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

The tyre is a complicated technical component of today’s automobiles that must execute several tasks. Car tyres are frequently seen as a minor component of the vehicle. This could hardly be more untrue. The tyres are the only point of contact between the car and the road.Moreover, it must cushion, dampen, give solid directional stability, and last for a long time. The tyre is a buffer between the vehicle and the road, reducing road shock transmission. It also increases the vehicle’s friction, allowing it to work correctly. Modern tyres are made of a variety of materials. Rubber is primarily composed of synthetic elements.

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.

According to the International Trade Administration, exporting U.S. vehicles (excluding military vehicles) to Kuwait valued at USD 574 million by 2020 is the largest US exporter in the consumer market. According to the latest data available, by 2021, Japanese cars will have a significant market share of 59%, US models are second with 20% market share, and Korean models are in third place with 9%, followed by 7% of Chinese products. European products have a market share of 4%. At 43% of the market, sports cars (SUVs) are the best cars in Kuwait. Also, Kuwait is an excellent market for 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

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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