Prices of car tires sees 5-15 pc rise
Global conditions blamed
KUWAIT CITY, Nov 1: The car tire market witnessed an increase in prices ranging between 5 and 15 percent depending on the quality, size and place of manufacture, reports Al-Rai daily.
A tour of the tire distributors was conducted by the daily during which they attributed the reasons for the price hike to the increase in the rubber and oil prices, and energy sources in general at the global level, which have in turn led to an increase in the prices of tires of all kinds, in addition to difficulties in manufacturing and the high cost of shipping.
Highlighting the availability of tires of different sizes and types, they said the options are diverse and many for the consumers, especially since different countries manufacture tires including America, China, Japan, Malaysia, India and Korea. The countries where raw materials are available are multiple, especially Malaysia, South Africa and Indonesia.
They stressed that the rise in prices is not only locally but also globally, given the successive crises that the world has been going through that have in turn affected supply chains and energy prices. Also, the return of demand for tires to high levels after recovering from the COVID-19 pandemic caused an imbalance between supply and demand rates.
International companies such as Thailand’s Sri Trang Agro Industry, the world’s largest rubber producer, had expected the price of car tires to rise due to the recovery after the Corona crisis and the increased demand for rubber.
These companies stated that the high demand for car tires, as a result of the recovery of car sales and the movement of travel after the decline in the severity of the pandemic in many countries of the world, raised the demand for rubber because 80 percent of its production is used in the manufacture of car tires.
International tire companies, led by the French tire manufacturer Michelin, expect the 2022 profits to exceed pre-COVID-19 pandemic levels, supported by increases in production and prices.
Tires are one of the important parts that must be paid attention to, especially in the winter and summer seasons in Kuwait, as the extreme temperatures necessitate the use of certain types that are capable of endurance, especially for certain speeds.