Report Overview

Bahrain Tire Market - Industry Trends & Forecast Report, 2029

Bahrain tire market size was estimated at USD 886.4 million in 2022. During the forecast period between 2023 and 2029, Bahrain tire market size is expected to grow at a CAGR of 6.36% reaching a value of USD 1,352.8 million by 2029. One of the key elements driving up demand for tires globally is the rising sales of passenger, luxury, and electric vehicles (EVs) as a result of rapid urbanization and rising consumer spending power. The demand for premium quality tires with a longer operational life improved stability and reliability, and high puncture resistance is being fueled by the increased focus on driver and passenger safety as well as the rise in fatal traffic accidents. Major players are introducing airless, lightweight, and three-dimensional (3D) printed) variants. They are putting a lot of effort into recovering and recycling old tires to reduce their negative environmental effects and save a lot of the energy needed to make new ones.

Bahrain Tire Market - Overview

A tire is a circular, ring-shaped auto part that houses a wheel rim and is inflated with compressed air. It is made from wire, silica, carbon black, steel, natural or synthetic rubber, and other materials. It transfers the weight of the car from the axle to the ground and provides stability by reducing vibrations and improving shock absorption. It improves the performance, mileage, passenger safety, and wear and tear of the vehicle. Depending on the type of vehicle, it is now frequently available in a variety of sizes and variants.

Growth Drivers

Increasing Demand for Vehicles & Tires from Bahrain’s Thriving Construction Sector

The main factor driving the demand for tires in Bahrain is the government's increased emphasis on infrastructure improvements, which has resulted in rapidly accelerating construction projects and rising sales of medium and heavy commercial vehicles. To meet the nation's rising demand for tires in the coming years, the leading players see lucrative growth opportunities to expand their import and distribution capacities.

Restraints

Stringent Regulations on Carbon Emissions & Fluctuating Raw Material Prices

The main factors that may limit the extensive use of rubber in tire production, and thus the growth of the tire market between 2023 and 2029, are growing concerns about carbon emissions and stringent government regulations aimed at reducing them. The fluctuating price of raw materials, which has an impact on the overall cost of producing tires and makes it difficult for tire manufacturers to set a fixed price, is another important factor that is likely to limit the market's growth in the coming years.

Impact of COVID-19 on the Bahrain Tire Market

The Covid-19 pandemic's decelerating effects in Bahrain in 2020 had an impact on both the automotive and tire industries in different ways. The top market players encountered several first-time challenges, particularly concerning the production, importation, and distribution of tires throughout the country, even though the government imposed stringent movement restrictions and frequent lockdowns to stop the spread of this terrible disease. The market was prevented from growing by several important problems, including project cancellations, supply chain disruptions that led to the lack of raw materials, and delays in the delivery of goods that had already been produced.

Bahrain Tire Market

Segmental Coverage

Bahrain Tire Market - By Vehicle Type

On basis of the vehicle type, Bahrain tire market is divided into Passenger Car, Two-Wheeler, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, Off-The-Road Vehicle (OTR), and Three-Wheeler segments. From 2023 to 2029, the passenger car segment is expected to account for the highest portion of the Bahrain tire market. It is attributed to the rising trend in private ownership of passenger cars, which is fueling the nation's fleet of vehicles to grow quickly. This element will probably increase tire demand and support the expansion of the passenger car market. Due to the enormous influx of tourists, pilgrims, and migrants, there is an enormous increase in the demand for taxis and cabs in Bahrain. As a result, the market is growing overall due to an increase in the sales of passenger cars used for business purposes.

Bahrain Tire Market - By Tire Type

On basis of tire type, Bahrain tire market is divided into Radial (Tube, Tubeless) and Bias segments. The radial segment, which includes the tubeless tire market segment, accounted for a sizable portion of the Bahrain tire market in terms of revenue. As tubeless tires have a slow rate of deflation and low rolling resistance, they are typically found on motorcycles. The demand for tubeless tires is expected to increase throughout Bahrain because tube tires use more fuel than tubeless tires do.

