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UAE Tire Market Growth 2023, Trends, Share, Scope, Key Manufacture, Analysis, Business Opportunity and Forecast to 2033: SPER Market Research
According to SPER Market Research, 'UAE Tire Market Size- By Type of Vehicle, By Type of Tire, By Rim Diameter, By Sales Channel, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033' state that the UAE Tire is predicted to reach USD 0.98 billion by 2033 with a CAGR of 11.24%.
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The UAE's attractiveness as a destination for job opportunities has resulted in a significant influx of migrants. This, coupled with the establishment of numerous multinational companies, has created a higher demand for vehicles, consequently driving the tire market.
Moreover, prominent automakers and tire manufacturers actively participate in expanding their product portfolios and increasing their visibility in the UAE. Their efforts to cater to the specific requirements of the market contribute to the overall growth of the tire market in the country.
However, the tire market in the UAE is facing various challenges. The market is highly competitive, with numerous local and international tire manufacturers vying for market share. This intense competition puts pressure on pricing strategies, profit margins, and market positioning for companies operating in the industry thereby acting as a challenge for tire market. In addition, the volatility of raw material prices, such as natural rubber and petroleum derivatives, can significantly impact the cost of tire production. Fluctuations in prices can pose challenges for tire manufacturers in maintaining stable pricing and profitability.
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The impact of COVID-19 resulted in a decline in vehicle sales. With limited economic activity and uncertainty, consumers postponed or cancelled vehicle purchases, leading to reduced demand for tires. This decrease in vehicle sales directly impacted the demand for tires in the UAE market. Also, manufacturing units in the UAE faced operational challenges due to lockdown measures and restrictions on business activities. Many tire manufacturers had to temporarily suspend or reduce their production capacities, leading to a decrease in overall tire output. This disruption in manufacturing operations impacted the availability of tires in the market.
Dubai holds a dominant position in the UAE tire market, followed by Abu Dhabi and Sharjah. These emirates play a pivotal role in the country's business and commercial landscape, contributing significantly to the overall tire market in the UAE. The city's strong economic growth, supported by investments in infrastructure projects and tourism, fuels the demand for tires. Additionally, Abu Dhabi's prominence as a major oil and gas hub and its expanding construction sector further contribute to the tire market's growth. In addition, some of the market key players are Michelin, Goodyear Tire and Rubber Company, Dunlop Tyres, Continental AG, Bridgestone Corporation, Pirelli & C. S.p.A., Others.
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UAE Tire Market Segmentation:
By Type of Vehicle: Based on Vehicle, UAE Tire Market is segmented as; Medium and Heavy Commercial Vehicles, Off the Road, Passenger Car, Light Commercial Vehicle, Two Wheelers.
By Type of Tire: Based on the Type of Tire, UAE Tire Market is segmented as; Radial, Bias.
By Rim Diameter: Based on the Rim Diameter, UAE Tire Market is segmented as; Upto 12", 12.1" to 15", 15.1." to 18", 18.1" to 20", 20.1" to 22.5", 22.6" to 26", 26.1" to 35", 35.1" to 47", Above 47".
By Sales Channel: Based on the Sales Channel, UAE Tire Market is segmented as; Dealer/Exclusive Outlets, Online, Others.
By End User: Based on the End User, UAE Tire Market is segmented as; OEM, Replacements.
By Region: This study also includes data for the Northern Region, Eastern Region, Western Region, and Southern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
Related Reports:
https://www.sperresearch.com/report-store/electric-vehicle-battery-market.aspx
https://www.sperresearch.com/report-store/asia-pacific-electric-bus-market.aspx
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