Africa Tire Market to Cross $8 Billion by 2022
Strengthening
automotive sector, increasing sale of vehicles and continuously expanding
automobile fleet across various regions to drive the Africa tire market through
2022
According to TechSci Research report, “Africa
Tire Market Forecast &
Opportunities, 2022”, tire sales in Africa are forecasted to surpass $8 billion revenues by 2022.
Major factors fueling growth in the tire market in Africa are rising passenger
car sales, growing demand for commercial vehicles and rising purchasing power
of individuals in the region. In 2012, fleet size of passenger car and
commercial vehicles stood at 39 million units, which further increased to 45.42
million units by 2016. Thus, expanding passenger car and commercial vehicle
fleet size are further propelling demand for tires in Africa. Moreover,
automobile production in Africa reached 0.50 million units in 2016. Growing
automobile production and sales, coupled with rising penetration of Chinese
tires in the region are anticipated to boost growth in Africa tire market
during 2017 - 2022.
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Passenger car tire segment
dominated the tire market in Africa over the past few years, followed by light commercial
vehicles, medium & heavy commercial vehicles, two-wheelers, OTR vehicles
and three-wheelers. Rising per capita income is driving demand for passenger cars in the region, thereby fueling
demand for tires. On the other hand, increasing infrastructure projects in
Africa is positively influencing sale of commercial vehicles tires in Africa. Multinational
companies operating in Africa tire market include Bridgestone, Michelin,
Dunlop, Goodyear, Yokohama, Triangle, Hankook, etc. In spite of the presence of
these companies, there are limited tire manufacturing facilities present in Africa
and thus, most of the domestic demand for tires is majorly catered through
imports.
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“Owing to increasing infrastructure projects in the
country, Africa is anticipated to become a major destination for foreign
investments from across the world, in the coming years. Thus, government
spending on construction and infrastructure sectors in the region are expected
to increase over the course of next five years. Increasing focus towards development
of infrastructure sector, rising penetration of Chinese tires and expanding
automobile fleet size is expected to fuel growth in Africa tire market during
2017 - 2022.”, said Mr. Karan Chechi, Research Director with TechSci Research,
a research based global management consulting firm.
“Africa
Tire Market Forecast & Opportunities, 2012 - 2022” has analyzed the potential
of Africa tire market, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by the industry.
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