Bahrain Tire Market – By Demand Category

On basis of the demand category, Bahrain tire market is divided into OEM and Replacement segments. As there are no tire manufacturing facilities in Bahrain, it is expected that demand for replacement tires will increase quickly and take the largest share of the market through 2029. Another clear indicator of the rising demand for replacement tires across the nation is the simple accessibility of numerous brands with a range of price points. Rising consumer awareness of the advantages and significance of timely tire repairs and replacements is spurring replacement tire sales and boosting the market's overall growth.

Competitive Landscape

Major companies in Bahrain tire market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Pirelli, Continental, Dunlop, Yokohama, BF Goodrich, Cooper Tire, and Firestone. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In 2021 - Goodyear introduced a new ElectricDrive all-season tire along with two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The product primarily targets crossover utility vehicles & commuter touring sedans, fundamentally equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Also, the tire demonstrates excellent handling capabilities in different weather scenarios owing to its asymmetric tread pattern. In 2022, the brand announced its plans to further expand its product portfolio with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.

Scope of the Report

By Vehicle Type

• • Passenger Car

  • Two-Wheeler

  • Medium & Heavy Commercial Vehicle

  • Light Commercial Vehicle

  • Off-The-Road Vehicle (OTR)

  • Three-Wheeler

By Tire Type

• • Radial

1. Tube

2. Tubeless

   • Bias

By Demand Category

• OEM

• Replacement

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Bahrain Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Surging demand for tires in replacement market
         2. Increasing disposable income
         3. Improving country’s economy
      2. Restraints
         1. Decline in production and delivery amid COVID-19
      3. Opportunities
         1. Growing infrastructure developments across the country.
         2. International government’s support for infrastructure projects
      4. Challenges
         1. Volatility raw material prices
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Bahrain Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Vehicle Type
         1. Passenger Car
         2. Two-Wheeler
         3. Medium & Heavy Commercial Vehicle
         4. Light Commercial Vehicle
         5. Off-The-Road Vehicle (OTR)
         6. Three-Wheeler
      2. By Tire Type
         1. Radial
            1. Tube
            2. Tubeless
         2. Bias
      3. By Demand Category
         1. OEM
         2. Replacement
5. Competitive Landscape
   1. List of Key Players and Their Range
   2. Bahrain Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
6. Impact of Covid-19 on Bahrain Tire Market Industry
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Bridgestone
   2. Michelin
   3. Goodyear
   4. Pirelli
   5. Continental
   6. Dunlop
   7. Yokohama
   8. BF Goodrich
   9. Cooper Tire
   10. Firestone
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents
   5. Assumption & Limitation

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures                                                                                           

Figure 1       Bahrain Tire Market Segmentation

Figure 2       Bahrain Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Bahrain Tire Market Size, By Value (USD Million), 2019–2029

Figure 5       Bahrain Tire Market Share, By Vehicle Type, By Value, 2019–2029

Figure 6       Bahrain Tire Market Share, By Tyre Type, By Value, 2019–2029

Figure 7       Bahrain Tire Market Share, By Demand Category, By Value, 2019–2029

List of Tables

Table 1        Bahrain Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 2        Bahrain Tire Market Size, By Tyre Type, By Value, 2019–2029

Table 3        Bahrain Tire Market Size, By Demand Category, By Value, 2019–2029

Table 4        Bridgestone Company Overview

Table 5        Bridgestone Financial Overview

Table 6        Michelin Company Overview

Table 7        Michelin Financial Overview

Table 8        Goodyear Company Overview

Table 9        Goodyear Financial Overview

Table 10      Pirelli Company Overview

Table 11      Pirelli Financial Overview

Table 12      Continental Company Overview

Table 13      Continental Financial Overview

Table 14      Dunlop Company Overview

Table 15      Dunlop Financial Overview

Table 16      Yokohama Company Overview

Table 17      Yokohama Financial Overview

Table 18      BF Goodrich Company Overview

Table 19      BF Goodrich Financial Overview

Table 20      Cooper Tire Company Overview

Table 21      Cooper Tire Financial Overview

Table 22      Firestone Company Overview

Table 23      Firestone Financial Overview