qatar and UAE have augmented the demand for tires for passenger cars as well as commercial vehicles, thereby fueling the segmental share.
 

According to the report, dealers and distributors captured the largest market share in the year 2019 and is likely to witness similar growth trends in the upcoming years. High concentration of authorized and exclusive tire stores, increasing focus towards establishing tire manufacturing facilities, and booming tire sales through online platforms are favoring the overall market scenario in the GCC.
 

Dunlop Tyres, Apollo Tyres Limited, Kumho Tire Co. Inc., Toyo Tire Corporation, Continental AG, Michelin, Goodyear Tire and Rubber Company, Bridgestone Corp., and Hankook Tire & Technology Group are the key players operating in GCC tire market.