DUBLIN—Research and Markets has announced the addition of the "Kuwait Tire Market Forecast & Opportunities, 2021" report to their offering.
Kuwait tire market is projected to grow at a CAGR of over 11% during 2016-2021, on account of expanding vehicle fleet size, rapid infrastructure developments and increasing urbanization
Furthermore, passenger car tire segment dominates the country's tire market followed by light commercial vehicle tire and medium & heavy commercial vehicle tire segments.
Increasing demand for tires in Kuwait can be attributed to expanding passenger car fleet size and rising construction activities. Further, automobile sales in Kuwait grew at a CAGR of around 6% during 2011-2015 and are poised to demonstrate a similar trend during the forecast period.
Anticipated growth in automobile sales is being supported by rising disposable income levels, increasing urbanization, and growing infrastructure and construction sectors in the country. Moreover, replacement demand for tires in the country is mainly addressed through imports, due to absence of domestic tire manufacturing facilities in the country. Kuwait mainly imports tires from Japan, China, South Korea, Thailand, India, US, Germany and Brazil.
Expanding passenger car fleet size and rising sales of passenger cars is projected to augur well for Kuwait tire market in the coming years. Bridgestone, Yokohama, Michelin and Goodyear are few of the leading players operating in Kuwait tire market. However, increasing penetration of low cost Chinese tires is largely hampering volume sales of premium tire brands. Nevertheless, on the back of high consumer confidence and strong dealership network, premium tire companies are expected to maintain their dominance in Kuwait tire market during the forecast period.
Market Trends & Developments
- Rising Popularity of Seal Inside Technology
- Growing Demand for Black/ White Walled Tires
- Increasing Retread Tire Market
- Growing Automobile Sales
- Expanding Unorganized Market
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Analyst View
4. Kuwait Tire Market Outlook
5. Kuwait Passenger Car (PC) Tire Market Outlook
6. Kuwait Off-The-Road (OTR) Tire Market Outlook
7. Kuwait Light Commercial Vehicle (LCV) Tire Market Outlook
8. Kuwait Medium & Heavy Commercial Vehicle (M&HCV) Tire Market Outlook
9. Kuwait Two-Wheeler (2W) Tire Market Outlook
10. Import-Export Analysis
11. Market Dynamics
12. Market Trends & Developments
13. Policy & Regulatory Landscape
14. Kuwait Economic Profile
15. Competitive Landscape
16. Strategic Recommendations
Companies Mentioned
- Bridgestone Tire Distribution Co. W.L.L
- Continental AG
- Goodyear Middle East FZE
- Hangzhou Zhongce Rubber Co. Ltd. (ZC Rubber)
- Hankook Tire Co. Ltd.
- Michelin UAE
- Pirelli Tyre(Suisse) SA (Middle East Branch)
- Sumitomo Rubber Middle East FZE
- Toyo Tire & Rubber Co., LTD.
- Yokohama Rubber Co. Ltd.
For more information visit http://www.researchandmarkets.com/research/mfqgqg/kuwait_tire
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Sector: Automotive Tires