Saudi Arabia’s tire market to reach SAR 11 bln by 2024: report

03/11/2019 Argaam

 

The Saudi Arabian tire market stood at around $2.01 billion (SAR 7.5 billion) in 2018 and is forecast to grow at a CAGR of over 6.4 percent, to cross $2.87 billion (SAR 10.76) by 2024, according to a new report by ResearchAndMarkets.com.

 

The growth is on account of expanding vehicle fleet size, rising purchasing power and growing infrastructure and construction sectors in the country, the report added.

 

The report added that the development of smart cities such as NEOM and implementation of programs such as National Industrial Development and Logistics Program (NIDLP) that fall within the Saudi Vision 2030, are further driving growth in the Saudi Arabian tire market.

 

Additionally, short replacement period of tires due to extreme weather conditions in Saudi Arabia, along with improving economic condition is expected to further push the demand for tires in the country during the forecast period.

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