KSA’s “Mission 2030” to be the driving factor for its Tire Market
The automotive sector is growing at a rapid pace, thanks to construction activities picking up in wake of industrialization. The government of KSA had tabled development plans as a part of Vision 2030, way back in the year 2014. This again calls for a chiseled approach towards the construction vertical. Persistence Market Research has walked through these facts with subsequent measures to be taken in its latest market study entitled “KSA Tire Market”.
KSA Tire Market Dynamics
KSA Tire market, by type of product, spans non-pneumatic and pneumatic. By type of vehicle, it’s a two-wheeler, four-wheeler (commercial car, passenger car, and others (for instance – agricultural), aircraft, and others (three-wheeler). By application, it’s on-road and off-road. By sales, it’s East, West, Central, South, and North. Persistence Market Research has entailed these facts with future perspectives in its latest market study entitled “KSA Tire Market”.
Kingdom of Saudi Arabia (KSA) comes across as the cheapest region with regards to buying automobiles as well as its parts, that too, with absolutely no VAT or luxury tax. T country also makes provisions for affordable financing plans. As an outcome, the four-wheeler segment scores over the two-wheeler segment. An interesting thing to know over here is that the same kingdom’s Central and Western Province does demonstrate speedy growth concerning the demand for 4-wheeler tires. These two provinces comprise Mecca, Medina, and Riyadh, which account for over 80% of the total retail outlets therein. Persistence Market Research has highlighted these facets of the market with subsequent steps to be taken in its latest market study entitled “KSA Tire Market”.
Persistence Market Research has enlisted the key participants in the KSA tire market as The Bridgestone Group, Michelin Group, Goodyear Tire and Rubber Company, Pirelli & C Spa, Continental AG, Hankook Tire Company, Cooper Tire & Rubber Company, Yokohama Rubber Company Ltd., Toyo Tire & Rubber Company Ltd., Apollo Tyres Ltd., and likewise. These players are expected to engage in various modes of expansion for keeping themselves affable. They include mergers, acquisitions, partnerships, joint ventures, and new product launches. For instance – Al-Amoudi Co. Ltd., in February 2021, did introduce the new-fangled “Platinum Warranty” for 3 years on every product. Germany-based Continental AG, in March 2019, did open its very first office in Jeddah (Saudi Arabia).
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