Africa Tire Market to Surpass $ 7.5 Billion by 2023
Growing automotive
industry, increasing sales of vehicles and continuously expanding automobile
fleet to drive Africa tire market through 2023
According to TechSci Research report, “Africa Tire Market By Vehicle Type, By Demand Category, By Radial Vs.
Bias, By Country, Competition Forecast & Opportunities, 2013 – 2023”, tire market in the region is forecast to cross $ 7.50
billion by 2023. Major factors expected to fuel growth in Africa tire market are
rising passenger car sales, growing demand for commercial vehicles and increasing
purchasing power of individuals in the region. In 2013, fleet size of passenger
cars and commercial vehicles stood at 39.5 million units, which further
increased to 46.50 million units by 2017. Thus, expanding passenger car and commercial
vehicle fleet size, in addition to rising penetration of Chinese tires, is
anticipated to boost growth in the Africa tire market during forecast
period.
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Passenger car tire
segment dominated the tire market in Africa over the past few years, followed
by two-wheelers, light commercial vehicles, medium & heavy commercial
vehicles, OTR vehicles and three-wheelers. Rising per capita income is driving
demand for passenger cars in the region, which in turn is fueling demand for
tires. On the other hand, increasing number of infrastructure projects in
Africa is positively influencing the 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 in the region, thus most of the domestic demand for tires is majorly
catered through imports.
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“Government spending on construction and
infrastructure sectors is expected to grow in the coming years. Moreover, with
rising environment concerns, preference for recycled tires is registering
strong growth, and this trend is expected to continue in the coming years as
well. All these market developments are anticipated to have a positive impact
on Africa tire market over the course of next five years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global management
consulting firm.
“Africa Tire Market By Vehicle Type, By Demand
Category, By Radial Vs. Bias, By Country, Competition Forecast &
Opportunities, 2013 – 2023” has analyzed the potential of tire market across the Africa region, and
provides statistics and information on market size, 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 analyses emerging trends along with essential
drivers and key challenges faced by the industry.
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