Report Overview

Increasing vehicle ownership, infrastructure development, urbanization, a growing economy, rising demand for replacement tires, expanding automotive sector, and technological advancements contribute to the growth of Kuwait Tire Market during the forecast period between 2023 and 2029.

Kuwait Tire Market – Industry Trends & Forecast Report, 2029

Kuwait tire market size was estimated at USD 832.66 million in 2022. During the forecast period between 2023 and 2029, the size of Kuwait tire market is projected to grow at a CAGR of 6.11% reaching a value of USD 1,261.14 million by 2029. The Kuwait tire market has displayed notable trends in recent times. The increasing demand for automobiles, coupled with urbanization and economic growth, has led to a rise in vehicle ownership, consequently boosting tire sales. Also, a shift towards high-performance and all-season tires, driven by consumer preferences for safety and efficiency, is evident. The market has also witnessed a growing emphasis on eco-friendly and sustainable tire options, aligned with global environmental concerns. Online tire retail and the incorporation of advanced tire technologies, such as run-flat and TPMS systems, further characterize the evolving landscape, shaping the Kuwaiti tire market's trajectory.

Kuwait Tire Market - Overview

A tire is a circular, flexible, and robust rubber covering, primarily designed to fit onto wheels of various vehicles, such as cars, bicycles, and trucks. It serves essential functions, including providing traction, supporting the vehicle's weight, absorbing shocks from the road, and enabling smooth movement. Tires typically consist of several layers, including tread, belts, and inner liners, engineered to optimize performance, durability, and safety. Tread patterns vary for different terrains and weather conditions. Proper tire maintenance, inflation, and rotation are crucial for extending their lifespan and ensuring optimal vehicle handling and safety.

Growth Drivers

Expanding Automotive Market

The burgeoning expansion of Kuwait's automotive industry is a prime catalyst for the rapid growth of the tire market. As the country witnesses an upswing in vehicle ownership and an increasing demand for better mobility solutions, the need for high-quality tires has surged. This demand is further driven by a shift towards premium and performance tires, coupled with a growing awareness of the importance of tire safety and efficiency. The combination of these factors is propelling the Kuwait Tire Market to new heights, presenting lucrative opportunities for both domestic and international tire manufacturers.

Restraints

Supply Chain Constraints

The Kuwait tire market encounters a pressing growth restraint as global supply chain disruptions hinder seamless tire distribution. Escalating transportation costs, raw material shortages, and manufacturing delays have collectively strained the tire industry's ability to meet demand. Consequently, Kuwaiti consumers experience extended waiting periods, reduced tire variety, and potential price hikes. The challenge necessitates collaborative efforts among stakeholders to innovate supply chain strategies, enhance local production capacities, and explore alternative sourcing options to alleviate the current market constraint and ensure steady tire availability for Kuwait's automotive sector.

Impact of COVID-19 on Kuwait Tire Market

Kuwaiti tire market faced significant challenges due to the COVID-19 pandemic. With restricted mobility and economic uncertainties, demand for tires plummeted as vehicle usage decreased. Supply chain disruptions also led to fluctuations in tire availability and prices. The automotive industry's slowdown and reduced consumer spending further dampened market growth. However, a gradual recovery was observed as restrictions eased and economic activities resumed. Online sales and contactless services gained prominence, transforming consumer behavior. The Kuwait tire market showcased resilience by adapting to the new normal, but its path to full recovery hinged on global health developments and economic revival.

Kuwait Tire Market

Segmental Coverage

Kuwait Tire Market – By Vehicle Type

Based on vehicle type, Kuwait tire market is divided into Passenger Cars, Light Commercial Vehicles (LCVs), Medium & Heavy Commercial Vehicles (M&HCVs), Off The Road (OTR) Vehicles, and Two Wheelers segments. The largest and most noticeable group is passenger cars. This category includes tires made for normal cars used for personal transportation, which account for a sizeable share of market demand. It benefits from the large number of passenger cars in Kuwait, which reflects the nation's urban and suburban mobility patterns. While the M&HCVs category targets bigger trucks and buses to meet the needs of commercial transportation, the LCVs segment caters to smaller utility vehicles. The OTR vehicles category deals with specialized uses including mining and construction machinery, showing a small but significant market size.

Kuwait Tire Market – By Demand Category

By demand category, Kuwait tire market is divided into OEM and Replacement segments. The replacement segment is the larger segment in the market. This section is concerned with tire aftermarket demand, in which buyers replace worn-out or damaged tires on current vehicles. The importance of the Replacement segment is due to several causes. Tire wear and tear from constant use demand replacements regularly, driving up demand. Variations in weather and road surfaces can further hasten tire wear, increasing the need for replacement.

Kuwait Tire Market – By Type of Tire

By type of tire, Kuwait tire market is divided into Radial and Bias segments. These segments define the basic structural makeup of tires, which influences their performance and usage. Radial tires are designed with string layers that extend radially from the center of the tire, giving in better stability, fuel efficiency, and a smoother ride. Bias tires, on the other hand, have crisscrossed layers of cords that provide durability and load-bearing capacity, making them suited for heavy-duty applications.

Kuwait Tire Market – By Sales Channel

Based on sales channel, Kuwait tire market is split into Dealer/Exclusive Outlets and Online segments. The Dealer/Exclusive Outlets sector is the biggest. Physical shops and authorized dealerships that provide a wide selection of tire brands and services make up this conventional distribution channel. These businesses serve a wide range of clients, including private customers, auto repair facilities, and business fleets. The Dealer/Exclusive Outlets segment enjoys a strong market position and offers customers the chance to physically check and select tires as well as expert guidance from knowledgeable employees.

Kuwait Tire Market – By Tube Type

Based on tube type, Kuwait tire market is divided into Tube and Tubeless. This segment represents consumer preferences for tires as they are currently being used. Tube tires, sometimes referred to as inner tube tires, feature an inner tube that is housed inside the tire casing and holds the air pressure. These tires were used in the past, but their use has decreased as tire technology has advanced. On the other hand, the Tubeless tire market has experienced substantial expansion and modernization. To retain pressure without a separate tube, tubeless tires do not have an inner tube and instead, create an airtight seal against the rim. This design offers several benefits, including decreased risk of unexpected deflation, higher performance, and better fuel efficiency.

Competitive Landscape

Major players in the Kuwait tire market include Michelin, Bridgestone, Goodyear, Continental, Pirelli, Hankook, Dunlop, Nokian Tires, Apollo Tires, and Cooper Tires. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Vehicle Type

• Passenger Cars

• Light Commercial Vehicles (LCVs)

• Medium & Heavy Commercial Vehicles (L&HCVs)

• Off The Road (OTR) Vehicles

• Two Wheelers

By Demand Category

• OEM

• Replacement

By Type of Tires

• Radial

• Bias

By Sales Channel

• Dealer/Exclusive Outlets

• Online

By Tube Type

• Tube

• Tubeless