During the projected period, the KSA tire market is anticipated to develop at a high rate due to the automotive industry. The light-commercial and passenger car markets have seen rapid expansion in recent years. According to Coherent Market Insights' data, 15.35 million passenger and light commercial vehicle units were registered in KSA in 2011, and that number rose to 20.93 million units in 2015, representing an 8% CAGR. As a result, it is anticipated that the demand for tires in the nation would rise in the near future.Over the course of the projected period, rapid industrialization and building activities are anticipated to drive the KSA tire market's expansion. As part of its Vision 2030, the KSA government unveiled development plans in 2014, with special emphasis on the growth of the nation's industrial and construction industries. Analysis from Coherent Market Insights shows that the manufacturing sector's overall GDP rose from $4 billion in 1975 to $45.6 billion in 2013. The country's need for commercial vehicles has expanded as a result of the country's rapid industrialisation and strong expansion in the construction industry. The need for commercial wheel-tires has greatly grown as a result.
The KSA Tire Market is estimated to be valued at US$ 3,431 million in 2021 and is expected to exhibit a CAGR of 11.8 % over the forecast period (2021-2028).
Major Players in the Ksa Tire Industry:
1. The Bridgestone Group
The Bridgestone Group was founded in 1931 and it’s Chuo City, Tokyo, Japan. The company operates in 24 countries.
2. Hankook Tire Company
Hankook Tire Company founded in 1941, and its Headquarters located in Seongnam-si, South Korea. The company operates in 160 Countries.