Egypt Tire Market to be Driven by Increasing Vehicle Sales and Rising Aftermarket Demand

The increasing sale of vehicles and rising demand for tires from the aftermarket are driving the Egypt tire market.

 

According to the TechSci Research report, "Egypt Tire Market – By Region, Competition Forecast and Opportunities, 2018-2028," the Egypt tire market is anticipated to register a healthy CAGR over the forecast period.

The Egypt tire market is expected to experience a significant growth in the coming years due to the increasing vehicle fleet and the sale of both two-wheeler, passenger car, bus, and truck models. Foremost tire companies, including Michelin, Bridgestone, and Continental, as well as the tire group Prometon, are investing in R&D to create technologically advanced over-the-road (OTR) tires, which are anticipated to contribute to the growth of the market in the coming years. Technological advances in tire production are helping to improve the performance of the tires, as they are designed to be efficient even in low temperatures, offering traction and grip in wet, snow, or slippery conditions. The tire industry is observing rapid technological development, with tire manufacturers in the country competing by introducing new and innovative technologies in the production of tires. In Egypt, the sale of passenger car tires for the year 2021 was around 133 thousand units. These tire sales included replacement and OEM sales. The passenger car segment had the highest market share by 70.76% over commercial vehicle and other vehicles in terms of sales of tires in the country. The radial tires are used by automotive manufacturers during the manufacturing process. The vehicles in Egypt are equipped with pre-fitted radial tires, which account for 56.98 % market share compared to bias tires in 2022. Light commercial vehicles account for 16.92 % market share in terms of tire sales. The replacement rate of tires in two-wheeler and passenger cars is too high, resulting in high demand for tires in the aftermarket. The increased demand for vehicles among the citizens has resulted in an increase in the demand for tires from the aftermarket and in the demand from Vehicle Manufacturing Companies (OM), and Original Equipment Manufacturers (VMPs). The growth of the Egyptian tire market is expected to be at a good compound annual growth rate (CAGR) in volume terms in the year 2023 to 2028. Furthermore, the improving economic conditions and rising per capita income are expected to contribute to the growth of the market. Tire manufacturing companies in Egypt have increased their production capacity in order to meet the demand from the tire aftermarket.

 

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In Egypt tire market, the replacement has the highest market share over the OEM in the demand category segment. Egypt tire market is highly dependent on the import of the tires as there are very few tire manufacturing plants in the country. Now the country is going to have one of the largest tire manufacturing plants, that plant will have high capacity in which tires will be manufactured for different vehicles, such as passenger car, light commercial vehicle, medium & heavy commercial vehicle, two wheelers.

The demand for tires comes mostly from the replacement segment, since fleets of cars, bikes, trucks, and other cars are getting bigger over time. Plus, the replacement rate for tires in cars and bikes is high, so there's always a lot of demand for tires in the replacement. Last year, the production of passenger cars was 23,754 units, but the demand from Original Equipment manufacturers (OEMs) was lower than the replacement. So, in 2022, as the production of cars and other vehicles increased, so did the demand for tires, and it looks like things are only going to get better in the future, which means more sales of tires.

The radial tire is a popular choice among automotive manufacturers and is highly sought after in the aftermarket replacement for its performance and durability. It is characterized by its radial ply placement, which involves the construction of sports plies that are placed radially on top of the tire sidewalls. This structure optimizes the flexibility of the sidewalls, prevents heat build-up, and extends the tread life. Additionally, radial tires are advantageous in terms of fuel efficiency, as their structures enable them to sustain their ideal tire shape even under heavy loads. Furthermore, radial tires have a higher durability than bias tires due to their strong construction. Additionally, the optimal placement of the radial plies makes it easier to control, accepting the tire to follow the road surface closely. All of these factors combine to make the radial tire a leader in the Egypt tire market, and its popularity is expected to continue to grow in the falling years.

 

Some of the major players operating in the Egypt Tire Market include:

• Bridgestone Middle East & Africa Fze
• Michelin AIM FZE
• TyrePro Egypt.Co (Continental AG)
• Goodyear Egypt L.L.C
• SUMITOMO RUBBER MIDDLE EAST FZE
• Hankook Tire & Technology Co., Ltd
• Alexandria Tire Co. S.A.E - Pirelli Egypt
• The Yokohama Rubber Co., Ltd
• Zhongce Rubber Group Co., Ltd.
• Cheng Shin Rubber Industry Co.

 

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“Many tire manufacturing companies are seeing Egypt as an opportunity, as the countries government policy are very favourable for the tier making companies, as country has few tire manufacturing plants in the country. Egypt is the prominent location for the tire manufacturing companies due to its geographical locations as it is easy to export the tires from the country in the Middle East countries. Due to this many tire manufacturing company are looking to establish there tire manufacturing plant in the county to increase there market presence in the country. By doing so, companies will be able to provide better driving experiences and vehicle safety to the consumers. Major tire manufacturing companies will invest in R&D in order to make the tires easily accessible to the buyers in the market. This will help in the growth of the Egypt tire market in the years to come," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Egypt Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), and By Region, Competition Forecast & Opportunities, 2028,” has evaluated the future growth potential of Egypt Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Egypt Tire Market.

 

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