A tire is a flexible rubber covering that is placed on a metal wheel to create a cushioning interface with the road. The performance and safety of a vehicle depend on the tyres. They offer a safe connection to the road and enclose the wheels. The vehicle’s weight is supported by the tyres, which also offer traction and shock absorption. Their tread designs increase grip, divert water, and enhance driving on wet surfaces. Natural and synthetic rubbers are used to make tyres, which also have fabric layers, steel belts, and other elements for stability and strength. Traction and durability are provided by the tread on the outer layer. Maintaining the correct pressure, checking the tread depth, and rotating the tyres are all important aspects of tyre maintenance
According to SPER market research, ‘Middle East & Africa Tire (Tyre) Market Size- By Vehicle Type, By Design, By Sales Channel, By End Use – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the MENA Tire (Tyre) Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
The market size of Middle East & Africa Tire Market is projected to experience an increase due to various factors. There are numerous significant growth drivers supporting the Middle East and Africa tyre sector. First off, the region’s growing population and rising standard of living are driving up demand for cars and hence raising the demand for tyres. Additionally, the demand for tyres in both the commercial and passenger vehicle segments is being driven by infrastructure development activities, such as road construction and transit projects. High-quality, fuel-efficient, and environmentally friendly tyres are becoming more and more popular as a result of rising safety and environmental consciousness. Finally, the development of the tyre business in the Middle East and Africa is being aided by the existence of a strong aftermarket sector, as well as advantageous government policies and investments.
Numerous obstacles are preventing the Middle East and Africa’s tyre business from expanding and developing. First, the industry faces risks due to the unstable economic and political environment in the region, which can affect tyre demand and supply chains through changes in currency exchange rates, trade regulations, and geopolitical tensions. Finally, domestic tyre manufacturers are under pressure to maintain their competitiveness in terms of pricing and product offers due to the growing competition from low-cost tyre imports, notably from Asian manufacturers.
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Impact of COVID-19 on Middle East & Africa Tire (Tyre) Market
The COVID-19 pandemic significantly altered demand, supply chains, and consumer behaviour, which had a negative effect on the Middle East and Africa tyre industry. The tyre sector, though, has proven resilient and adaptable in overcoming these obstacles, and it is anticipated that it would gradually recover as the situation becomes better.
Middle East & Africa Tire (Tyre) Market Key Players:
Geographically, due to their higher rates of vehicle ownership and rapid economic expansion, the Middle East’s countries like Saudi Arabia, the United Arab Emirates (UAE), and Iran have a comparatively bigger market share. Additionally, these nations gain from supportive governmental initiatives and investments in infrastructure growth, which boost demand for tyres. Additionally, some of the market key players are Apollo Tyres, Bridgestone, Continental, Cooper Tires, Michelin, MRF, Pirelli, Others.
Middle East & Africa Tire (Tyre) Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Middle East & Africa Tire (Tyre) is segmented as; 2wheeler vehicles, 3 wheelers, Heavy commercial vehicles, Light commercial vehicles, Medium commercial vehicles, Passenger cars, Other vehicles.
By Design: Based on the Design, Middle East & Africa Tire (Tyre) is segmented as; Bias-ply tyres, Radial tyres.
By Sales Channel: Based on the Sales Channel, Middle East & Africa Tire (Tyre) Market is segmented as; Offline, Online.
By End Use: Based on the End Use, Middle East & Africa Tire (Tyre) Market is segmented as; OEM, Replacement Tyres.
By Region: This report also provides the data for key regional segments of Qatar, Saudi, South Africa, UAE, Rest of the Middle East and Africa.
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.
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