January 09, 2021
According to the research report titled ‘UAE Tire Market Analysis, 2020’, available with Market Study Report LLC, UAE tire market is predicted to expand with a CAGR of 3.8% between 2020 and 2025.
Focus towards promoting the expansion of non-oil sector coupled with increasing construction activities are some of the key parameters driving the growth of UAE tire market. Supportive regulatory outlook, rising per capita income, and increasing foreign direct investments in UAE are also aiding the market expansion.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3114717/
It is worth noting that the tire market in UAE is primarily import-drive with South Korea, Thailand, China, and Japan being the prime source of tires in the year 2019. Thus, proliferating import-export activities in consort with high vehicle demand are favoring UAE tire market outlook.
In terms of type of vehicle, the industry is bifurcated into two wheelers, off the road (OTR), economy and heavy commercial vehicles, buses and trucks, light commercial vehicle, and passenger car segments. the report claims that UAE tire market size from passenger car segment is expected to register substantial growth in the subsequent years. Booming sales of passenger vehicles has impelled the demand for tires across UAE, thereby augmenting the overall industry remuneration.
Speaking of tire diameter, the market is further split into 35.1” to 47”, 26.1” to 35”, 22.6” to 26”, 20.1”: to 22.5”, 18.1” to 20”, 15.1” to 18”, and 12.1” to 15” segments. Among these, UAE tire market share from 15.1” to 18” segment is predicted to expand significantly during the study period. Incorporation of larger rims in vehicles by leading manufacturers coupled with collective inclination towards using SUVs are fueling the segmental size.
Moving on to season type, UAE tire market is classified into summer and all seasons. The report cites that summer tires segment held the largest share in 2019 and are anticipated to experience similar growth trends in the forthcoming years.
As per sales channel, the market is categorized into online, dealer/exclusive outlets, and others. Among these, UAE tire market share from dealer/exclusive outlets segment is expected to grow considerably by the year 2025, primarily driven by high concentration of well-established offline sales channel in the country.
Toyo Tire Corp., Sumitomo Corporation, Pirelli & C. S.p.A., Kumho Tire Co. Inc., Michelin, Goodyear Tire & Rubber Company, Hankook Tire & Technology Group, Yokohama Rubber Company Limited, Bridgestone Corporation, and Continental AG are the key companies operating in UAE tire market.