Kuwait Tyres Market Size By Type of Tyre (Radial and Bias), By Vehicle Type (Passenger Cars, Commercial Vehicles, Off the road (OTR) Vehicles), And Forecast

Kuwait Tyres Market Size And Forecast

Kuwait Tyres Market size was valued at USD 280.02 Million in 2024 and is projected to reach USD 442.1 Million by 2031, growing at a CAGR of 6.48% during the forecast period 2024-2031.

Low cost of fuel & increasing demand for passenger cars and research & technological advancement along with new competitors entering the market, will drive market growth. The Kuwait Tyres Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Kuwait Tyres Market Definition

Sure, your car's tyres might seem like a small thing, but they're actually pretty complex and super important! You see, they're the only thing connecting your car to the road. It's easy to underestimate them, but that couldn't be further from the truth. They've got to do so muchcushion your ride, keep you stable, and, of course, last a good while. Think of your tyres as a buffer, absorbing all those bumps from the road. Plus, they're what gives your car the grip it needs to, well, work! And get this – modern tyres aren't just plain old rubber; they're a mix of all sorts of things, mostly synthetic stuff.

Kuwait Tyres Market Overview

Low cost of fuel & increasing demand for passenger cars and research & technological advancement along with new competitors entering the market, will drive market growth. Kuwait is the eighth largest US car market in the world. Lower fuel costs, combined with local popularity and popularity, increase the demand for larger-sized vehicles in the Gulf region. Finally, it appears that the GCC is on the verge of implementing a highly negotiated tax system – VAT- which will significantly impact the automotive industry and other critical sectors of the economy.

Wow, did you know that back in 2020, the U.S. was exporting a ton of cars (we're talking regular cars, not military ones!) to Kuwait? The International Trade Administration says it added up to a whopping USD 574 million, making us the biggest exporter in the consumer market. But things are changing! As of 2021, Japanese cars rule Kuwait with a massive 59% market share. We're still hanging in there at second with 20%, followed by Korean cars at 9%. Chinese brands are gaining ground too, with 7%, while European cars have about 4%. And guess what's hot? SUVs! They make up 43% of all car sales. Plus, Kuwait is a great place if you're into luxury and classic luxury cars.

Foreign and direct OEM manufacturers also appear to soon expand their operations in Kuwait. The country has matured with staff availability, the potential for research and development, and environmental benefits. The car market in the country is growing slowly and is expected to grow significantly in the coming years.

The government sees the Kuwaiti car market as one of its top non-oil-rich sources, thus providing services to the industry as expected to generate job creation and boost its market. With favorable policies and a favorable environment for growth, it can be expected that many companies looking to increase their Kuwait automotive market share will soon be entering the market. Furthermore, usage of pyrolysis process for burning excessive tires leading to increased pollution is the certain factor which is hindering the market growth.

Kuwait Tyres Market Segmentation Analysis

The Kuwait Tyres Market is segmented on the basis of Type of Tyre and Vehicle Type.

Kuwait Tyres Market, By Type of Tyre

• Radial
• Bias

To Get Summarized Market Report By Type of Tyre-

Based on Type of Tyre, the market is bifurcated into Radial and Bias. Radial accounted for the largest market share of 70.30% in 2021, with a market value of USD 552.23 Million and is projected to grow at the highest CAGR of 7.03% during the forecast period. Bias was the second-largest market in 2021, valued at USD 233.30 Million in 2021; it is projected to grow at a CAGR of 5.06%.

Kuwait Tyres Market, By Vehicle Type

• Passenger Cars
• Commercial Vehicles
• Off the road (OTR) Vehicles
• Two wheelers & three wheelers
• Others

To Get Summarized Market Report By Vehicle Type-

Based on Vehicle Type, the market is bifurcated into passenger cars, commercial vehicles, off the road (OTR) vehicles, two wheelers & three wheelers, and others. Passenger Cars accounted for the largest market share of 56.39% in 2021, with a market value of USD 442.96 and is projected to grow at the highest CAGR of 7.22% during the forecast period. Commercial Vehicles were the second-largest market in 2021, valued at USD 158.52 in 2021; it is projected to grow at a CAGR of 6.62%.

Key Players

The “Kuwait Tyres Market” study report will provide valuable insight with an emphasis on the Kuwait market. The major players in the market are Sumitomo, Continental, Bridgestone Corporation, The Yokohama Rubber Co., Ltd., Hankook Tire & Technology, The Goodyear Tire & Rubber Company, Michelin, Kumho, Pirelli, Toyo, and Others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.

Key Developments

• Sumitomo introduced HTR A/S P03 to improve ride comfort, wet braking, tread life, and winter traction while preserving excellent dry braking and low road noise.
• Continental signed a contract with Kia to supply premium tyres for the fully electric Kia Niro and the hybrid and plug-in hybrid model variants.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

We dig deep into the market using both numbers and real-world factors to break it down into segments. Then, we give you the market value (in USD Billion!) for each piece of the puzzle. You'll see which regions and segments are predicted to grow the fastest and become the biggest. Plus, we analyze each geographic area, focusing on product/service consumption and the unique things impacting the market there. We also map out the competitive landscape, showing you who's on top, what new products/services have launched, who's partnering with whom, and who's buying who, all from the last five years. Expect detailed company profiles – overviews, insights, product comparisons, and SWOT analyses for the key players. You'll get a clear view of where the market stands now and where it's heading, including opportunities, drivers, challenges, and restraints in both new and established regions. We even use Porter's five forces to analyze the market from all angles and give you insight through the value chain. Finally, we'll lay out the market dynamics and highlight growth opportunities coming your way, with 6-month post-sales analyst support.

Customization of the Report

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