Qatar Tyre Market to Grow at 6% CAGR till 2019 Says TechSci Research
Released on: August 20, 2014, 9:38 am (EDT)
Burnaby, British Columbia, Canada, August 20, 2014 -- /EPR NETWORK/ -- Rising automobile sales, increasing demand for cost effective Chinese tyres and imposition of ban on balloon tyres are key trends emerging in Qatar tyre market
According to a recently released TechSci Research report, “Qatar Tyre Market Forecast & Opportunities, 2019’’, the tyre market in Qatar is forecast to grow at a CAGR of about 6% during 2014-19. Moreover, the retreading tyre market in the country is projected to outperform and grow at a CAGR of around 9% during the same period. Sales of passenger vehicles, commercial vehicles, construction equipment are expected to increase over the next five years in Qatar, creating a positive market outlook for the country’s tyre market.
The Qatar tyre market is a largely replacement and import driven market with significant penetration of China tyre brands due to their easy availability and cost effective pricing than flagship brands. Harsh climatic conditions generally reduce the shell life of tyres in Qatar to about one and a half year. Small product life, booming construction projects due to Qatar National Vision Plan 2030 and ongoing infrastructure projects due to upcoming FIFA World Cup 2022 are expected to strongly boost the sales of passenger, commercial and OTR tyres in the country during the forecast period.
“Majority of constructions activities are planned in Doha and Ar Rayyan region, which is expected to witness maximum demand growth for commercial, OTR and passenger tyres. Besides, rise in employment, urbanization and immigration as well as increase in per capita GDP have allowed consumers in Qatar to readily accept new tyre technologies.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Though the demand for Chinese tyre is currently high in Qatar, the market share of Chinese tyres in the country’s tyre market is likely to decline in the coming years due to launch of robust technology and high quality tyres by flagship tyre brands, which are expected to gain higher popularity among consumers due to their improved life cycle over the next five years.
“Qatar Tyre Market Forecast & Opportunities, 2019” has evaluated the future growth potential of Qatar tyre market and provides statistics and information on market structure, exports and future growth of the Qatar tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in the Qatar tyre industry.
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