Saudi Arabia Tyre Sales Set To Grow at 12% CAGR Till 2018 Says TechSci Research


Increasing demand for commercial vehicles, rising construction activities are among the key factors driving the demand for tyres in Saudi Arabia

British Columbia (I-Newswire) January 6, 2014 - The tyre market in Saudi Arabia is expected to grow at the CAGR of 12% during 2013-2018 as a result of continuous growth in automotive sales coupled with the increasing demand for tyres in the replacement market, according to the recently published report by TechSci Research "Saudi Arabia Automobile Tyre Market Forecast and opportunity, 2018".

The majority sales in the country's tyre market are contributed by the passenger vehicle segment. The market is set to witness a swift increase in the demand for commercial vehicle tyres as a result of increasing investments in oil & gas sector, travel & tourism sector along and the building & construction sector. The growth in these sectors is anticipated to significantly contribute to the demand for commercial vehicles such as buses, trucks, heavy duty trucks, etc. Various construction projects like King Abdullah Economic City (KAEC), Jazan Economic City (JEC), etc. are fuelling the demand for heavy duty trucks in the country.

The government of Saudi Arabia is taking various measures to develop the domestic tyre production capabilities. National Industrial Clusters Development Program (NICDP) is one of the key projects that is dedicated in developing the domestic production of automotive in the country. NICDP aims at developing all aspects of the automotive supply chain, which would also include production of carbon black and synthetic rubber (for tyres). It is expected that by 2020, Saudi Arabia would be producing approximately 10 Million tyres per year for domestic market and for exports.

"Increasing demand of passenger and commercial vehicles is creating opportunities for foreign manufacturers to enter Saudi Arabia's tyre market. The hot climatic conditions resulting in short replacement cycles will continue to account for high replacement demand. The increasing preference and usage of small cars by the young population in the country will also contribute to the growth of tyre market over the coming years," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Saudi Arabia Tyre Market Forecast and Opportunities 2018" has evaluated the future growth potential of Saudi Arabia tyre industry and provides statistics and information on market structure, exports and future growth of the tyre industry. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all this, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in the tyre industry.






About TechSci Research

TechSci Research is a global market research and consulting company which provides research solution   More..s to its customers worldwide, spanning a range of verticals.

The company provides syndicated research reports, custom research solutions, data analytics and online paneling services for a variety of industry verticals including IT & Telecom, Pharmaceuticals & Healthcare, Automotive, BFSI, Retail and Consumer Goods. These solutions and services include Customer Satisfaction Studies, Competitive and Business Intelligence, Channel Partner Research, Market Opportunity Assessment, Brand Health Trackers, Disease and Treatment Patterns, Brand Assessment and Buyer Behavior Studies and many more.....Less..

Contact Information

TechSci Research
Ken Mathews
2950, Boundary Road,Burnaby, British Columbia,
Canada
VM5 3Z9
Phone : 16463601656

Published in:

Automotive > Repair & Service

Published On:

January 6, 2014

Print Release:

Print Release

If you have questions regarding information in this press release contact the company listed above. I-Newswire.com is a press release service and not the author of this press release.The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies and PR Agencies submit their press releases once per week,month or quarter, make sure to check the official company website for accurate release dates as our site displays the I-Newswire.com press release distribution date only.We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for or omissions in that information or for actions taken in reliance on that information.


Related Releases

Houston, TX Motorcycle Builder Daniel Sanchez Of Cut Throat Customs Invited Again To Compete In The Artistry In Iron Championship In Las Vegas
Native American Custom Car & Bike Builder, Daniel Sanchez of Cut Throat Customs, has been invited to compete in the 11th annual Artistry In Iron Master Builders' Championship at Las Vegas Bike Fest, an invitation extended only to twenty select profes

IDDS Group - Helping Automotive Dealerships Reach New Heights of Success
IDDS Group is a uniquely designed to look after the needs of automotive dealers. The company is a brainchild of genius automotive professionals who have turned around the fortunes of several dealers with their astute evaluations and planning.

Carworld1 Got Huge Social Media Response In Months
Now the carworld1 got 6500 facebook likes in a month - The Company launched its online pleasant portal, Carworld1, This is getting most of the users from the social media.

The G.G.W. Gorilla Glass Windshield
The G.G.W. Gorilla Glass Windshield is a lighter, clearer, and tougher windshield.

Variety of Used Cars Model in Bangalore
The usage of used cars in Bangalore has been increasing day by day.