Saudi Arabia Tire Market Report 2024-2032: Rapid Growth in Automobile Sector Fuels Expansion [Yahoo! Finance]
The Goodyear Tire & Rubber Company (GT)
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Source: Yahoo! Finance
The Saudi Arabia tire market size reached 22.6 Million Units in 2023. The market is projected to reach 25.5 Million Units by 2032, exhibiting a growth rate (CAGR) of 1.32% during 2023-2032. The Saudi Arabia tire market is predominantly import driven, with a considerable penetration of Chinese tire brands owing to their affordability and easy availability. However, over the past several years, the flagships brands have been gaining momentum as a result of high-quality assurance and extended life cycle of the products they offer. Rapid development in the automobile sector of Saudi Arabia is contributing to the growth of the tire market. The expanding consumer base supported by the elevating living standards and increasing per capita expenditure on premium vehicle components further augments the market growth. The rising penetration of international tire brands offering high-quality assurance and extended product life has led to their growing presence in Saudi Arabia . Additionally,
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