Saudi Arabia Retread Tire Market
Saudi Arabia Retread Tire Market, By Vehicle Type (OTR, Commercial Vehicles, Passenger Cars); By Retread Process (Cold Process, Hot Process), Trend Analysis, Competitive Landscape & Forecast, 2022–2028
- Published Date: November 2022
- Report ID: BWC22507
- Available Format: PDF
- Page: 110
Report Overview
Surging demand for affordable and sustainable tires and economical vehicle tires; and increasing focus on light commercial vehicle retread type tires are projected to propel the expansion of Saudi Arabia Retread Tire Market at a steady growth rate during forecast period 2022 and 2028.
Saudi Arabia Retread Tire Market - Industry Trends & Forecast Report, 2028
Saudi Arabia retread tire market size is expected to expand at a CAGR of 5.8% during the forecast period between 2022 and 2028. Saudi Arabia retread tire market expansion is driven by increasing automobile manufacturing and sales, rising disposable income, and rapid urbanization. Due to growing urbanization, there is a quest for better work opportunities, and adopting quality living standards is boosting the overall market. Moreover, the leading authorities' focus on investing their generated income from oil and gas in other industries is projected to expand the market further, coupled with increasing technological advancements. The high adoption of retread tires due to their affordable price and sustainability, as well as heavy and commercial vehicles growing preference to tire retreading for construction, mining, and agriculture purposes, could also fuel the expansion of Saudi Arabia retread tire market during the period in analysis.
Saudi Arabia Retread Tire Market
Growth Drivers
Surging demand for retread tire in light commercial vehicle
Tire retreading has grown in popularity due to the potential benefits it offers for heavy and light commercial vehicles. For example, manufacturing a single tire uses up an average of 26 liters of oil, whereas retreading the same tires utilizes only 9 liters of oil, accounting for nearly 34% of the new manufacturing process. As a result, majority of fleets are expected to adopt retreading to minimize their average mileage cost. In addition, retreading is being used by private fleet owners as well as public fleets to meet sustainability goals and budget issues. In recent years, the development of modern technologies has also resulted in substantial improvements in retread tire quality. Moreover, growing consumer awareness regarding the tire type, coupled with rising average sale costs of new tires, is expected to propel the Saudi Arabia retread tire market forward over the forecast period.
Restraints
Limited dependability
Budget tires, which are imported from Asian countries, are sold at reduced prices and gaining popularity in the Saudi Arabia market. Many automobile owners choose these tires due to financial restrictions. The availability of these new low-cost budget tires and limited dependability in retread tires are anticipated to hinder the overall market growth.
Saudi Arabia Retread Tire Market
Segmental Coverage
Saudi Arabia Retread Tire Market – By Vehicle Type
Based on by vehicle type, Saudi Arabia retread tire market has OTR, Commercial Vehicles, and Passenger Cars segments. The commercial vehicles segment holds the highest share in the market due to increasing logistics and industrial activities. Furthermore, an increasing adoption of retread tires in commercial vehicles owing to its affordability and high wear and tear, is also contributing to the expansion of overall Saudi Arabia retread tire market.
Saudi Arabia Retread Tire Market – By Retread Process
Based on the retread process, Saudi Arabia retread tire market is bifurcated into Cold Process and Hot Process segments.
Competitive Landscape
Major players operating in Saudi Arabia Retread Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Al-Jawad Tire Retreading, General Group, Al Howail Tire Retreading Factory, and Marangi Retreading Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2018–2021 |
Base Year – 2021 |
|
Estimated Year – 2022 |
|
Forecast Period– 2022–2028 |
|
Facts Covered |
Revenue in USD million |
Market Coverage |
Saudi Arabia |
Product/ Service Segmentation |
Vehicle Type, Retreat Process |
Key Players |
Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Al-Jawad Tire Retreading, General Group, Al Howail Tire Retreading Factory, Marangi Retreading Systems |
By Vehicle Type
-
OTR
-
Commercial Vehicles
-
Passenger Cars
By Retread Process
-
Cold Process
-
Hot Process
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Saudi Arabia Retread Tire Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Cost reductions of vehicle tires
- Increasing demand for light commercial vehicle retread tire
- Increasing need for affordable and sustainable tires
- Restraints
- Less dependability to impede the market growth
- Opportunities
- Environmental protection and advancement of technology
- Developing affordable and recyclable substitutes
- Challenges
- Volatile raw material prices
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Saudi Arabia Retread Tire Market Overview
- Market Size & Forecast by Value, 2018–2028
- By Value (USD Million)
- Market Share & Forecast
- By Vehicle Type
- OTR
- Commercial Vehicles
- Passenger Cars
- By Retread Process
- Cold Process
- Hot Process
- By Vehicle Type
- Market Size & Forecast by Value, 2018–2028
- Competitive Landscape
- List of Key Players and Their Offerings
- Market Share Analysis, 2021
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Covid-19 on Saudi Arabia Retread Tire Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
- Hankook
- Bridgestone
- Goodyear
- Michelin
- Continental
- Toyo
- Kumho
- Al-Jawad Tire Retreading
- General Group
- Al Howail Tyre Retreading Factory
- Marangi Retreading Systems
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumption & Limitation
- Qualitative Research
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable
List of Figures
Figure 1 Saudi Arabia Retread Tire Market Segmentation
Figure 2 Saudi Arabia Retread Tire Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2021
Figure 4 Saudi Arabia Retread Tire Market Size, By Value (USD Million), 2018–2028
Figure 5 Saudi Arabia Retread Tire Market Share, By Vehicle Type, By Value, 2018–2028
Figure 6 Saudi Arabia Retread Tire Market Share, By Retread Process, By Value, 2018–2028
List of Table
Table 1 Saudi Arabia Retread Tire Market Size, By Vehicle Type, By Value (USD Million), 2018–2028
Table 2 Saudi Arabia Retread Tire Market Size, By Retread Process, By Value (USD Million), 2018–2028
Table 3 Hankook Company Overview
Table 4 Hankook Financial Overview
Table 5 Bridgestone Company Overview
Table 6 Bridgestone Financial Overview
Table 7 Goodyear Company Overview
Table 8 Goodyear Financial Overview
Table 9 Michelin Company Overview
Table 10 Michelin Financial Overview
Table 11 Continental Company Overview
Table 12 Continental Financial Overview
Table 13 Toyo Company Overview
Table 14 Toyo Financial Overview
Table 15 Kumho Company Overview
Table 16 Kumho Financial Overview
Table 17 Al-Jawad Tire Retreading Company Overview
Table 18 Al-Jawad Tire Retreading Financial Overview
Table 19 General Group Company Overview
Table 20 General Group Financial Overview
Table 21 Al Howail Tyre Retreading Factory Company Overview
Table 22 Al Howail Tyre Retreading Factory Financial Overview
Table 23 Marangi Retreading Systems Company Overview
Table 24 Marangi Retreading Systems Financial Overview
Market Segmentation
By Vehicle Type
-
OTR
-
Commercial Vehicles
-
Passenger Cars
By Retread Process
-
Cold Process
-
Hot Process
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