Report Overview

Qatar Tire Market Trends & Forecast Report, 2029

Qatar tire market size was estimated at USD 1,257.33 million in 2022. During the forecast period between 2023 and 2029, Qatar tire market size is expected to grow at a CAGR of 6.13% reaching a value of USD 1,768.66 million by 2029. The major factors driving the tire market's expansion are sales of passenger cars and construction equipment, which are expected to rise in Qatar during the next five years. This bodes well for the country's tire industry. Chinese tire brands have a significant presence in Qatar's tire market due to their widespread availability and lower cost than flagship brands. This is because the market is primarily driven by imports and replacement products. The average tire shell life in Qatar is reduced by harsh weather to four years. The Qatar tire market is expected to benefit from short product lifespans, booming construction projects resulting from the Qatar National Vision Plan 2030, and infrastructure projects related to the FIFA World Cup 2022.

Qatar Tire Market - Overview

To transfer a vehicle's weight from the axle through the wheel to the ground and to provide traction on the surface the wheel travels over, a tire surrounds the rim of the wheel. The majority of tires, including those for cars and bicycles, are pneumatically inflated units that also offer a flexible cushion to absorb shock as the tire travels over uneven surfaces. The footprint that tires provide, known as the contact patch, is made to match the weight of the vehicle with the bearing capacity of the surface it rolls over by applying a bearing pressure that will not cause the surface to deform excessively.

Growth Drivers

Increasing Focus on Infrastructure Development Projects

Growing government emphasis on infrastructure improvements, which has resulted in quickly accelerating construction projects in the nation and rising sales of medium and heavy commercial vehicles, is the main factor boosting demand for tires in Qatar. To meet the rising demand for tires across the nation over the upcoming years, the leading players are seeing lucrative growth opportunities to expand their import and distribution capacities.

Restraints

Stringent Regulations on Carbon Emissions and Fluctuating Raw Material Prices

The main factors that could limit the extensive use of rubber in tire production and, in turn, limit the growth of Qatar tire market between 2021 and 2026, are the growing concerns about carbon emissions and the strict government regulations aimed at reducing them. Another key factor that is likely to limit the market's growth over the coming years is 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.

Impact of COVID-19 on Qatar Tire Market

The automotive and tire industries in Qatar were affected by the Covid-19 pandemic's decelerating effects in 2020 and experienced a dual impact of the crisis. While the government imposed strict movement restrictions and frequent lockdowns to stop the spread of this terrible disease, the top market players encountered several first-time difficulties, particularly concerning the production, importation, and distribution of tires throughout the nation. Several significant issues prevented the market from expanding, including supply chain disruptions that resulted in the unavailability of raw materials, delays in the delivery of pre-produced goods, fluctuations in the prices of raw & finished goods, and project cancellations.

Qatar Tire Market

Segmental Coverage

Qatar Tire Market - By Vehicle Type

On basis of the vehicle type, Qatar 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. Passenger Cars are predicted to have the highest share of all of them in the Qatar tire market from 2023 to 2029. It is attributed to people's rising propensity for private ownership of passenger cars, which is in turn causing a rapid expansion of the nation's vehicle fleet. This factor is probably going to increase tire demand and help the market for passenger cars grow. There is a huge increase in demand for taxis and cabs in Qatar due to the massive influx of tourists, pilgrims, and migrants. As a result, sales of passenger cars for business purposes are increasing quickly, driving the market's expansion overall.

Qatar Tire Market - By Tire Type

On basis of tire type, Qatar tire market is divided into Radial (Tube & Tubeless) and Bias. The radial segment, which includes the tubeless tire market segment, accounted for a sizable portion of the Qatar tire market in terms of revenue. Since 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 Qatar, as tube tires use more fuel than tubeless tires do.

Qatar Tire Market – By Demand Category

On basis of the demand category, Qatar tire market is divided into OEM and Replacement segments. As there are no tire manufacturing facilities in Qatar, 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

Qatar tire market is fiercely competitive. Major companies in the market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Apollo Tires, Nokian Tires, Dunlop Tires, Falken Tires, Hankook Tires, JK Tire, Yokohama Tires, Sumitomo Rubber Industries, Toyo Tires, and Cooper Tires. 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. Qatar 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 in prices of raw material
   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. Qatar 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. Qatar Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
6. Impact of Covid-19 on Qatar 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. Continental
   5. Pirelli
   6. Apollo Tyres
   7. Nokian Tyres
   8. Dunlop Tyres
   9. Falken Tyres
   10. Hankook Tyres
   11. JK Tyre
   12. Yokohama Tyres
   13. Sumitomo Rubber Industries
   14. Toyo Tires
   15. Cooper Tires
   16. 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       Qatar Tire Market Segmentation

Figure 2       Qatar Tire Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

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

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

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

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

List of Tables

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

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

Table 3        Qatar 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      Continental Company Overview

Table 11      Continental Financial Overview

Table 12      Pirelli Company Overview

Table 13      Pirelli Financial Overview

Table 14      Apollo Tyres Company Overview

Table 15      Apollo Tyres Financial Overview

Table 16      Nokian Tyres Company Overview

Table 17      Nokian Tyres Financial Overview

Table 18      Dunlop Tyres Company Overview

Table 19      Dunlop Tyres Financial Overview

Table 20      Falken Tyres Company Overview

Table 21      Falken Tyres Financial Overview

Table 22      Hankook Tyres Company Overview

Table 23      Hankook Tyres Financial Overview

Table 24      JK Tyre Company Overview

Table 25      JK Tyre Financial Overview

Table 26      Yokohama Tyres Company Overview

Table 27      Yokohama Tyres Financial Overview

Table 28      Sumitomo Rubber Industries Company Overview

Table 29      Sumitomo Rubber Industries Financial Overview

Table 30      Toyo Tires Company Overview

Table 31      Toyo Tires Financial Overview

Table 32      Cooper Tires Company Overview

Table 33      Cooper Tires Financial Overview