Kuwait Tire Market Size Set to Grow at Steady CAGR of 6.11%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Kuwait tire market size at USD 832.66 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Kuwait tire market size to grow at a CAGR of 6.11% reaching a value of USD 1,261.14 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Kuwait tire market size at USD 832.66 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Kuwait tire market size to grow at a CAGR of 6.11% reaching a value of USD 1,261.14 million by 2029. Recent years have seen major movements in the Kuwaiti tire market. The surge in car ownership has been a result of rising auto demand, urbanization, and economic expansion, which has also boosted tire sales. Also, there is a clear trend towards high-performance and all-season tires, driven by consumer desires for efficiency and safety. In line with growing environmental concerns around the world, the tire sector has also seen a growing focus on environmentally friendly and sustainable tire solutions. Online tire sales and the adoption of cutting-edge tire technology, like run-flat and TPMS systems, further define the changing environment and determine the course of the Kuwaiti tire market.
Kuwait Tire Market – Overview
A tire is a circular, flexible, and robust rubber covering, primarily designed to fit onto wheels of various vehicles, such as cars, bicycles, and trucks. It serves essential functions, including providing traction, supporting the vehicle's weight, absorbing shocks from the road, and enabling smooth movement. Tires typically consist of several layers, including tread, belts, and inner liners, engineered to optimize performance, durability, and safety. Tread patterns vary for different terrains and weather conditions. Proper tire maintenance, inflation, and rotation are crucial for extending their lifespan and ensuring optimal vehicle handling and safety.
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Impact of COVID-19 on Kuwait Tire Market
Kuwaiti tire market faced significant challenges due to the COVID-19 pandemic. With restricted mobility and economic uncertainties, demand for tires plummeted as vehicle usage decreased. Supply chain disruptions also led to fluctuations in tire availability and prices. The automotive industry's slowdown and reduced consumer spending further dampened market growth. However, a gradual recovery was observed as restrictions eased and economic activities resumed. Online sales and contactless services gained prominence, transforming consumer behavior. The Kuwait tire market showcased resilience by adapting to the new normal, but its path to full recovery hinged on global health developments and economic revival.
Kuwait Tire Market – By Vehicle Type
Based on vehicle type, Kuwait tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Off The Road (OTR) Vehicles, and Two Wheelers segments. The largest and most noticeable group is the passenger cars segment. This category includes tires made for normal cars used for personal transportation, which account for a sizeable share of market demand. It benefits from the large number of passenger cars in Kuwait, which reflects the nation's urban and suburban mobility patterns. While the Medium and Heavy Commercial Vehicles category targets bigger trucks and buses to meet the needs of commercial transportation, the Light Commercial Vehicles segment caters to smaller utility vehicles. The OTR vehicles category deals with specialized uses including mining and construction machinery, showing a small but significant market area.
Competitive Landscape
Kuwait tire market is fiercely competitive. Major companies in the market include Michelin, Bridgestone, Goodyear, Continental, Pirelli, Hankook, Dunlop, Nokian Tires, Apollo Tires, and Cooper Tires. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Kuwait tire market.
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