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Bahrain Tire Market
Bahrain tire market size was estimated at USD 886.4 million in 2022. During the forecast period between 2023 and 2029, Bahrain tire market size is expected to grow at a CAGR of 6.36% reaching a value of USD 1,352.8 million by 2029. One of the key elements driving up demand for tires globally is the rising sales of passenger, luxury, and electric vehicles (EVs) as a result of rapid urbanization and rising consumer spending power. The demand for premium quality tires with a longer operational life improved stability and reliability, and high puncture resistance is being fueled by the increased focus on driver and passenger safety as well as the rise in fatal traffic accidents.
Tire market-By Vehicle Type
On basis of the vehicle type, Bahrain tire market is divided into Passenger Car, Two-Wheeler, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, Off-The-Road Vehicle (OTR), and Three-Wheeler segments. From 2023 to 2029, the passenger car segment is expected to account for the highest portion of the Bahrain tire market. It is attributed to the rising trend in private ownership of passenger cars, which is fueling the nation’s fleet of vehicles to grow quickly. This element will probably increase tire demand and support the expansion of the passenger car market. Due to the enormous influx of tourists, pilgrims, and migrants, there is an enormous increase in the demand for taxis and cabs in Bahrain. As a result, the market is growing overall due to an increase in the sales of passenger cars used for business purposes.
Source: www.blueweaveconsulting.com
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