Bahrain Tire Market Size Insights
According to MarkNtel Advisors study The future of Bahrain Tire Market size was valued at around USD 1.1 billion in 2023 is estimated to grow at a CAGR of around 5.43% during the forecast period, i.e., 2024-30. Bahrain Tire Market growth can be accredited to increased economic activities in the country and increasing disposable income of the people. Bahrain is a growing economy and there has been growth in every sector in the country in recent years.
What are the Key Driver in the Bahrain Tire Market?
Economic Growth Infrastructural Development to Drive Market Growth – The Economy of Bahrain is rising and growing stronger. With increased commercial activities, industrial growth, and infrastructure development along with various mega projects launched as part of the Vision 2030 strategy the growth has been rapid. This rising economy of the country resulted in increased income and gave access to more disposable income to Bahraini citizens. This increased the sales of automobiles in the country and increased the rate of private ownership of vehicles, instigating automobile market growth as companies introduced various new vehicles including luxury and electric vehicles to fulfill the mobility needs of the country. This translates to Bahrain Tire Market growth as more vehicles on the road means more demand for tires with the initial purchase of the vehicles and subsequent replacements.
The increasing commercial activities and infrastructure development have resulted in a surge in demand for commercial vehicles, driving the market growth expansion further. With increased trade and commercial activities, the need for a reliable transportation network arises, as infrastructure development has given the country a vast network of roads, highways, bridges, and tunnels, demand for commercial vehicles increases to facilitate commercial activities as well as the construction activities for the development of infrastructure. This raised the demand for robust tires to bear the heavy load of these commercial vehicles and navigate the country of Bahrain. Therefore, the economic growth infrastructural development in the country is augmenting Bahrain Tire Market Size Volume.
What are the Key Segments in the Bahrain Tire Market?
The Bahrain Tire is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
- By Type of Vehicles
- Passenger Car
- Light Commercial Vehicle
- Buses and Trucks
- Medium and Heavy Commercial Vehicles
- Off the Road (OTR)
- Two Wheelers
- Three Wheeler
- By Demand Category
- OEM
- Replacement
- By Type of Tire
- Radial
- Bias
- By Sales Channel
- Dealer/Exclusive Outlets
- Online
- Others
- By Season
- All season
- Summer
- By Price Category
- Low (Up to USD)
- Medium (USD-USD)
- High (Above USD)
- By Rim Diameter
- Upto 12”
- 12.1” to 15”
- 15.1.” to 18”
- 18.1” to 20”
- 20.1” to 22.5”
- 22.6” to 26”
- 26.1” to 35”
- 35.1” to 47”
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How does geographical analysis highlight in the Bahrain Tire market?
- By Region
- Central
- South
- East
- West
Who are the Key Players in Bahrain Tire Market?
Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Sumitomo, Toyo and others
Bahrain Tire Market News
February 2024: As a major milestone in the manufacturer's sustainability journey, all of the tires used in the Formula One World Championship this year will bear the FSC logo, making Pirelli the first company to produce a full line of FSC (Forest Stewardship Council)-certified tires for motorsport.
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