Eritrea Tire Market to Cross US$ 11 Million by 2022
Continuously
expanding automobile fleet and growing sales of automobiles in the country to
drive Eritrea tire market through 2022
According to TechSci Research report, “Eritrea
Tire Market Forecast and Opportunities, 2022’’, tire market in Eritrea is forecast to cross
US$ 11 million by 2022, on account of growing automobile sales and expanding automobile
fleet across the country. Vehicle
fleet in the country increased from 81,412 units in 2012 to 96,547 units in
2016, and exhibited a CAGR of 4.35% during 2012-2016. Growing GDP (official
exchange rate) of the country, which stood at USD5.35 billion in 2015, as per
CIA, is also anticipated to boost demand for automobiles and tires in the
country during the forecast period. Eritrea is an import driven economy and the country is completely
dependent on tire imports. Tire market of the country is entirely replacement
driven due to absence of automobile manufacturing facilities in Eritrea.
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As per the CIA, in 2016, the
country’s GDP growth stood at 3.7%. In 2016, major demand for tires emanated from Central region of Eritrea,
on the back of several infrastructural development projects initiated by the
government, and increasing demand for commercial vehicles as well as tires. Chinese
tires being comparatively cheaper than other leading flagship European and
American tire brands, are expected to dominate Eritrea tire market. Other prominent
tire manufacturing companies which have a moderate presence in the country
include MRF, Apollo, Continental, Michelin, Bridgestone, etc.
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“Over the next five years, passenger car
tire would continue to dominate the tire market in Eritrea, followed by medium
& heavy commercial vehicle tire, light commercial vehicle tire and OTR tire
segments. Moreover, passenger car tire and two-wheeler & three-wheeler tire
cumulatively accounted for more than half of the share in the country’s tire
market, and this trend is expected to continue through 2022. Introduction of
number of infrastructure projects such as Asmara Housing Project, Gahtelay Dam
Construction, etc., in the country are further expected to drive demand for
commercial vehicles in the country. Thus, growing demand for commercial
vehicles is forecast to drive demand for commercial vehicle tires in the
country during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Eritrea
Tire Market Forecast and Opportunities, 2022’’ has evaluated the future growth
potential of Eritrea tire market and provides statistics and 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
evaluation. Besides, the report also identifies and analyzes the emerging
trends along with essential drivers, challenges and opportunities in Eritrea
tire market.
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