Owing to the increasing size of the overall automobile industry across the KSA market on tire

Tire market in Saudi Arabia is growing rapidly, owing to Increase in a number of per capita vehicle in the Kingdom. As per Persistence Market Research analysis revenue from Saudi Arabia, tire market is expected to grow 3.2X by 2026 compared to that in 2016. Growth is primarily driven by the increasing demand coming from the four wheeler vehicle tire segment. The company forecasts the four wheeler vehicle tire segment market to grow at a strong CAGR during the 10 year forecast period of 2016 through 2026.

Request for sample report: https://www.persistencemarketresearch.com/samples/11437

Based on vehicle type, the four wheeler vehicle tire segment is estimated to account for more than 60% volume share of the overall KSA market by 2016 end, which is expected to increase further by the end of 2026. The KSA tire market volume, by the four wheeler vehicle tire type segment, is forecasted to grow at a double digit CAGR for the period of 2016 through 2026.

Amongst the four-wheeler tire segment, the Passenger car tire segment is projected to be the most prominent sub-segment over the forecast period as a result of growing light truck & passenger car demands in the Kingdom. As per Persistence Market Research analysis, the passenger car vehicle tire segment which accounts for more than half of KSA vehicle tire segment is anticipated to grow at a CAGR which is estimated to be over 2% higher than the CAGR of commercial car segment, during the forecast period. According to the study, a growth in the replacement demand for four-wheeler tire segment is observed, indicated by the growth in the import of light truck & passenger cars in the Kingdom at a CAGR of about 8% from 2011 through 2015.

Request Report TOC @ https://www.persistencemarketresearch.com/methodology/11437

Owing to the increasing size of the overall automobile industry across the KSA market, and a significant number of light motor vehicles on the road, as compared with the heavy vehicles, the passenger car segment is forecast to remain the dominating four wheeler vehicle segment in terms of volume through 2026. KSA Government’s favorable taxation policies also support the growth of tire demand through cheaper pricing of the vehicles. In comparison to the other countries in the world, KSA is the cheapest country to buy automobiles and its part with no Luxury Tax or VAT. The country also offers the opportunity to buy automobiles with affordable financing plans. As a result, availability of four wheeler vehicle segment is higher which represents a higher market for four-wheeler tire.

The Kingdom’s Western and Central Province is demonstrating a rapid growth in the demand for four wheeler vehicle tire as compared with rest of the provinces in the region. The Western & central province comprises of cities such as Riyadh, Mecca and Medina, which accounts for more than 80% of total tire retail outlets in the kingdom, and has been the largest concentration of four wheeler vehicle tire retail outlets in future.

Commercial car segment is the currently the second most remarkable segment in the market, while the four-wheeler tire segment is projected to register an above average CAGR during 2016-2026. The Others segment which comprises of three wheeler vehicle tire accounts for the smallest market share in the year 2015, is expected to observe a low Year-on-Year growth rate of about 1.5%.

Persistence Market Research (PMR) is a third-platform research firm. Our research model is a unique collaboration of data analytics and market research methodology to help businesses achieve optimal performance. To support companies in overcoming complex business challenges, we follow a multi-disciplinary approach. At PMR, we unite various data streams from multi-dimensional sources. By deploying real-time data collection, big data, and customer experience analytics, we deliver business intelligence for organizations of all sizes.

Persistence Market Research
305 Broadway
7th Floor, New York City,
NY 10007, United States,
USA – Canada Toll Free: 800-961-0353
Email: sales@persistencemarketresearch.com
Web: http://www.persistencemarketresearch.com

This release was published on openPR.