Qatar Tire Market Size Expands to Reach USD 1.8 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Qatar tire market size at USD 1,257.33 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Qatar tire market size is to grow at a CAGR of 6.13% reaching a value of USD 1,768.66 million by 2029.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Qatar tire market size at USD 1,257.33 million in 2022. During the forecast period between 2023 and 2029, BlueWeave Qatar tire market size is to grow at a CAGR of 6.13% reaching a value of USD 1,768.66 million by 2029. Sales of passenger cars and construction equipment, which are expected to increase in Qatar over the next five years, are the main drivers of the tire market's expansion. It is encouraging for the nation's tire industry. Chinese tire brands are widely available and less expensive than flagship brands, which contributes to their significant market share in Qatar. It is so because imports and replacement goods dominate the market. The harsh weather in Qatar reduces the typical tire shell life to four years. The short product lifespans, booming construction projects brought on by the Qatar National Vision Plan 2030, and infrastructure projects brought on by the FIFA World Cup 2022 are all expected to benefit the Qatar tire market.
Qatar Tire Market – Overview
A tire surrounds the rim of the wheel to transfer the weight of a vehicle from the axle through the wheel to the ground and to provide traction on the surface the wheel travels over. Most tires, including those for automobiles and bicycles, are pneumatically inflated and also provide a flexible cushion to absorb shock as the tire travels over irregular surfaces. Applying a bearing pressure that will not cause the surface to deform excessively allows the contact patch, the footprint that tires provide, to be made to match the weight of the vehicle with the bearing capacity of the surface it rolls over.
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Mega construction projects spurring demand for vehicles & accessories
The main factor driving up demand for tires in Qatar is the government's increased emphasis on infrastructure improvements, which has resulted in rapidly accelerating construction projects and rising sales of medium and heavy commercial vehicles. To meet the nation's rising demand for tires in the coming years, the leading players see lucrative growth opportunities to expand their import and distribution capacities.
Challenge: Stringent carbon emission regulations and fluctuating raw material prices
Main factors that may limit the extensive use of rubber in tire production, and thus the growth of the tire market between 2023 and 2029, are growing concerns about carbon emissions and stringent government regulations aimed at reducing them. The fluctuating price of raw materials, which has an impact on the overall cost of producing tires and makes it difficult for tire manufacturers to set a fixed price, is another key factor that is likely to limit the market's growth in the coming years.
Impact of COVID-19 on Qatar Tire Market
The Covid-19 pandemic's decelerating effects in Qatar in 2020 had an impact on both the automotive and tire industries in diverse ways. The top market players encountered several first-time challenges, particularly about the production, importation, and distribution of tires throughout the country, even though the government imposed stringent movement restrictions and frequent lockdowns to stop the spread of this terrible disease. The market was prevented from growing by several important problems, including project cancellations, supply chain disruptions that led to the lack of raw materials, and delays in the delivery of goods that had already been produced.
Qatar Tire Market – By Demand Category
The Qatar tire market is divided into two demand categories: OEM and Replacement. Due to the lack of tire manufacturing facilities in Qatar, it is expected that demand for replacement tires will surge and take the lion's share of the market through 2029. Another clear indicator of the rising demand for replacement tires across the country is the easy availability of a variety of brands at a variety of price points. Rising consumer awareness of the benefits and importance of timely tire repairs and replacements is driving replacement tire sales and boosting market growth overall.
Qatar tire market is fiercely competitive. Prominent players in the market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Apollo Tires, Nokian Tires, Dunlop Tires, Falken Tires, Hankook Tires, JK Tire, Yokohama Tires, Sumitomo Rubber Industries, Toyo 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 the Qatar Tire market.
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