Middle East Tyre Market is Driven by Increasing Demand for EVs and Strict Road Safety Regulations

Growing awareness of road safety, the rising prevalence of luxury and high-performance vehicles and increasing demand for all-terrain and desert-specific tires are some key drivers propelling the growth of the Middle East tyre market in the forecast period, 2023-2030.

According to the Markets and Data Research report, “Middle East Tyre Market Assessment, By Tyre, By Vehicle, By Tyre Type, By Rim Size, By Demand Type, By Distribution Channel, By Region, Opportunities and Forecast, 2016-2030F”, the Middle East Tyre Market was valued at USD 14.06 billion in 2022 and is estimated to register a CAGR of 7.4% in the forecast period. The significant rise in the adoption of vehicles among consumers for a variety of purposes and the growing need for vehicles in the logistics and transportation sectors are driving the Middle East tyre market growth. Several countries across the Middle East have high per capita income, increasing the demand for luxury vehicles. Luxury vehicles require high-quality and premium tyres that align with their performance competencies. Consequently, the increase in demand for luxury vehicles propels the need for premium and high-performance tyres, which further creates market growth opportunities for market players. In addition, government regulatory standards concerning road safety in the Middle East region drive the demand for tyres. Some countries have strict regulations regarding tyre quality and vehicle safety, confirming that only high-rating and approved tyres are to be installed in the vehicles. Furthermore, companies are functioning efficiently to decrease the environmental impact of tyres by ensuring eco-friendly manufacturing practices, decreasing emissions, and recycling.

Spread through 221 pages, the "Middle East Tyre Market" report includes an in-depth TOC, over 40 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report also offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways 
In UAE, the rapid development in urbanization and infrastructure are driving the demand for the tyre market. 
Increase in tourism across some popular countries of the Middle East raise the requirement for reliable and high-quality tyres. 
Recent developments in tyre technology and the rapid adoption of green tyres have significantly boosted the market expansion. 
Expansion of the automotive industry, presenting the growing vehicle ownership and increase in sales of advanced cars, stands as a foremost driver in the Middle East tyre market.

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Middle East tyre market is segmented in the following categories: 
By Tyre: Winter Tyre, Summer Tyre, All Season Tyre
By Vehicle Type: Passenger Vehicles (Two-Wheeler, Three-Wheeler, Four-Wheeler), Commercial Vehicle (LCV, Medium and Heavy CV), Off The Road (Agriculture, Mining and Construction, Others)
By Tyre Type: Radial, Bias
By Rim Size: Upto 20 Inches, Above 20 Inches
By Demand Type: New Product (OEMs), Replacement 
By Distribution Channel: Original Equipment Manufacturers, Multi Brand Distributor, Single Brand Distributor, Online
By Region: Saudi Arabia, UAE, Rest of Middle East

Based on vehicle type, the passenger car segment registers the largest market share because it is the most preferred choice of transportation and high purchasing power of consumers. Also, changes in the lifestyle of consumers and rapid development of highways and roads drive the demand for passenger cars in the region which further leads to the surge in ownership of private passenger cars, driving the demand for tyres. In addition, due to rapid urbanization and office culture, there is a rising demand for passenger cars.

Based on tyre type, all-season tyre dominates the market growth due to it being the most preferred choice among vehicle owners. All-season tyres are effective tyres as compared to others as a customer can rely on a single set of tyres for a diverse range of climatic conditions. These tyres are cost-effective and compatible with the region’s harsh desert conditions. In addition, manufacturers of all-season tyres are actively investing in different research and development activities to improve the strength and reliability of these tyres and expand their footprint.

Major Companies Operating in the Middle East Tyre Market include: 
1 - Bridgestone Corporation
2 - Michelin Group
3 - Continental Middle East DMCC
4 - Goodyear Tire and Rubber Company 
5 - Sumitomo Rubber Industries, Ltd. 
6 - Yokohama Rubber Company, Limited
7 - Toyo Tire Corporation 
8 - Hankook Tire & Technology Co., Ltd. 
9 - Pirelli & C. SpA

Companies functioning in the Middle East tyre market are actively employed in different research and development activities to propel advancement and develop an effective product range coupled with its extended application to different sectors, including aerospace and others. In addition, companies are adopting different growth strategies such as joint ventures, new product launches, partnerships, collaborations, and others to expand their footprint and product portfolio. Companies are continuously introducing effective and cutting-edge tyre technologies coupled with ensuring offerings cater to the rising requirement of the Middle East market, comprising the rising need for autonomous vehicles and other mobility solutions.

In October 2023, Pirelli & C. SpA announced a joint venture agreement with the public investment fund of Saudi Arabia to construct a tyre factory across Saudi Arabia. This joint venture addresses the rising demand for tyres and offers technical and marketing assistance.

“Middle East Tyre Market Assessment, 2016-2030F”, evaluates the future growth potential of the Middle East Tyre market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers make investment decisions for their organizations more strategically. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the Middle East tyre market.

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