Saudi Arabia Retread Tire Market to Grow at Steady CAGR of 5.8% during 2022–2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia retread tire market size to grow at a CAGR of 5.8% during the forecast period between 2022 and 2028.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia retread tire market size to grow at a CAGR of 5.8% during the forecast period between 2022 and 2028. Saudi Arabia retread tire market expansion is driven by increased automotive manufacturing and sales, rapid urbanization, and higher disposable income. The leading authorities invest their generated income from oil and gas in other industries. Such heavy investments combined with expanding technological innovations are expected to drive the market further. Additionally, the increasing adoption of retread tires due to their low cost and sustainability, as well as heavy and commercial vehicles' growing demand for tire retreading for construction, mining, and agriculture applications, are expected to fuel the growth of Saudi Arabia retread tire market. However, automobile owners’ preference for the imported budget tires from Asian countries over retread tires is anticipated to limit the growth of Saudi Arabia retread tire market during the period in analysis.
Saudi Arabia Retread Tire Market – Overview
Retreading is a tire remanufacturing procedure that replaces the tread on worn tires. It is conducted on used tire casings after they have been assessed and reconditioned. Retread tires have recorded an increasing demand in the motorsport segment in recent years, thus major industry players in the retread tire market are offering distinctive qualities of retread tires to cater to the specific needs of end users in the domain. To obtain access to their prospective customers, manufacturers in the retread tire business are offering more value-added tire retreading services.
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Saudi Arabia Retread Tire Market – By Vehicle Type
Based on by vehicle type, Saudi Arabia Retread Tire Market has OTR (off the road) vehicles, Commercial Vehicles, and Passenger Cars segments. The commercial vehicles segment holds the highest share in the market due to increasing logistics and industrial activities. Furthermore, the increasing adoption of retread tires in commercial vehicles owing to its affordability and high wear and tear is also expected to contribute to the expansion of Saudi Arabia retread tire market during the forecast period.
Impact of COVID-19 on Saudi Arabia Retread Tire Market
COVID-19 pandemic had a detrimental impact on automobiles and tire industries in 2020 posing various unprecedented hurdles for Saudi Arabia retread tire market. Throughout the crisis, tire manufacturers and importers suffered massive revenue losses due to a lack of raw materials, supply chain disruptions, delivery and manufacturing delays, and pricing instability. Furthermore, due to transportation and freight transportation, services, aircraft, and ships worldwide were prohibited, causing firms to lose money. The Saudi government, on the other hand, did not impose any limitations on construction works because they are a substantial source of economic mobility in the region. As a result, demand for commercial vehicles and retread tires increased, allowing market leaders to remain competitive, along with an expanding e-commerce platform through which manufacturers began selling their products and providing door delivery and installation services to their potential clients, boosting the retread tire market throughout the crisis. Furthermore, as Covid-19 cases decreased, the government relaxed the restrictions and let industrial operations to resume. Hence, the Saudi Arabia retread tire market is expected to grow at a steady rate during the period in analysis.
Major players operating in Saudi Arabia Retread Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Al-Jawad Tire Retreading, General Group, Al Howail Tire Retreading Factory, and Marangi Retreading Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product development.
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