Nigeria Tire Market to grow with a CAGR of 9.8% during the forecast period of 2025–2030.
The Nigeria Tire Market is
being driven by several factors. The increase in automotive sales, particularly
in the passenger car segment, is one of the primary drivers. In addition, the
growing infrastructure development and urbanization are enhancing demand for
tires in the transportation sector. Lastly, the continuous improvements in tire
technology and performance, including the rise of fuel-efficient and durable
tires, are contributing to market growth. These factors are the factors driving
the market in the forecast period 2026-2030.
According to TechSci Research report, “Nigeria Tire Market By
Vehicle Type, By Tire Construction, By Demand Category Type, By Region,
Competition, Forecast & Opportunities, 2020-2030F”, The Nigeria Tire
Market was valued at USD 610 Million in 2024 and is projected to reach
approximately USD 1,060 Million by 2030, expanding at a CAGR of 9.8% during the
forecast period of 2025–2030. The growth of the Nigeria Tire Market is significantly driven by the
rapid increase in automobile ownership in the country. With the rise in both
commercial and personal vehicle use, there is a greater demand for high-quality
tires to support diverse vehicle needs. This trend is supported by the
expansion of roads and highways, creating a need for durable tires capable of
handling various terrains and conditions. The Nigerian automotive industry has
seen improvements, leading to higher tire replacements due to the increased
vehicle population.
The tire market in Nigeria also benefits from the evolving consumer
preferences toward more technologically advanced products. As tire
manufacturers innovate to meet performance standards, such as improving fuel
efficiency and reducing road noise, these innovations are pushing consumers to
invest in premium products. The adoption of eco-friendly tire solutions further
plays a role in expanding the market, as both the public and private sectors
are focusing on sustainable products. This has led to a rise in the
availability of tires with lower rolling resistance and improved fuel economy. However,
there are challenges within the market, such as the fluctuation of raw material
prices and competition from imported tires. Despite this, the overall market is
witnessing growth opportunities. The increasing government spending on
infrastructure and transport sectors, coupled with favorable trade policies,
provides a favorable environment for tire manufacturers. Additionally, the
evolving e-commerce landscape offers a new avenue for tire distribution,
allowing for better accessibility to a wider range of consumers.
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Nigeria
Tire Market Is Segmented by Vehicle Type, Tire Demand Category, Tire
Construction Type, and By Region.
The Nigeria Tire Market is
segmented into two primary demand categories: Original Equipment Manufacturer
(OEM) and Aftermarket. The OEM segment caters to the need for new tires that
are installed on vehicles during their production. As vehicle manufacturing
grows in Nigeria, the demand for OEM tires remains steady, providing tires that
match the specifications of automakers. These tires often come with warranties
and are designed for optimal vehicle performance, further driving the growth of
this segment. On the other hand, the Aftermarket segment plays a significant
role, as it involves the replacement of tires once they are worn out or
damaged. Consumers in this category often seek tires based on price
sensitivity, tire type, and specific vehicle needs. With a growing fleet of
vehicles, the aftermarket for tires continues to expand, driven by consumers'
need to replace tires regularly. This segment is also influenced by factors
such as tire performance, durability, and brand loyalty, with local and
international brands competing for market share. Both segments contribute to
the overall demand for tires in Nigeria, with consumers in each category making
choices based on vehicle type, cost considerations, and availability of
suitable options.
In 2024, the
fastest-growing region in the Nigeria Tire Market is the South West. The South
West benefits from its strategic location, economic activities, and population
growth, which directly influences tire demand. This region is home to some of
Nigeria’s largest cities, including Lagos, which is a key economic hub with a
high density of vehicles. The expanding automotive market in urban centers has
led to an increase in tire replacements as the vehicle fleet continues to grow.
Infrastructure development, such as road expansions and new urban projects, is
also contributing to the rise in tire demand as vehicles require durable tires
for various road conditions. In addition to the urbanization trends, the South
West has seen growing consumer awareness about the importance of tire
maintenance, contributing to a rise in replacement tire sales. This increase is
also supported by the ongoing improvements in the transport and logistics
sectors, which rely heavily on road transportation. As a result, both passenger
vehicles and commercial vehicles in the region are driving demand for tires.
The region's growing middle class, coupled with better access to tire retailers
and e-commerce platforms, is further fueling market growth.
Major Market Players
Operating in Nigeria Tire Market Are:
- Bridgestone
Corporation
- Michelin
Group
- The
Goodyear Tire & Rubber Company
- Continental
AG
- Sumitomo
Rubber Industries, Ltd.
- Pirelli
& C. S.p.A.
- Hankook
Tire & Technology Co., Ltd.
- Yokohama
Rubber Company, Limited
- Nexen Tire
Corporation
- Linglong
Tire Co., Ltd.
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Government
regulations aimed at enhancing road safety and promoting sustainable
transportation are supporting the growth of the Nigeria Tire Market. Policies
that emphasize the use of fuel-efficient vehicles, enforce stricter tire
quality and safety standards, and require regular vehicle inspections are
prompting consumers and distributors to prioritize reliable, compliant tire
options. Initiatives focused on improving Nigeria’s road infrastructure,
including better highway connectivity and urban transport planning, are
influencing the demand for durable tires capable of handling diverse driving
conditions. As Nigeria increases efforts to curb vehicular emissions and
strengthen road safety standards, there is a growing preference for
high-performance tires. This shift, combined with heightened consumer awareness
of tire quality and maintenance, is expected to play a key role in shaping the
market’s growth trajectory during the forecast period, according to Mr. Karan
Chechi, Research Director of TechSci Research, a global management consulting
firm specializing in research-based solutions.
The report
titled “Nigeria Tire Market, By Vehicle Type (Passenger Cars, Light Commercial
Vehicles, Medium & Heavy Commercial Vehicles, Two-Wheelers, Three-Wheelers,
and Off Road Vehicles), By Demand Category (OEM, Aftermarket), By Construction
Type (Radial, Bias), and By Region, Competition, Forecast & Opportunities,
2020-2030F”, assesses the market's future growth potential and provides data on
market size, trends, and forecasts. It aims to offer comprehensive market
insights, helping decision-makers make informed investment choices. The report
also highlights emerging trends, key drivers, challenges, and opportunities in
the Nigeria Tire Market.
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