Qatar Tire (Tyre) Market Growth 2023, Emerging Trends, Industry Share, Key Manufacturers, Business Challenges, Future Opportunities and Forecast 2033: SPER Market Research

A tyre encircles the rim of the wheel to distribute the weight of the vehicle from the axle through the wheel to the ground and to give grip on the surface the wheel travels over. The majority of tyres, including those for vehicles and bicycles, are pneumatically inflated units that also provide a flexible cushion to absorb stress as the tyre travels over uneven ground. Applying a bearing pressure that won’t cause the surface to flex excessively results in the contact patch, the footprint that tyres give, being made to match the weight of the vehicle with the bearing capacity of the surface it rolls over.

According to SPER market research, ‘Qatar Tire Market Size– By Vehicle Type, By Demand Category, By Tire Type, By Rim Size- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Qatar Tire Market is predicted to reach USD 2.26 billion by 2033 with a CAGR of 6.35%.

The Qatar Tire Market is projected to grow during the forecast period. The market is expanding primarily as a result of people’s rapidly rising living standards, disposable income, and propensity to own private vehicles, all of which are contributing to a rapid expansion of the vehicle fleet. As a result, the industry is being driven by an increase in tyre demand across the nation. Additionally, the government’s increased emphasis on infrastructure improvements as part of its strategic plan Qatar Vision 2030 to diversify the economy away from oil is reflected in a number of current and prospective construction projects. Additionally, it is increasing the manufacture of durable tyres and boosting the demand for medium and heavy commercial vehicles. As a result, the leading tyre producers are seeing chances to expand their tyre import and distribution capabilities in order to fulfil the expanding customer demands in Qatar and grow the market in the years to come.  Furthermore, because owning a private and affluent vehicle is more of a status symbol among Qatari citizens, the fleet of vehicles is expanding quickly, which is driving up demand for tyres and boosting the market’s total growth.

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However, the growing worries about carbon emissions and the rigorous government rules aimed at lowering them are the primary reasons that could limit the extensive use of rubber in tyre manufacture and, in turn, limit the growth of the Qatar tyre industry. The fluctuating price of raw materials, which has an impact on the overall cost of producing tyres and makes it challenging for tyre producers to set a fixed price, is another important issue that is anticipated to restrict the market’s growth over the next years.

Impact of COVID-19 on Qatar Tire Market

Furthermore, the Covid-19 pandemic in 2020 had a dual impact on Qatar’s automotive and tire industries, with stringent government restrictions causing disruptions in the supply chain. Challenges included raw material shortages, delayed deliveries, and fluctuating prices, impacting tire production and distribution. Despite these obstacles, the construction sector, a key economic driver, remained operational, ensuring a continuous demand for commercial vehicles and tires. This allowed the Qatar Tire Market to weather the crisis, providing opportunities for market leaders to bolster production and distribution capacities to meet heightened end-user needs.

Qatar Tire Market Key Players:

Additionally, some of the market key players are Apollo Tyres Ltd., Bridgestone Corporation, Continental AG, Goodyear Tires, Hankook Tire Co. Ltd., Michelin AIM FZE, Others.