According to MarkNtel Advisors’ research report “Qatar Tire Market Analysis, 2020”, the Qatar Tire market is expected to grow at a CAGR of around 12% during 2021-26. Qatar is an import driven market where the Qatari population prefers passenger cars and luxurious cars such as Sedan and SUV. The population in in 2020 was around 2.8 Mn which is expected to burgeon more in coming years thereby increasing the overall demand for tires in forthcoming years.
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Key questions answered in the study:
- What are the current and future trends of the Tire industry?
- How the industry has been evolving in terms of sales demand and application areas?
- How the competition has been shaping across the country followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the Tire industry?
- What is the customers’ orientation, purchase behavior, and expectations from the Tire firms across various regions?
Impact of COVID-19 on Tire Industry
Moreover, the COVID-19 crisis has casted a long shadow on the two-wheeler tire market over a much-anticipated recovery in the Qatar’s economy in the year 2020. COVID-19 had an adverse effect on almost all aspects of society including automotive sector. In March due to the complete lockdown in some countries of Africa, the tire imports faced a huge setback. However, the recovery is expected in 2021.
Burgeoning Construction Activities
The prime growth prospect for the Qatar tire market is “Qatar Vision 2030” that emphasizes on strengthening the infrastructure and development in the country. This would intensify the construction activities in the country, thereby proliferating the demand for OTR tires throughout 2026. Also, the country has presence of majority of the Chinese players of tires and their premium flagship for tire brands in the country.
Replacement Segment Dominate the Market
Based on the type of tire, replacement segment dominated the market with the highest market share and estimated to remain dominating in the region. With no presence of OEM’s in the country, market is driven only by the replacement of tires. Usually a tire gets wear and tear every 5 years on an average thus, the trend is expected to continue throughout 2021-2026 period as revealed by the MarkNtel Advisors’ research report “Qatar Tire Market Analysis, 2020”.
“Qatar Tire Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Qatar Tire providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Passenger Car Segment Grabbed the Majority Market Share
In 2020, the passenger car segment acquired the highest market share. The major growth factor driving the sales of automobiles is the FIFA World Cup 2022 to be organized in Qatar in 2022. The development in the country due to the event are boosting the growth of tires in the country. The total sales of passenger cars in 2019 were around 39,679 in 2019 as compared to 50,200 in 2016, according to OICA. Also, the total vehicle sales in the country in the year 2019 were 47,550 as compared to 63,700 in 2016.
According to MarkNtel Advisors’, the key players with a considerable market share in the Qatar Tire market include Bridgestone Corporation, Dunlop-Middle East, Yokohama Ali Bin Khalifa Al Hitmi & Co., Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin AIM FZE, Continental AG, TOYO Tire & Rubber Co., Ltd., Goodyear Tires, Apollo Tyres Ltd., etc.
- By Vehicle Type (Passenger Car, LCVs, MHCVs, Two-Wheelers, Off Road)
- By Demand Type (OEM, Replacement)
- By Type of Tire (Bias, Radial)
- By Season (All Season, Winter)
- By Rim Size (Upto 12, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
- By Price Category (Low, Medium, High)
- By Region (AI Khor, Ad Dawhah, AI Wakrah, AI Rayyan)
- By Company (Bridgestone Corporation, Dunlop-Middle East, Yokohama Ali Bin Khalifa Al Hitmi & Co., Hankook Tire Co. Ltd., Pirelli Tyre (Suisse) SA Middle East Branch, Michelin AIM FZE, Continental AG, TOYO Tire & Rubber Co., Ltd., Goodyear Tires, Apollo Tyres Ltd., etc..)