Middle East & Africa UHP Tire Market to Surpass $ 1.6 Billion by 2023 | TechSci Report
According to TechSci Research report, “Middle East & Africa Ultra High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2023”, Middle East & Africa UHP tire market is projected to cross $ 1.6 billion by 2023 on account of growing demand for UHP tires due to rising sales and imports of premium passenger cars and motorcycles in the region. Moreover, UHP tires offer better performance and safety standards, which is further anticipated to push their demand over the coming years. Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., etc., are some of the major players operating in the Middle East & Africa UHP tire market.
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Among countries, Saudi Arabia is the major demand generator of UHP tires. The country dominated the Middle East & Africa UHP tire market in 2017 and is likely to maintain its dominance during the forecast period as well on the back of surging sales of premium and utility vehicles across the country. Passenger car tire segment accounted for the majority share in the market backed by rising demand for luxury vehicles including sedans, SUVs, and CUVs. These vehicles are equipped with UHP tires as they provide better comfort and safety.
“With augmenting demand for better ride comfort and safety, demand for vehicles equipped with UHP tires is also increasing across Middle East & Africa. Moreover, UHP tires are gaining traction due to their better handling performance. Furthermore, rising technological advancements has resulted in UHP tires being introduced for all seasons, which were earlier available only for summer season. These factors would continue to steer growth in Middle East & Africa UHP tire market over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Some of the top players in Middle East & Africa UHP tire market include Michelin, Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire Co., Ltd., Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Kumho Tire Co., Inc., Toyo Tire & Rubber Co. Ltd, and Cooper Tire & Rubber Company.
Browse 41 market data Figures and Tables spread through 74 Pages and an in-depth TOC on "Middle East & Africa Ultra High-Performance (UHP) Tire Market"
“Middle East & Africa Ultra High-Performance (UHP) Tire Market By Vehicle Type, By Tire Type, By Demand Category, By Country, Competition Forecast & Opportunities, 2023” has analyzed the potential of UHP tire market across Middle East & Africa, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Middle East & Africa UHP tire market.
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