Electric vehicles require specialised tyres for a number of reasons. Compared to internal combustion vehicles, their tyres must support more weight and provide more power to the road when accelerating from a stop.
The growth in demand for smart vehicles and the development of autonomous connected automobiles are what are propelling the industry as a whole.
The market for environmentally friendly products has been greatly enhanced by the rising usage of batteries in place of combustible fuel alternatives.
Due to the reduced noise, these tyres produce compared to standard tyres, unwanted noise, pollution is prevented. However, the vehicle’s cabin is considerably quieter than that of its competitors since the engine produces less noise, which lets in more sounds from the outside.
The Saudi Arabia EV Tire Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Since there is presently no tyre manufacturing taking place in Saudi Arabia, Kumho Tire, a South Korean subsidiary of Doublestar of China, has partnered with Black Arrow Tire Co. to build a plant in Riyadh where tyres will be produced.
This was a component of the Saudi-South Korean Business Forum that took place in January, when 13 agreements were made, 10 of which were by Saudi Aramco, the world’s largest oil company.
A deal between Apollo Tyres Ltd. and Al-Jomaih Tyres Company Limited, the Kingdom’s exclusive distributor, allowed the company to operate in Saudi Arabia.
In the next few years, Apollo Tyres will concentrate on the sizable and expanding truck-bus radial and passenger car tyre markets with the goal of gaining a sizable market share in each.
The tyres offered in Saudi Arabia will be tailored to fit the needs of the local market and come with a five-year warranty from the date of manufacture, according to Apollo Tyres. There is a market for over 22 million tyres in Saudi Arabia. The firm aims to sell 800,000 tyres annually, including tyres for both commercial vehicles and passenger vehicles.
© Copyright 2017-2023. Mobility Foresights. All Rights Reserved.