“A research report on UAE Tire Market was added by SDKI in its database which discusses the product as well as the scope of its market in detail. The report provides the business clients with an in-depth overview of the market, giving an analysis of the market trends, market size, market value and market growth over the forecast period on a compound as well as on a yearly basis. Further, the market study gives an overview of the industry on the basis of several factors such as the geographical extent, market segmentation, growth drivers and challenges prevalent in the market.
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UAE tire market stood around USD 220 million in 2019 and is projected to cross USD 420 million, exhibiting a CAGR of more than 11% . The UAE tire market is growing at an impressive rate owing to the rise in demand for sedans for personal use and SUVs for off-roading and sports activities and increasing number of tourists resulting in expanding the fleet size of passenger vehicles. The UAE government has approved a budget of USD 2.18 billion for the development of infrastructure during 2020-2022. With a large number of ongoing construction projects and others in the pipeline, the demand for medium and heavy commercial vehicles is expected to increase during the forecast period and consequently, the market for their tires is also anticipated to grow in the UAE. The continuous business focus of leading tire companies across the country through an increase of dealership and their continuing addition of product portfolio of tires is anticipated to intensify the competition in the UAE tire market over the next five years. Tire players are also increasing their focus on launching performance-oriented tires to better suit different driving conditions, which is further anticipated to elevate the level of technological advancements in the UAE tire market in the coming years.
The UAE tire market is majorly dominated by Dubai, followed by Abu Dhabi and Sharjah. These emirates are the major business and commercial centers in the country, and cumulatively account for more than 80% of the market share in the UAE tire market.
In 2019, the UAE tire market was dominated by passenger car tires accounting for more than 85% market share. The demand for passenger car tires is expected to maintain its dominance during the forecast period. Major companies operating in the UAE tire market are expanding their dealer/distributor network as well as expanding their product portfolio with high-performance tires to meet the requirements of different driving conditions. Bridgestone, Michelin, Dunlop, Hankook, Yokohama, among others are some of the leading players operating in the UAE tire market. Chinese tire companies are witnessing growth in sales due to their low prices and ease of availability across the country.
UAE Tire Market Size Growth, Trends and Global Segments Analysis Report Forecast 2022-2031
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