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Tire Replacement Services Is Fastest Growing Segment Fueling The Growth Of Ksa Tire Market

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Sneha
Tire Replacement Services Is Fastest Growing Segment Fueling The Growth Of Ksa Tire Market

The global Ksa Tire Market is estimated to be valued at US$ 4288.49 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tires are made of natural rubber, synthetic rubber, carbon black, steel, and other chemicals. They serve as a protective covering of wheels absorbing shocks from the road. They provide a durable and comfortable ride for drivers. Advancements in tire design and composition offer enhanced fuel economy, improved handling and safety.

Market key trends:

One of the key trends driving growth in the Ksa tire market is the rising demand for replacement tires. As vehicles are used for longer periods before replacement, tires need periodic replacing due to wear and tear. Moreover, factors such as changing weather and road conditions also accelerate tire replacement. The average replacement cycle for passenger car tires is 3 to 5 years depending on driving conditions and mileage. With growing vehicle parc in KSA, demand for replacement tires is increasing significantly. Furthermore, stringent regulations regarding tire tread depth and manufacture date are encouraging timely replacement of old tires. This is expected to fuel demand for replacement tires, driving market growth over the forecast period.

Segment Analysis:

The KSA tire market is segmented into original equipment and replacement. The replacement segment dominates the market and accounted for over 65% share in 2023. The growing vehicle fleet and mileage covered by each vehicle has increased the tire replacement frequency in the country. According to recent studies, an average passenger vehicle in KSA requires tire replacement once every 18-24 months. This high replacement rate drives the growth of the replacement segment.

Key Takeaways:

The Global Ksa Tire Market Size  is expected to witness high growth, exhibiting 11% CAGR over the forecast period, due to increasing vehicle ownership. Regional analysis The Gulf Cooperation Council (GCC) region dominates the KSA tire market with over 75% share due to the large vehicle parc in oil-rich Gulf nations. Saudi Arabia accounted for over 50% share in the GCC tire market in 2023 owing to the rapidly growing transportation sector in the kingdom.

Key players operating in the Ksa Tire Market are The Bridgestone Group, Hankook Tire Company, Apollo Tires Ltd., Michelin Group, Toyo Tire & Rubber Company Ltd., Goodyear Tire and Rubber Company, Yokohama Rubber Company Ltd., Pirelli & C SpA Company, Cooper Tire & Rubber Company, and Continental AG. The Bridgestone Group leads the market and accounts for over 20% share, driven by its wide distribution network and dominance in the original equipment market through supply contracts with major automakers like Toyota and Nissan. Michelin Group ranks second with over 15% share attributed to its diversified product portfolio and strong brand image across premium passenger vehicle segments in the country.

Explorer more information on this topic, Please visit -

https://www.insightprobing.com/ksa-tire-market-share-and-demand-analysis/ 

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