British Columbia, Canada, June 28, 2012 --(PR.com
)-- Saudi Arabia, one of the most devout countries in the Middle East, has emerged from being an underdeveloped desert kingdom to become one of the wealthiest nations in the region owing to vast oil resources. Saudi Arabia’s GDP (per capita) stood at more than USD 26,000 in 2011, with more than 26 Million population including natives and expatriates in hand. Saudi Arabia’s tire market is visibly one of the fastest growing markets in the Arab nations. Strong developments in roughly all the major automobile segments has infused huge tire demand in the country.
According to a recently published report by TechSci Research, “Saudi Arabia Tyre Market Forecast & Opportunities, 2017,” Saudi Arabia’s tire market is one of the largest in terms of both value and volume in the region, which represents a big attraction for international tyre manufacturers and distributors. As a result, there are over 60 international brands already present in the Saudi Arabian tyre market, with more and more tyre makers expressing to enter the same, as it is a tremendously promising marketplace.
“Saudi Arabia’s tyre sales have three major components OEM, replacement and Exports which includes re-exports too. Growing used car market was valued at more than USD 800 Million in year 2010, which is the major replacement market boost factor considering the growing purchasing power in the hands of buyers. There has been a considerable increase in the assembly of truck tyre plants in the nation, which is the only factor catering to the OEM’s in the country. Whereas, Saudi Arabia being a prominent member in most of the Arab and world free trade agreements, acts as a major re-export zone to the other member nations,” said Mr. Karan Chechi, Research Director with TechSci Research.
“The tyre industry in Saudi Arabia has been showing bullish signals in terms of market revenues during FY’11 propelled by the growth in automobile sales volume in the nation. In 2010, there was an almost 4% increase in the total automobile sales figures compared to the previous year. Saudi Arabia showed no sluggish sales signal even in the time of global recessionary distress around the globe, signifying almost 14% increase in sales value during FY 08 and 09. The turnover of the tyre industry in Saudi Arabia is expected to surpass US$ 10 Billion by 2014 end, driven by increasing demand from the OEM, replacement and Re-export tyre segments,” said Mr. Chechi.
This report has evaluated the future growth potential of Saudi Arabia’s tire industry and provides statistics and information on market structure, exports and imports trends. The report includes tire market projections for all the prominent segments, including passenger cars, commercial vehicles, etc. The report is intended to provides 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 available for the automotive industry.