KSA Tire Market Size, Valuable Growth Factors, Regional Outlook, Business Strategies and Future Demand 2030 | The Bridgestone Group, Hankook Tire Company

Market Overview:

The KSA tire market comprises manufacturing and sales of pneumatic rubber tires for on-road vehicles such as passenger cars, trucks, buses, construction and mining vehicles among others. Tires provide traction and reduce friction for on-road vehicles on different road surfaces and terrains.

The KSA tire market is estimated to be valued at US$ 3,431 million in 2021 and is expected to exhibit a CAGR of 11.8 % over the forecast period (2021-2028).

Market Dynamics:

The KSA tire market is witnessing high growth owing to increasing vehicle production and sales in the country. According to government sources, the local vehicle production in KSA grew by around 10% in 2022 crossing 500,000 units. This upsurge in vehicle sales has created strong demand for replacement tires in the aftermarket. Furthermore, the expanding transportation and logistics industry is also driving up demand for commercial vehicle tires in KSA. Growing urbanization and infrastructure projects are increasing usage of construction machinery which is further augmenting demand for off-road tires. Stringent fuel efficiency regulations are prompting OEMs to focus on development of advanced tires with lower rolling resistance which is expected to open new avenues of growth for tire manufacturers over the forecast period.

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Increased vehicle registration and mileage is driving the KSA tire market

The growing number of passenger and commercial vehicles on Saudi Arabian roads is a leading driver of demand for tires in the Kingdom. According to (source), vehicle registrations have increased by an average of (percentage) each year over the past five years, reaching a total of over (number) million vehicles currently registered across KSA. This surge in the vehicle parc is putting increasing wear and tear on tires and necessitating more frequent replacements. Meanwhile, average annual miles driven per vehicle has also risen significantly from (number) to over (number) miles as infrastructure improvements and economic growth enable greater personal and freight mobility nationwide. With roads and transportation continuing to be expanded and modernized under Saudi Vision 2030, vehicle usage and the associated need for new tires look set to keep growing rapidly.

Stringent fuel efficiency standards are constraining tire performance upgrades

While stringent new fuel efficiency and emissions standards introduced by Saudi authorities aim to boost sustainability, they have also restricted tire manufacturers' ability to introduce performance-enhancing tread designs and compounds. Tires are a major factor influencing a vehicle's fuel consumption, so regulations mandate optimum rolling resistance to meet corporate average fuel economy (CAFE) targets. This leaves less room for technologies that could otherwise improve wet grip, noise reduction, or durability at the potential expense of higher fuel use. As standards get progressively tougher to 2030 in line with Saudi's environmental commitments, tire makers face an ongoing trade-off between optimizing efficiency as required by law versus introducing premium features desired by drivers but detrimental to gas mileage.

Top Key Players:

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.

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Demand for specialty tires presents a window of opportunity

Where regulations have limited development of standard passenger and truck tires, specialty segments not subject to the same constraints offer scope for growth. One such area is tires for increasingly popular larger SUVs and premium vehicles, where high-performance all-terrain and all-season variants catering to off-roading or luxury demands command premium price points. There is also rising demand for tires suited to harsh desert conditions with extra puncture protection from goathead thorns and stones ubiquitous on untrafficked roads. With ongoing infrastructure projects and tourism promotions expanding 4x4 accessibility to remote natural sites, specialized tires able to withstand Saudi's diverse terrain could realize greater market share.

Increased use of sensor technologies will reshape future tire trends

A major trend impacting the Saudi tire industry is the growing ubiquity of advanced sensors and connectivity. As vehicles become more automated and data-driven, so too must their tires to support new driver assistance and telematics functions. Sensor-embedded "smart" tires capable of real-time pressure monitoring are gaining traction, while more futuristic concepts involve sensors to detect road conditions or embedded batteries to power lights. Such technologies will drive not just new product features, but also enable predictive maintenance through remote tire performance monitoring and issues diagnosis. They may even pave the way for revolutionary business models like pay-per-mile tire subscription plans. As vehicles continue integrating ever more sophisticated electronics, tires will follow suit to capitalize on evolving mobility technologies trends.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the KSA Tire Market over the forecast period?
What are the key trends expected to influence the KSA Tire Market between 2023 and 2030?
What is the expected demand for various types of products/services in the KSA Tire Market?
What long-term impact will strategic advancements have on the KSA Tire Market?
Who are the key players and stakeholders in the KSA Tire Market?
What are the different segments and sub-segments considered in the KSA Tire Market research study?

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