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Saudi Arabia Retread Tire Market Forecast 2022-2028

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia retread tire market size to grow at a CAGR of 5.8% during the forecast period between 2022 and 2028.

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Saudi Arabia Retread Tire Market Forecast 2022-2028

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  1. Saudi Arabia Retread Tire Market- Trend Analysis, Competitive Landscape & Forecast, 2022–2028

  2. Saudi Arabia Retread Tire Market - Industry Trends & Forecast Report, 2028 BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia retread tire marketsize to grow at a CAGR of 5.8% during the forecast period between 2022 and 2028. Saudi Arabia retread tire market expansion is driven by increased automotive manufacturing and sales, rapid urbanization, and higher disposable income. The leading authorities invest their generated income from oil and gas in other industries. Such heavy investments combined with expanding technological innovations are expected to drive the market further.

  3. Growth Drivers Surging demand for retread tire in light commercial vehicle Tire retreading has grown in popularity due to the potential benefits it offers for heavy and light commercial vehicles. For example, manufacturing a single tire uses up an average of 26 liters of oil, whereas retreading the same tires utilizes only 9 liters of oil, accounting for nearly 34% of the new manufacturing process. As a result, majority of fleets are expected to adopt retreading to minimize their average mileage cost. In addition, retreading is being used by private fleet owners as well as public fleets to meet sustainability goals and budget issues. In recent years, the development of modern technologies has also resulted in substantial improvements in retread tire quality.

  4. Restraints  Limited dependability Budget tires, which are imported from Asian countries, are sold at reduced prices and gaining popularity in the Saudi Arabia market. Many automobile owners choose these tires due to financial restrictions. The availability of these new low-cost budget tires and limited dependability in retread tires are anticipated to hinder the overall market growth. sample Copy of the Report: https://www.blueweaveconsulting.com/report/saudi-arabia-retread-tire-market/report-sample

  5. Impact of COVID-19 COVID-19 pandemic had a detrimental impact on automobiles and tire industries in 2020 posing various unprecedented hurdles for Saudi Arabia’s retread tire market. Tire producers and importers incurred enormous revenue losses as a result of a shortage of raw materials, supply chain interruptions, delivery and manufacturing delays, and pricing volatility throughout the crisis.  Furthermore, services, airlines, and ships worldwide were restricted due to pandemic-related restrictions, incurring loss to manufacturers. However, the Saudi government did not impose any restrictions on construction operations because they represent a significant source of economic fluidity throughout the region.

  6. Saudi Arabia Retread Tire Market – By Vehicle Type Based on by vehicle type, Saudi Arabia retread tire market has OTR, Commercial Vehicles, and Passenger Cars segments. The commercial vehicles segment holds the highest share in the market due to increasing logistics and industrial activities. Furthermore, an increasing adoption of retread tires in commercial vehicles owing to its affordability and high wear and tear, is also contributing to the expansion of overall Saudi Arabia retread tire market.

  7. Competitive Landscape Major players operating in Saudi Arabia Retread Tire Market include Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Al-Jawad Tire Retreading, General Group, Al Howail Tire Retreading Factory, and Marangi Retreading Systems. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

  8. Key Players Hankook, Bridgestone, Goodyear, Michelin, Continental, Toyo, Kumho, Al-Jawad Tire Retreading, General Group, Al Howail Tire Retreading Factory, Marangi Retreading Systems

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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