Ethiopia Tire Market to Surpass USD180 Million by 2022
Increasing
construction activities, expanding vehicle fleet size and growing replacement
tire market to fuel demand for tires in Ethiopia through 2022
According to TechSci Research report, “Ethiopia
Tire Market
Forecast and Opportunities, 2012 - 2022”, tire market in the country is forecast to cross
USD180 million by 2022. Despite unfavourable government policies and political
instability in Ethiopia, demand for tires grew at a moderate pace over the past
few years. Continuously expanding vehicle fleet size, recovering automobile
sales and growing Chinese tire penetration in the country are the major factors
boosting demand for tires in the country. Gross domestic
product (GDP) of Ethiopia increased from USD31.95
billion in 2011 to USD61.54 billion in 2015, and the economic scenario in the
country is further expected to improve in the coming years. Moreover,
Government of Ethiopia is increasingly focusing on increasing foreign
investments, in order to expand the industrial sector in the country. Therefore,
aforementioned factors are anticipated to further propel demand for tires in
the country during 2017-2022.
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Tire market in Ethiopia was dominated by Addis Ababa, Harari &
Oromia region in 2016, and this region is further expected to continue dominate
tire market in the country through 2022. There are several Chinese players
operating in Ethiopia tire market, along with various major tires brands such
as Bridgestone, Michelin, Continental, etc. Moreover, Chinese tire
manufacturers cumulatively accounted for highest market share in Ethiopia tire
market in 2016 and their market share is further anticipated to increase in the
coming years as well. Low average selling price of Chinese tires is further
fueling penetration of Chinese tire brands in Ethiopia tire market.
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“Sale of automobile
vehicles are recovering that is one of the major factor driving demand for
tires in Ethiopia. Increasing
construction activities, rising use of public transport systems and growing
industrialization are further boosting demand for commercial and OTR vehicles
in the country. Moreover, increasing purchasing power is driving demand for
passenger cars and two-wheelers in the country. Thus, aforementioned factors
are expected to positively impact Ethiopia tire market during 2017-2022.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Ethiopia Tire Market Forecast and
Opportunities, 2012 - 2022” has evaluated future growth potential of the tire market
in Ethiopia, by providing statistics and information on the market size and
structure. 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 Ethiopia tire market.
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