DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/cmwfr8/kuwait_tyre) has announced the addition of the "Kuwait Tyre Market Forecast and Opportunities, 2019" report to their offering.
The tyre market in Kuwait is projected to grow at a CAGR of around 11% during 2014-19.
The continuous increase in the demand for automobiles coupled with the growing demand for retreaded tyres in the replacement market is expected to drive the tyre industry in Kuwait over the next five years. In 2012, sales of passenger cars grew at a Y-o-Y rate of 16%, while the commercial vehicle sales grew at 25%. Since tyres are replaced at regular intervals in the country, which is relatively more frequent than other countries, the demand for tyres in replacement market continues to grow.
Kuwait is one of the wealthiest countries across the globe with more than 95% of urban population. The automobile sales have been growing at a rapid pace in the country, which has consequently driven the demand for tyres in both OEM and replacement markets. The country has a hot and humid climate, which results in shorter replacement period of around 1.5 years for tyres. The demand for technologically improved tyres, which provide more fuel efficiency and enhanced safety is growing in the country. However, in the absence of any tyre manufacturing facility in the country, Kuwait is fully dependent on the imports of tyres. Major global tyre manufacturers such as Bridgestone, Michelin, Yokohama and Goodyear are the leading players in the Kuwait tyre market.
Key Topics Covered:
- Executive Summary
- Kuwait Tyre Market Outlook
- Kuwait Tyre Retreading Market Outlook
- Kuwait Passenger Car Tyre Market Outlook
- Kuwait Commercial Tyre Market Outlook
- Kuwait OTR Tyre Market Outlook
- Sales & Distribution Analysis
- Market Dynamics
- Policy & Regulatory Landscape
- Industry Risk Analysis
- Kuwait Economic Profile
- Competitive Landscape
- Strategic Recommendations
- Research Methodology
- Apollo Tyres Ltd.
- Bridgestone Corporation
- Continental AG
- Goodyear Tyre & Rubber Co.
- Hankook Tire Co. Ltd.
- Pirelli & Co. SpA
- Sumitomo Rubber Industries Ltd.
- Toyo Tire & Rubber Co., Ltd.
- Yokohama Rubber Co. Ltd.
For more information visit http://www.researchandmarkets.com/research/cmwfr8/kuwait_tyre