GCC: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in GCC

The GCC truck and bus tyre market declined to $X in 2022, falling by -6.2% against the previous year. Over the period under review, consumption saw a noticeable reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Tyres For Buses Or Lorries in GCC

In value terms, truck and bus tyre production soared to $X in 2022 estimated in export price. The total production indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -12.1% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 93%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports in GCC

In 2022, the amount of tyres for buses or lorries exported in GCC contracted to X units, standing approx. at the previous year. Over the period under review, exports recorded a noticeable downturn. The pace of growth appeared the most rapid in 2017 with an increase of 130% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, truck and bus tyre exports contracted to $X in 2022. In general, exports showed a noticeable contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 139%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of about X units, which finished at 70% of total exports. It was distantly followed by Oman (X units), Saudi Arabia (X units) and Bahrain (X units), together making up a 26% share of total exports. Kuwait (X units) took a little share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of -3.4% from 2012 to 2022. At the same time, Oman (+66.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +66.2% from 2012-2022. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Bahrain (-4.1%) and Kuwait (-16.0%) illustrated a downward trend over the same period. While the share of Oman (+16 p.p.) and Saudi Arabia (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of the United Arab Emirates (-2.9 p.p.) and Kuwait (-13.9 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 ($X) remains the largest truck and bus tyre supplier in GCC, comprising 71% of total exports. The second position in the ranking was held by Oman ($X), with a 17% share of total exports. It was followed by Saudi Arabia, with a 5.1% share.

In the United Arab Emirates, truck and bus tyre exports declined by an average annual rate of -5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (+61.6% per year) and Saudi Arabia (-0.9% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, which is down by -7% against the previous year. Overall, the export price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2018 when the export price increased by 14% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+2.3%), while the other leaders experienced a decline in the export price figures.

Imports of Tyres For Buses Or Lorries

Imports in GCC

In 2022, approx. X units of tyres for buses or lorries were imported in GCC; reducing by -9.6% against 2021. In general, imports saw a perceptible downturn. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. As a result, imports attained the peak of X units. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, truck and bus tyre imports dropped to $X in 2022. Overall, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 25%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The United Arab Emirates prevails in imports structure, amounting to X units, which was near 74% of total imports in 2022. Qatar (X units) ranks second in terms of the total imports with a 9.9% share, followed by Oman (8.1%) and Kuwait (5.9%). Bahrain (X units) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre imports into the United Arab Emirates stood at -3.6%. At the same time, Qatar (+3.8%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +3.8% from 2012-2022. Oman and Bahrain experienced a relatively flat trend pattern. By contrast, Kuwait (-4.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Qatar and Oman increased by +4.8 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported tyres for buses or lorries in GCC, comprising 43% of total imports. The second position in the ranking was held by Oman ($X), with a 5.7% share of total imports. It was followed by Qatar, with a 5.1% share.

In the United Arab Emirates, truck and bus tyre imports declined by an average annual rate of -6.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-1.4% per year) and Qatar (-2.1% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, with an increase of 4% against the previous year. In general, the import price, however, continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2018 an increase of 36% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Oman ($X per unit) and Kuwait ($X per unit), while Qatar ($X per unit) and Bahrain ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (-1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform