GCC: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in GCC

In 2021, the GCC passenger car tyre market increased by 9% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Passenger Car Tyre Production in GCC

In value terms, passenger car tyre production shrank to $X in 2021 estimated in export price. The total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +7.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 39%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Passenger Car Tyre Exports

Exports in GCC

In 2021, overseas shipments of tyres for motor cars were finally on the rise to reach X units after three years of decline. Total exports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -44.8% against 2017 indices. The pace of growth appeared the most rapid in 2017 with an increase of 73% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, passenger car tyre exports soared to $X in 2021. Overall, exports saw a perceptible increase. The pace of growth was the most pronounced in 2017 when exports increased by 73% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, amounting to X units, which was near 84% of total exports in 2021. It was distantly followed by Oman (X units) and Saudi Arabia (X units), together achieving a 14% share of total exports. Bahrain (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +1.8% from 2012 to 2021. At the same time, Bahrain (+48.1%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +48.1% from 2012-2021. Saudi Arabia experienced a relatively flat trend pattern. By contrast, Oman (-4.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates and Bahrain increased by +4.3 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 ($X) remains the largest passenger car tyre supplier in GCC, comprising 86% of total exports. The second position in the ranking was held by Oman ($X), with a 6.7% share of total exports. It was followed by Saudi Arabia, with a 5.3% share.

In the United Arab Emirates, passenger car tyre exports expanded at an average annual rate of +5.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Oman (-5.7% per year) and Saudi Arabia (+0.5% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, picking up by 12% against the previous year. Export price indicated a notable expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car tyre export price increased by +103.7% against 2013 indices. The pace of growth was the most pronounced in 2014 when the export price increased by 24% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major exporting countries. In 2021, major exporting countries recorded the following prices: in the United Arab Emirates ($X per unit) and Oman ($X per unit), while Bahrain ($X per unit) and Saudi Arabia ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+3.6%), while the other leaders experienced a decline in the export price figures.

Passenger Car Tyre Imports

Imports in GCC

In 2021, the amount of tyres for motor cars imported in GCC skyrocketed to X units, growing by 23% against the year before. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports surged to $X in 2021. Over the period under review, imports, however, saw a mild reduction. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates represented the key importer of tyres for motor cars in GCC, with the volume of imports amounting to X units, which was approx. 68% of total imports in 2021. It was distantly followed by Kuwait (X units), Oman (X units) and Qatar (X units), together constituting a 29% share of total imports. Bahrain (X units) held a little share of total imports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of tyres for motor cars. At the same time, Qatar (+7.8%) and Bahrain (+2.6%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +7.8% from 2012-2021. Kuwait experienced a relatively flat trend pattern. By contrast, Oman (-2.3%) illustrated a downward trend over the same period. While the share of Qatar (+4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Oman (-2 p.p.) and the United Arab Emirates (-3.3 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 ($X) constitutes the largest market for imported tyres for motor cars in GCC, comprising 39% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 6.8% share of total imports. It was followed by Oman, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates was relatively modest. In the other countries, the average annual rates were as follows: Kuwait (+1.4% per year) and Oman (-2.5% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2021, rising by 5.6% against the previous year. Overall, the import price, however, continues to indicate a mild curtailment. The pace of growth was the most pronounced in 2018 when the import price increased by 26%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Bahrain ($X per unit) and Qatar ($X per unit), while Oman ($X per unit) and the United Arab Emirates ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Kuwait (+1.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform