UAE Tyre Market Scales New Heights with Continuing Economic Progress of Dubai, Abu Dhabi and Sharjah, Says TechSci Research
Burnaby, Canada, May 10, 2014 --(PR.com
)-- Amidst ongoing global economic scenario, the UAE automotive market is perceived as a market for ‘profit consolidation’, given the low yields from the European automotive sector. Furthermore, favorable government regulations, logistics infrastructure and real estate growth are boosting the UAE tyre market. Economic variables such as per capita income, crude oil prices, import-export competence and demographics of non-UAE population, coupled with growing foreign investments are positively influencing the UAE tyre market.
According to a recently published report by TechSci Research, “UAE Tyre Market Forecast & Opportunities, 2019”, the UAE tyre market revenues are projected to grow at a CAGR of around 11% during 2014-19. The report highlights that the changing skyline of major emirates, and advancements in the mining and construction industries have heightened the demand for commercial and OTR vehicle tyres in the country. UAE’s demographics and macro-economic indicators have been ensuring significant growth in tyre demand. Besides, the country is the largest consumer products importer, including tyres, within the GCC regions, and imported USD273 billion worth of consumer products in 2012.
The report reveals that Bridgestone, Michelin, Goodyear, Pirelli and Continental are few of the dominant tyre manufacturers in the UAE, accounting for a substantial share in the country’s tyre market. These leading players are constantly growing due to their well-established supply chain network, comprising exclusive distributorships and local dealers.
“Globally, tyre manufacturers are striving to develop a zero-collision driving environment. In terms of road safety, TPMS and anti-collision braking system have become an integral part of the UAE automotive market. Moreover, the UAE government’s liberal taxation policies and investment support systems are encouraging foreign investors to invest into the country. All of these factors are cohesively augmenting the tyre market in the UAE,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“UAE Tyre Market Forecast & Opportunities, 2019” has evaluated the future growth potential of the UAE tyre market and provides statistics and information on market structure, market trends, market size, etc. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the UAE tyre industry.