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Saudi Arabia Retread Tire Market

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: 107

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.

Impact of COVID-19 on Saudi Arabia Retread Tire Market

COVID-19 pandemic had a detrimental impact on automobiles and tire industries in 2020 posing various unprecedented hurdles for Saudi Arabia’s retread tire market. Tire producers and importers incurred enormous revenue losses as a result of a shortage of raw materials, supply chain interruptions, delivery and manufacturing delays, and pricing volatility throughout the crisis.  Furthermore, services, airlines, and ships worldwide were restricted due to pandemic-related restrictions, incurring loss to manufacturers. However, the Saudi government did not impose any restrictions on construction operations because they represent a significant source of economic fluidity throughout the region. As a result, demand for commercial vehicles and retread tires increased, allowing market leaders to remain competitive coupled with expanding e-commerce platform through which the manufactures started selling their products and provided door-step-delivery and installation services to their potential clients which boosted the retread tire market throughout the crisis. Furthermore, as Covid-19 instances began to decline progressively, the government eased the limitations and allowed industrial operations to resume. As a result, the Saudi Arabia retread tire market is expected to grow at a steady rate during the period in analysis.

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

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

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Saudi Arabia Retread Tire Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Cost reductions of vehicle tires
        2. Increasing demand for light commercial vehicle retread tire
        3. Increasing need for affordable and sustainable tires
      2. Restraints
        1. Less dependability to impede the market growth
      3. Opportunities
        1. Environmental protection and advancement of technology
        2. Developing affordable and recyclable substitutes
      4. Challenges
        1. Volatile raw material prices
    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. Saudi Arabia Retread Tire Market Overview
    1. Market Size & Forecast by Value, 2018–2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Vehicle Type
        1. OTR
        2. Commercial Vehicles
        3. Passenger Cars
      2. By Retread Process
        1. Cold Process
        2. Hot Process
  5. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
  6. Impact of Covid-19 on Saudi Arabia Retread Tire Market
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. Hankook
    2. Bridgestone
    3. Goodyear
    4. Michelin
    5. Continental
    6. Toyo
    7. Kumho
    8. Al-Jawad Tire Retreading
    9. General Group
    10. Al Howail Tyre Retreading Factory
    11. Marangi Retreading Systems
    12. 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, By Region
    5. Assumption & Limitation

 

*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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