Kuwait: Market for Tyres For Buses Or Lorries 2024

Market Size for Tyres For Buses Or Lorries in Kuwait

The Kuwaiti truck and bus tyre market shrank to $X in 2022, falling by -7.3% 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). In general, consumption saw a deep downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Exports of Tyres For Buses Or Lorries

Exports from Kuwait

In 2022, shipments abroad of tyres for buses or lorries increased by 3.8% to X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when exports increased by 123% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, truck and bus tyre exports rose significantly to $X in 2022. In general, exports, however, continue to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 with an increase of 118%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Free Zones (X units) was the main destination for truck and bus tyre exports from Kuwait, with a 37% share of total exports. Moreover, truck and bus tyre exports to Free Zones exceeded the volume sent to the second major destination, Qatar (X units), twofold. The third position in this ranking was held by the United States (X units), with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Free Zones amounted to +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+26.0% per year) and the United States (+33.7% per year).

In value terms, the largest markets for truck and bus tyre exported from Kuwait were Free Zones ($X), Qatar ($X) and Saudi Arabia ($X), together accounting for 71% of total exports. Jordan, the United States, the United Arab Emirates, the Netherlands and Egypt lagged somewhat behind, together accounting for a further 21%.

The Netherlands, with a CAGR of +94.8%, saw 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 more modest paces of growth.

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, picking up by 8.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 18% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to the Netherlands ($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 Jordan (+17.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Kuwait

In 2022, approx. X units of tyres for buses or lorries were imported into Kuwait; declining by -11.7% on the previous year's figure. Overall, imports recorded a pronounced slump. The growth pace was the most rapid in 2021 with an increase of 23% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, truck and bus tyre imports declined modestly to $X in 2022. Over the period under review, imports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2018 when imports increased by 17% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of truck and bus tyre to Kuwait, accounting for a 37% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. Vietnam (X units) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.2% per year) and Vietnam (+13.5% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to Kuwait, comprising 42% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by India, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +1.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.9% per year) and India (+4.5% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, growing by 7.7% against the previous year. In general, the import price, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2020 an increase of 12%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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