GCC: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in GCC

The GCC market for tyres for agriculture, forestry, construction, industry and other off the road vehicles reached $X in 2022, approximately reflecting the previous year. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -2.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in GCC

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X in 2022 estimated in export price. Over the period under review, production, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 55% against the previous year. Over the period under review, production of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports in GCC

In 2022, approx. X units of tyres for agriculture, forestry, construction, industry and other off the road vehicles were exported in GCC; reducing by -34.8% on the previous year's figure. Overall, exports recorded a perceptible curtailment. The growth pace was the most rapid in 2015 with an increase of 106% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles shrank notably to $X in 2022. Over the period under review, exports saw a abrupt slump. The most prominent rate of growth was recorded in 2015 when exports increased by 113% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Oman (X units) and the United Arab Emirates (X units) prevails in vehicles structure, together achieving 93% of total exports. Bahrain (X units) and Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +25.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, the United Arab Emirates ($X), Oman ($X) and Bahrain ($X) constituted the countries with the highest levels of exports in 2022, with a combined 96% share of total exports.

In terms of the main exporting countries, Oman, with a CAGR of +14.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, declining by -20.9% against the previous year. Overall, the export price recorded a perceptible decrease. The growth pace was the most rapid in 2017 when the export price increased by 88%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.0%), while the other leaders experienced a decline in the export price figures.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports in GCC

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles in GCC declined to X units, which is down by -11.3% compared with the previous year. Over the period under review, imports continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2019 with an increase of 45% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles contracted sharply to $X in 2022. In general, imports showed a abrupt shrinkage. The pace of growth was the most pronounced in 2019 when imports increased by 25%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X units) represented the major importer of tyres for agriculture, forestry, construction, industry and other off the road vehicles, comprising 72% of total imports. Bahrain (X units) ranks second in terms of the total imports with a 10% share, followed by Qatar (9.1%) and Oman (4.7%). Kuwait (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to agricultural, construction and industrial machinery tyre imports into the United Arab Emirates stood at -6.0%. Bahrain experienced a relatively flat trend pattern. Oman (-5.5%), Qatar (-7.6%) and Kuwait (-10.3%) illustrated a downward trend over the same period. While the share of Bahrain (+4.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Qatar (-1.7 p.p.) and Kuwait (-2.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported tyres for agriculture, forestry, construction, industry and other off the road vehicles in GCC, comprising 46% of total imports. The second position in the ranking was held by Oman ($X), with a 4.2% share of total imports. It was followed by Qatar, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to -2.4%. In the other countries, the average annual rates were as follows: Oman (-5.9% per year) and Qatar (-8.8% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, with a decrease of -16.9% against the previous year. In general, the import price showed a slight contraction. The most prominent rate of growth was recorded in 2020 an increase of 89%. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform