Bahrain generates the majority of its revenues from the oil and gas sector. With the ongoing economic diversification by the government, the automobile sector is also undergoing a shift. The motorization rate of the country currently is around 44% i.e.; around 420 vehicles per 1,000 inhabitants, presenting immense opportunities for the auto manufacturers to tap the market potential.
Bahrain is an import-dependent economy. Bahrain imports its passenger cars from Japan (used and new), Brazil, South Korea, India, Thailand, etc. Total imports in 2019 were accounted to be around USD 700 million. Thus, the OEM demand for tires in the country is negligible.
According to the MarkNtel Advisors’ research report titled “Bahrain Tire Market Analysis, 2020”, the Tire market is expected to be around 6% during 2020-25.
Replacement Demand for LCV and MHCV Owing to the Rising Construction Activities
Bahrain has pioneered a Vision 2030, under which the country is planning to strengthen the non-oil industry. The country has planned to encourage investment in selected sectors beyond the financial sector to diversify non-oil economic growth such as tourism, business services, manufacturing, and logistics. The diversification of the economy supported by the tourism industry is expected to induce the demand for replacement passenger car, LCV, and M&HCV tires.
All-Season Tires Segment Remains at Forefront
Bahrain average temperature ranges between 400 to 480C during April – October. This ominously affects the overall life of tires in the country, further stimulating the need for replacement. The country is emerging as a key geography for summer tires. However, all-season tires currently prevail extensively in the country and are estimated to remain dominant during 2020-25.
Based on the sales channel, dealers and distributors are the main suppliers of tires in the country. Moreover, with the presence of leading companies, the dealers have exclusive stores for distribution. The online sales channel is gaining traction but dominance of dealers and distributors is anticipated to prevail for some years.
According to the MarkNtel Advisors, the leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Cooper among others.
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Revenue, Forecast Numbers, Market Segmentation, Market Shares) of Bahrain Tire Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Bahrain Tire Market?
4. Who are the key competitors or market players and how they perform in Bahrain Tire market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Bahrain Tire Market study?