DUBLIN--(BUSINESS WIRE)--Research and Markets(http://www.researchandmarkets.com/research/ee6344/automotive_tire_in) has announced the addition of the "Automotive Tire Industry in Saudi Arabia" report to their offering.
Demand for tires and tubes is set to grow by 12% annually in Saudi Arabia. Being the largest market for automotive tires in the Middle East, Saudi Arabia still imports them to satiate its needs. It runs up almost $800 million in imported tire bills alone on a yearly basis. The country imports 13 million tires every year and volumes are expected to keep on rising as consumer demand increases over the next few years. The major products include Tires (passenger, truck, bus, trailers), Tires (OTR, Agricultural, Industrial/ TBR), Rims, Tubes and Casings, Tire Repair Material, Patches, Retreading Material and Equipment.
A largely import-driven market, as there is little to no local manufacturing, the Saudi market is a magnet for leading international brands, with Japanese and American tire majors leading the way, followed by a strong representation from European and Asian brands. All tires imported into Saudi Arabia have to pass the stringent safety specifications laid down by the Saudi Arabian Standards Organization, before they can be marketed in the country.
Major companies reigning the market currently are Yokohama, Bridgestone, Hankook, and Michelin. In 2010, Japanese manufacturers topped the list of suppliers with a 41% share of the Saudi import market, while US companies came in fourth place after South Korea and China. Saudi tire industry practitioners believe that prices increases over the last two years has led to some traders buying low-quality low-priced tires instead. On the other hand, although the tire prices are rising, domestic demand in the country has not gone down.
There are approximately 60 tire brands sold in Saudi Arabia, half of which are well-known brands sourced from companies in the U.S., Japan, South Korea, China, Indonesia, Turkey, India and Europe. Demand is expected to remain high for temperature and traction passenger car tires since they can withstand Saudi Arabia's hot and harsh climate.
Key Topics Covered:
1. Executive Summary
2. Automotive Tire Industry in Saudi Arabia
3. Competition in the Industry
4. Major Players
5. Glossary
Companies Mentioned:
- Bridgestone Corporation
- Cooper Tire & Rubber Company
- Compagnie Generale des Etablissements Michelin SCA
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Company
- Hankook Tire Co., Ltd.
For more information visit http://www.researchandmarkets.com/research/ee6344/automotive_tire_in