Bahrain Tire Market
Bahrain Tire Market Size Grows Steadily to Touch 1.4 billion by 2029
Published | 23 January 2023
Bahrain tire market is flourishing owing to increasing sales of automobiles, spurring demand for tire replacement, and rapid adoption of advancements in tire technology.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Bahrain tire market size at USD 886.4 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Bahrain tire market size to grow at a significant CAGR of 6.36% reaching a value of USD 1,352.8 million by 2029. Rising sales of passenger, luxury, and electric vehicles (EVs) as a result of rapid urbanization and rising consumer spending power are one of the key factors driving the demand for tires in Bahrain. The increasing emphasis on driver and passenger safety to reduce fatal traffic accidents is fueling the demand for premium quality tires with a longer operational life, improved stability and reliability, and high puncture resistance. Airless, lightweight, and three-dimensional (3D) printed variants are being introduced by major players. They are working hard to recover and recycle old tires to reduce their negative environmental impact and save a significant amount of energy required to manufacture new ones.
Qatar Tire Market – Overview
A tire surrounds the rim of the wheel to transfer the weight of a vehicle from the axle through the wheel to the ground and to provide traction on the surface the wheel travels over. Most tires, including those for automobiles and bicycles, are pneumatically inflated and also provide a flexible cushion to absorb shock as the tire travels over irregular surfaces. Applying a bearing pressure that will not cause the surface to deform excessively allows the contact patch, the footprint that tires provide, to be made to match the weight of the vehicle with the bearing capacity of the surface it rolls over.
Opportunity: Construction industry expansion spurring demand for vehicles & tires
The government's increased focus on infrastructure improvements, which has led to quickly accelerating construction projects and rising sales of medium and heavy commercial vehicles, is the main factor boosting tire demand in Bahrain. The major players expect profitable growth opportunities to increase their import and distribution capacities to meet the nation's rising demand for tires in the upcoming years.
Challenge: Strict regulations on carbon emissions and fluctuating raw material prices
The primary factors that may restrict the extensive use of rubber in tire production and, consequently, the expansion of the tire market are mounting concerns over carbon emissions and onerous government regulations designed to cut them. Another significant factor that is likely to restrict the market's growth in the upcoming years is the fluctuating price of raw materials, which has an effect on the overall cost of producing tires and makes it challenging for tire manufacturers to set a fixed price.
Impact of COVID-19 on Bahrain Tire Market
The decelerating effects of the Covid-19 pandemic in Bahrain in 2020 had an impact on both the automotive and tire industries in diverse ways. Even though the government imposed strict movement restrictions and frequent lockdowns to stop the spread of this terrible disease, the top market players faced several first-time challenges, particularly regarding the production, importation, and distribution of tires throughout the country. Several significant issues hampered market growth, including project cancellations, supply chain disruptions that resulted in a lack of raw materials, and delays in the delivery of previously produced goods.
Bahrain Tire Market – By Tire Type
Bahrain tire market is segmented into Radial (Tube and Tubeless), and Bias tires. In terms of market share, the radial segment holds a sizable share of the Bahrain tire market. Tubeless tires, which are part of the radial segment, are typically found on motorcycles because of their low rolling resistance and slow rate of deflation. As tube tires consume more fuel than tubeless tires, the demand for tubeless tires is expected to rise throughout Bahrain.
Bahrain tire market is fiercely competitive. Major companies in the market include Bridgestone, Michelin, Goodyear, Continental, Pirelli, Pirelli, Continental, Dunlop, Yokohama, BF Goodrich, Cooper Tire, and Firestone. The companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Bahrain tire market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Bahrain Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Bahrain Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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