ERJ staff report (BC)
Dublin, Ireland – According to the report “Saudi Arabia Tire Market Forecast & Opportunities, 2018” from Research and Markets (R&M), the tire market in Saudi Arabia is expected to grow at the CAGR of around 12% during 2013-18 in terms of revenues.
The continuous increase in the demand for automobiles along with the shorter tire replacement cycle will drive the tire industry in the country during the forecasted period, according to R&M.
The passenger car tire segment dominates the tire market in Saudi Arabia, followed by the commercial vehicle tire segment. Growing industrialisation and increasing investment in the country are further likely to push the demand for automobiles and tires in Saudi Arabia over the next five years, says R&M.
Tire demand is also considered to be increasing due to technically improved tires which enhance fuel efficiency and vehicle safety.
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Further details from Research and Markets
