Kuwait: 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 Kuwait

The Kuwaiti market for tyres for agriculture, forestry, construction, industry and other off the road vehicles dropped notably to $X in 2022, which is down by -53.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a abrupt shrinkage. Consumption of peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

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

Exports from Kuwait

In 2022, shipments abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -40.4% to X units, falling for the second consecutive year after three years of growth. Over the period under review, exports recorded a drastic downturn. The growth pace was the most rapid in 2013 with an increase of 89%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles hit record highs at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined rapidly to $X in 2022. Overall, exports faced a deep slump. The pace of growth was the most pronounced in 2014 when exports increased by 18%. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Qatar (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Kuwait, with a 93% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Qatar exceeded the volume sent to the second major destination, Bahrain (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Qatar amounted to +31.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (+6.2% per year) and the United Arab Emirates (-36.2% per year).

In value terms, Bahrain ($X), Qatar ($X) and the United Arab Emirates ($X) were the largest markets for agricultural, construction and industrial machinery tyre exported from Kuwait worldwide, with a combined 100% share of total exports.

Bahrain, with a CAGR of +1.8%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, picking up by 3.6% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt contraction. The pace of growth was the most pronounced in 2017 an increase of 133%. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Qatar ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+29.8%), while the prices for the other major destinations experienced a decline.

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

Imports into Kuwait

In 2022, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into Kuwait dropped sharply to X units, waning by -61% compared with the year before. Overall, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 80%. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the maximum at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles declined dramatically to $X in 2022. In general, imports saw a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by 25% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), India (X units) and Taiwan (Chinese) (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Kuwait, with a combined 75% share of total imports. Sri Lanka, France, Thailand and the United States lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +9.0%), while purchases for the other leaders experienced a decline.

In value terms, China ($X), India ($X) and France ($X) were the largest agricultural, construction and industrial machinery tyre suppliers to Kuwait, with a combined 65% share of total imports.

France, with a CAGR of +3.5%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, increasing by 43% against the previous year. Over the period under review, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles decreased by -0.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 85% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was France ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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